Silver Tsunami, low cost of entry and growth potential led to boom in segment
As the elderly population continues to age at a rapid rate, and the “Silver Tsunami” is on the horizon, the need for senior care continues to be an important issue across the country. CCTV reports that the number of Americans aged 65 and older is projected to reach 66 million by 2025, up 38 percent from 2015.
In addition to a significant population reaching senior age, lifespans continue to increase. As a result, the potential for growth in the senior care segment continues to rise – particularly in franchising. The article notes that half of home care companies are franchises, including Right at Home, an Omaha, Nebraska based franchise which recently celebrated the opening of its 500th global location.
While the growth of the segment certainly sets the industry up for success, a shared issue across senior care franchises is finding and keeping qualified caregivers to keep up with amount of people in need of senior care, but as Albert Eshoo notes, the challenges are outweighed by the rewards.