The Promise of the Senior Care Sector

Industry facts & insights

Why You Should Choose the Home Care Industry

It’s no secret the baby boomer population, now called the “Senior Tsunami,” is changing the landscape of American business. But the astonishing fact is that many baby boomers are not yet at the age where they require home care services. With the oldest baby boomers currently at age 74, the demand for senior care services will continue to increase at an unprecedented rate through 2030 and beyond.

This means that the current significant demand for home care is just the tip of the iceberg, and the true “Senior Tsunami” is just getting started.

The Percentage of U.S. Senior Population

pie chart 15


pie chart 24


Source: Population Reference Bureau

Senior Tsunami

Experts estimate that Americans spend between $211-306 billion annually on long-term care. In 2000, around 15 million Americans used skilled nursing facilities or home care services. By 2050, this number is projected to hit 27 million. By 2050, almost 21% of the population will be 65, and most of the growth is going to happen between 2010 and 2030.

The increase in the number of senior citizens, combined with the percentage of seniors who want to remain at home as they age also results in a projected 26% increase in need for in-home care aides through 2024.

By 2034, the demographic scales will tip further: older adults are expected to outnumber children for the first time in U.S. history. The pattern should continue in coming decades so that by 2060 there will be 95 million older adults but 80 million children. The country will be grayer than ever before.
stats pyramid to pillar

In a Nutshell...