As we work with our clients that are seeking the best franchise to invest in, they always ask which market segments are growing and have high future potential. Without hesitation we respond with, “Senior care.”
Following are some highlights* regarding this expanding segment:
- About 1 in every 7, or 13.7%, of the population is an older American.
- Persons aged 100 years old, in 2012, totaled 61,985 up 93%. In 1980 that total capped out at 32,194 living over a century.
- Persons reaching age 65 have an average life expectancy of additional 19.2 years, 20.4 years for females and 17.8 years for males.
- Older women outnumbered older men at 24.3 million older women to 18.8 million older men. And, older men were much more likely to married than older women—71% of men vs. 45 of women. Almost half of the older women, which constitutes, 45%, age 75+ live alone.
- The population 65 and over has increased from 35.5 million in 2002 to 43.1 million in 2012, which is a 21% increase and is projected to more than double to 92 million in 2060. By 2040, there will be about 70.7 million older persons, over twice their number in 2000. What’s even more astounding is that the 85+ population is projected to triple from 5.9 million in 2012 to 14.1 million in 2040.
As you look for potential business segments to invest in, highly consider senior care. The facts are convincing. If you’d like assistance with finding the best senior care franchise that fits your needs, please contact one of our franchise consultants.
*A Profile of Older Americans: 2013. Administration on Aging, Administration for Community Living, U.S. Department of Health and Human Services.
