Every person who is born must eventually grow old at some point. Considering how busy we have all become, it can often seem that life passes us by in a blur. When we do age, though, we usually have only one wish – to live out the rest of our years in safety and comfort. Most of us would also like to live in our own homes if we can make that choice. That is where the In-Home Senior Care Franchises market comes into play. In-home senior care is a perfect fit for the franchising model since it is highly regulated, systems-oriented and highly personal. It enables franchise owners to develop strong ties with both their clients and the community at large. The long-term prospects of the In-Home Senior Care Franchises market are very bright indeed.
In-Home Senior Care Franchises Market Drivers
An ageing population in the west will be the main driver of the In-Home Senior Care Franchises market. The Baby Boomer generation born immediately following World War II are expected to demand greater medical care and attention. Elderly care in the U.S alone is expected to be worth more than $300 billion in 2016. There is also a major shift towards “ageing in place”. Most adults like living in the comfort & privacy of their own homes for as long as is possible. Even after they cross the age of 65, people prefer living on their own or with family members rather than in an old-age home. The In-Home Senior Care Franchises market is also expected to get a boost from improving technology. Assistance & safety monitoring equipment has taken a dramatic leap in recent times driven by advances in sensory networks, bio-sensing, robotics, cloud computing and telecommunications. Another factor boosting the In-Home Senior Care Franchises market is the high revenue. In-home senior care requires very low initial investment and the earning opportunities are immense. Franchise owners are likely to earn more than independent providers improving the attractiveness of the In-Home Senior Care Franchises market.
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In-Home Senior Care Franchises Market Restraints
One of the biggest constraints in the In-Home Senior Care Franchises market is that of cost. In-home care facilities can cost anywhere from $3000 to $6000 a month. This makes it prohibitively expensive even for those families that are insured by insurance companies since they will almost certainly not cover the entire expense. The second challenge is a lack of trained professionals. It can be very difficult for in-home senior care franchises to find qualified nurses, staff or medical professionals to assist their patients. The demand for these individuals is anticipated to be much more than the supply in the years ahead. The third barrier to the growth of the In-Home Senior Care Franchises market is a lack of regulation in the industry. While it might be comforting to think of home health aides as certified professionals, the truth is that they have usually gone through a small training program for the company which hires them. There is no standardisation leading to great confusion about what these individuals are able and unable to do. One more challenge is the intense competition in the In-Home Senior Care Franchises market. This is a 24/7, 365 days a year business which requires franchisees to always be ‘on call’. Incumbent companies may offer additional benefits for holding on to their clients, making it difficult for newcomers to the field.
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In-Home Senior Care Franchises Market Key Regions
The global In-Home Senior Care Franchises market is divided into North America, E.U, Asia, MENA and the rest of the world. North America is the largest market followed by the E.U. A large geriatric population, technological improvements and government reimbursement for health care are the primary reasons that it is dominant. Asia led by China, Japan and Korea are anticipated to outpace Europe in this decade due to their economic heft and a greater focus on domestic healthcare. Companies would be well advised to focus on the Asian In-Home Senior Care Franchises market for their future growth prospects.
In-Home Senior Care Franchises Market Key Market Players
Some companies in the In-Home Senior Care Franchises market are BrightStar, Synergy HomeCare & Right at Home.