Homecare: The World’s Fastest Growing Industry? [Infographic]

Did you know that every day for the next 20 years, an additional 10,000 Americans will celebrate their 65th birthday? Indeed, within the next six months, the senior population in the USA is projected to reach 83.7 million.

Allied to the increase in life expectancy from previous generations, this will lead to a greater number of people requiring a more significant amount of homecare, which is probably the country’s fastest-growing industry. By 2024, the number of homecare professionals is expected to have grown 38% from 10 years previously, six times greater than the average occupational growth rate.

The homecare industry has seen some notable trends emerging of late. For instance, the likelihood of an elderly person being cared for by a family member is far smaller now than it would have been 25 years ago, due to the generally greater difficulty for a lay caregiver to provide care to a person in correspondence to their increasing age. Indeed, with people now living for longer than ever before, 20% of all homecare patients are aged 85 and over, with 70% aged 65 and over. Another striking statistic was that the substantial majority of patients (64%) are female. This is partly because women have a longer average life expectancy than men.

Even with the upsurge in homecare professionals, can the industry keep up with demand? The introduction of legislation requiring healthcare workers and agencies to be fully certified is well intended and indeed necessary, but it will also reduce the pool of available workers to cope with the increase in demand. The industry is also battling an enormously high turnover rate, which stood at almost 25% as recently as 2013.

To find out more about the booming homecare industry, take a look at the infographic below from Be Independent Home Care (http://www.beindependenthomecare.ie/our-services/private-home-care.html).