It’s no surprise that the in home care industry is the number one job creator in the United States right now. This was predicted several years ago due to a number of factors. Some of those factors included an aging population in America (the Baby Boomer generation now reaching retirement age) and more seniors preferring to remain at home for as long as possible, commonly referred to as ‘aging in place.’
Home health care as an industry encompasses many aspects, from the caregivers who work directly with clients to technology to provide a better, safer, and more comfortable home environment. That industry is expected to increase, with revenue to hit $130 billion in fiscal year 2017.
There are many factors that contribute to the continued growth within the industry beyond demand. Home care is a more affordable option than other senior care facilities, including nursing homes and assisted living. As states and individuals seek ways to limit expenses, especially for senior care, in home health care and other home care services become more appealing.
Becker’s Spine Review noted in the blog, North American home healthcare market valued at $130.4B in 2017: 7 observations, written by Megan Wood, the following five observations:
- The home healthcare market attracts patients with its high cost advantage.
- The shift to proactive monitoring from treatment is also creating new opportunities in the home healthcare market.
- Increasing chronic disease cases and rising healthcare costs are also driving the market.
- The market is set to grow at a compound annual growth rate of 7.5 percent through 2017.
- In 2012, the United States led the North American market, and will likely continue to dominate through 2017. This is due to an increasing aging population; growing number of chronic diseases cases; and advancing technologies for home-use applications, among other drivers.”
This is considered good news for the industry overall as it indicates there’s a greater desire for seniors and others who may need this level of support to have access to quality care and services within the comfort of their home.
As the in home care industry will be expected to remain the number one job creator through at least 2020, there’s little reason to believe annual growth will not continue. Minimum wage increases and Labor Department rule changes may impact access and availability of in home care services for some, and as these changes continue to roll out, it will be interesting to see how they may affect employment and access to care and services within the industry.