Homecare: The World’s Fastest Growing Industry?

This infographic from Be Independent Home Care explores the rapid growth that has occurred in the homecare homecareindustry in recent years and attempts to forecast where it will go from here. Such has been the rate of growth that the supply of medical professionals cannot keep up with the demand for their services, which is usually a good sign but not in this instance, as people who require care are either left untreated or only able to receive token treatment. Here is a summary of the current status of the homecare industry, as well as projections for the near future.

  • The homecare industry is currently worth $84 billion in the USA alone, employing more than 1.7 million people, and exponential growth is projected over the next 10 years.
  • The average industry growth rate is 6.5%. The homecare industry is growing at a rate six times’ greater than this, with projected growth of 38% by 2024 from 10 years’ previously.
  • Part of this increased demand on homecare services can be attributed to an increase in life expectancy, with people generally living for longer than ever before and hence requiring care for a greater length of time.
  • Furthermore, this increase in life expectancy also means that a greater number of people will require care.
  • Whereas family caregivers were common 25-30 years ago, it is becoming increasingly harder for family members to provide care due to the greater need of care for patients and also because of a general decrease in the number of hours that people can devote to caregiving.
  • Despite an increase in the number of caregivers, this hasn’t kept pace with the demand for homecare services, while stricter regulation and licensing will serve only to reduce the pool of available caregivers.

If things continue in this vein, we could see a crisis situation for all parties. Patients won’t receive the attention that they urgently need, while caregivers will be burnt out from the huge demands being placed on their shoulders. While it is great to see that people are living for longer than in previous generations, this can sometimes prove to be a double-edged sword.

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