GITNUX MARKETDATA REPORT 2024

Profitable Senior Care Franchise Statistics

Senior care franchises have a higher profitability rate compared to other franchise industries, with an average annual revenue growth of 5-7%.

With sources from: franchisehelp.com, homecarepulse.com, thebalancesmb.com, mordorintelligence.com and many more

Statistic 1

The Senior Care sector was valued at USD 7.7 billion as of 2019.

Statistic 2

The senior care industry is expected to reach $1.4 trillion in revenue by 2024.

Statistic 3

As of 2020, there were over 21,000 senior centers in the United States.

Statistic 4

The Home Health Care Services market in the U.S is expected to reach $164.8 billion by 2026.

Statistic 5

Nearly 400 franchises focusing on senior care health and medical services were active in 2020.

Statistic 6

Senior care franchises on average generate a profit between $75,000 to $100,000 per year.

Statistic 7

Non-medical home care is the leading sub-sector within senior care, making up 36.42% of the market.

Statistic 8

24-hour care services have seen an increase of 140% compared to last year.

Statistic 9

The average gross sales for a senior care franchise is approx $1.2 million.

Statistic 10

Approximately 52% of senior care services are funded through private pay.

Statistic 11

The average caregiver turnover rate in 2020 was 65.2%.

Statistic 12

The senior care industry has an annual growth of 4.1%.

Statistic 13

There is a positive outlook for the senior care franchise sector with an expected growth of 2.8% in the next five years.

Statistic 14

In 2021, 33% of home care agencies have a revenue above $2 million.

Statistic 15

Nearly 72% of clients needing senior care are over 65 years old.

Statistic 16

Over 40% of senior care service companies have been in operation for more than 20 years.

Statistic 17

Over 852,500 workers are employed in the home health care services industry.

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In this post, we will explore key statistics highlighting the thriving and lucrative landscape of the senior care franchise sector. From the substantial market valuation to revenue projections, caregiver turnover rates, and growth forecasts, these data points provide valuable insights into the opportunities and challenges present in the industry. Let’s dive into the numbers that shape the senior care franchise market.

Statistic 1

"The Senior Care sector was valued at USD 7.7 billion as of 2019."

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Statistic 2

"The senior care industry is expected to reach $1.4 trillion in revenue by 2024."

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Statistic 3

"As of 2020, there were over 21,000 senior centers in the United States."

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Statistic 4

"The Home Health Care Services market in the U.S is expected to reach $164.8 billion by 2026."

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Statistic 5

"Nearly 400 franchises focusing on senior care health and medical services were active in 2020."

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Statistic 6

"Senior care franchises on average generate a profit between $75,000 to $100,000 per year."

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Statistic 7

"Non-medical home care is the leading sub-sector within senior care, making up 36.42% of the market."

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Statistic 8

"24-hour care services have seen an increase of 140% compared to last year."

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Statistic 9

"The average gross sales for a senior care franchise is approx $1.2 million."

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Statistic 10

"Approximately 52% of senior care services are funded through private pay."

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Statistic 11

"The average caregiver turnover rate in 2020 was 65.2%."

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Statistic 12

"The senior care industry has an annual growth of 4.1%."

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Statistic 13

"There is a positive outlook for the senior care franchise sector with an expected growth of 2.8% in the next five years."

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Statistic 14

"In 2021, 33% of home care agencies have a revenue above $2 million."

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Statistic 15

"Nearly 72% of clients needing senior care are over 65 years old."

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Statistic 16

"Over 40% of senior care service companies have been in operation for more than 20 years."

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Statistic 17

"Over 852,500 workers are employed in the home health care services industry."

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Interpretation

The statistics presented highlight the significant growth and potential within the senior care franchise sector. With a booming industry valued at billions of dollars, an expected increase in revenue, and a strong presence of franchises offering profitable opportunities, the senior care market continues to expand. The data also indicates a shift towards non-medical home care services and a high turnover rate among caregivers. Despite some challenges, such as the need to address workforce retention issues, the future looks promising with projected growth and a substantial number of clients in need of senior care services.

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