Writing in Business Insider – https://www.businessinsider.com/ by Andrew Meola: the United States elder care services market is expected to grow from $100 billion in 2016 to $225 billion by 2024 – a clear growth indeed!
Wiseguyreports.Com through NewsWire provides reasons for this growth: the rise in the baby boomer population. Besides, many of these elder people are suffering from different types of chronic and other health conditions that will keep them needing care services.
Some Debilitating Elder Disabilities
Some of these conditions are arthritis and osteoporosis which are common physical conditions among senior citizens that can make it difficult for them to take care of themselves or live alone.
Also, mental conditions such as Alzheimer’s disease and dementia, while not as common, are devastating to the well being of the baby boomer population, requiring the use of the care facilities.
In addition to this, are remarkable improvements in the social and economic conditions of the senior citizens that make them live longer. All these contribute to the expansion and growth seen in the eldercare industry.
The Role of Technology
Besides, The availability to and the use of technology by the senior citizens have improved old age conditions and increased lifespan.
Consider the effects of mobile technologies like cell phones and tablets! With these, senior citizens don’t complain of loneliness, isolation, and boring lifestyle.
They can communicate with friends and family, attend meetings, and keep doctor’s appointments, all virtually.
With the specially designed mobility equipment for senior citizens like scooters, wheelchairs, and specially designed automobiles for senior citizens, they can go to the grocery stores to shop for and by themselves.
And the availability of monitoring devices like the MobileHelp; ‘I have fallen, I can’t get up’, safety is improved tremendously: a loving daughter or son caring for the elderly mother or father does not need to stay twenty-four hours with the patient since the caretaker-child can keep eyes on things from anywhere he or she may be.
The blessings of technology did not stop with these – it affected the care industry itself – improved care services including lessening the stresses of elderly caretaking are attracting more industry players.
Do you know that there are available various devices that track diet and nutrition schedules, medication adherence, and health symptoms that require immediate health professional’s attention?
Also, it is now possible for any person or the doctor’s office to order medication online and have it delivered to the home. The same thing goes with your grocery and cooked meals; they all can be ordered online and delivered to your home.
The improved healthcare and delivery are making the elderly also live longer requiring more eldercare services and the elderly care facilities. The obvious effect is the increase in the elder lifespan.
According to the CDC (Center for diseases control), it was found that in 2012, an average American life expectancy was approximately 78.8 years.
And since 1901, the average American lifespan has increased by roughly 20 years. All these make elderly people live longer, requiring more care services.
It is no wonder that there are more than forty-three million senior citizens in America today.
Other Sources Of Growth
The final eldercare services growth drivers are: 1) the rising number of diseases. In the past, there were not as many disabilities affecting the elderly as they are today. And Alzheimer’s disease is the most rampant.
2) changing demographics – the elderly living longer is now an equal opportunity.
3) Now there is the disintegration of the family which challenges the old family norm of taking care of one’s parents. Many children grow up, get their education, marry, and move away to have their own families. The elderly are left on their own without the old-time family care, necessitating the use of care services.
4) The availability of Medicare and Medicaid provided by the government makes eldercare facilities cheap and affordable, making demand high.
It is noteworthy to mention here that in spite of these revolutionary advancements in baby boomer healthcare, the reason for the rapid expansion and growth of the eldercare industry, it may be short-lived because of the following reasons:
a) Elderly care services are too expensive and priced out the reach of many people.
b) lack of qualified staff members, etc. and
c) the number of care services can’t meet the demand; low retirement age and the rest mentioned above will put a damper on the growth of the industry.
Over the years, eldercare services have seen a lot of changes. But in the last ten years, it has gone through a lot of expansions and growth.
The following factors account for the growth: a) tremendous improvements in eldercare services making senior citizens live longer. The high longevity fuels the high demand for eldercare facilities.
b) The advances in health care technologies gave a boost to the high longevity – communication devices like the cell phone; monitoring devices like the Amber Alert GPS; wheelchairs, scooters, Apps like the Zoom, Face Time, all have made the elderly people live longer.
c) Even medical technology has seen breathtaking additions: a patient does not need to be in a doctor’s office to have routine checkups like taking the blood pressure, temperature, etc. or hold a discussion with the doctor. All these are now possible, thanks to remote sensor technology.
Those are the factors fueling the eldercare industry growth, attracting more players to participate in the boom.
I hope this post is a good read and good help in your search for the eldercare growth drivers. Thanks.
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