The health care industry is growing rapidly, and it’s going to continue to do so for several decades, given the current projections that have been supplied when it comes to population and demographics. And the senior care industry is one of those sectors that is expected to see the biggest gains, simply because the senior population is growing so rapidly. With the Baby Boomer generation now in their 60s and early 70s, the need for senior care is expected to skyrocket. In fact, some people have labeled this as a senior care crisis because of this expected demand. There are far more senior citizens than there is a current supply of caregivers, and the system is in danger of being overloaded.
Looking at the human need of the shifting demographics is difficult unless it is framed correctly. One way that we can get a better idea of what is going on in the world and what aspects of the care business are likely to change is through marketing research. Like it or not, the world operates on money, and looking at the data that professional marketing firms compile can be helpful.
One such example of how marketing data can help us anticipate senior care needs looks at different parts of the world in comparison to how they interact with the rest of the world. Did you know that Europe still holds a larger share of the senior care market than North America in general does? Europe accounts for 37 percent of the world’s overall need for senior care, and the U.S. and the rest of North America accounts for 30 percent.
In the U.S., it’s estimated that more than $927 billion worth of companies and services exist right now. Persistence Market Research says that by the year 2025, that number will grow to over $1.7 trillion. This is a huge number, and it shows that companies are spending a lot of time thinking about how to grow along with the senior population. By looking at the financial growth that’s expected in the U.S, we can see how marketing data is actually helping companies to better prepare. They can see a close approximation of what the need is, and then prepare to meet it.
The Asia Pacific region only accounts for 11 percent of the world’s senior care market right now. Granted that the two nations with the largest populations on the globe both reside in this area, this is surprising news. But because of cultural traditions, senior care does not occur as much on a professional basis in China and India as it does in the United States. This region is expected to see a huge boom in the coming years, even larger than what’s expected in the U.S. In-home care is expected to grow substantially in these parts of the world because of the same cultural traditions that have kept the growth of the senior care business lagging in the past. It will be interesting to see how this occurs as there may be things that we can learn about care in our own country, too.
Leave a Reply