As the population of seniors continues to grow, so does the need for senior care services. With the rise of technology, the senior care industry has become increasingly complex. In this blog post, we will explore the latest senior care industry statistics and what they mean for the future of the industry.
We will look at the current size of the industry, the types of services offered, and the trends and challenges that are impacting the industry. We will also discuss how senior care providers can use these statistics to inform their business decisions and better serve their clients.
Senior Care Industry: The Most Important Statistics
Over 40% of nursing home patients are over the age of 85, with women making up almost 65% of nursing home residents, and women over the age of 75 being 60% more likely than men to need help with at least one activity of daily living.
The older population is projected to double from 52 million in 2018 to 95 million by 2060. Meanwhile, the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent, and the share of non-Hispanic white is projected to drop from 77 percent to 55 percent.
Senior Care Industry Statistics Overview
By 2050, the world’s population of people aged 60 years and older will double to 2.1 billion and the number of persons aged 80 years or older is expected to triple to 426 million.
This highlights the need for increased resources and services to support the growing population of elderly people. It could include increased access to healthcare, housing, and other services that are necessary for elderly people to live healthy and comfortable lives.
The number of older adults in the US is projected to increase by 18 million between 2020 and 2030, meaning that 1 in 5 Americans will be 65 years old and over by 2030.
Thus, there is a growing demand for services and products to support the elderly population.
In 2018, the percentage of adults aged 65 and over that needed help with personal care from other persons was 7.0%, which was not significantly different from the 2017 estimate of 6.7%.
This provides a snapshot of the number of seniors who need assistance with personal care, which can be used to inform decisions about how to allocate resources and plan for future needs.
Women aged 65-84 are more likely to need help with personal care than men in the same age group, with the percentage of those needing care increasing with age (3.9% between 65-74, 8% between 74-84, and 21.1% from 85 and up).
Thus, there is a need for more resources and support for older women, who are more likely to need help with personal care than men in the same age group.
The Household Care segment is expected to reach US$76.15bn in 2023 and US$138.80bn by 2027 with a CAGR of 16.19%. It is expected to have 930.60m users by 2027 with an ARPU of US$111.30.
The global long-term care market size is expected to reach USD 1.74 trillion by 2030, growing at a CAGR of 6.62% from 2023 to 2030.
This shows the potential for growth in the market, which is driven by the increasing prevalence of target diseases such as Alzheimer’s and dementia among the aging population. This indicates that the senior care industry has a promising future and should be well-positioned to capitalize on the growing demand for long-term care services.
Over 40% of nursing home patients are over the age of 85, with women making up almost 65% of nursing home residents, and women over the age of 75 being 60% more likely than men to need help with at least one activity of daily living.
These statistics demonstrate the need for innovative solutions that can help manage cash flow and customer relationships. This is especially true for women, who are more likely to need help with daily activities and are more likely to be living in a nursing home.
89% of long-term care facility residents are white and non-Hispanic, while only 75.8% of U.S. residents are white and non-Hispanic.
There are over 94,948 home care nurses currently employed in the US, 86.5% of whom are women and 13.5% are men, with an average age of 43 years old.
The most common ethnicity of home care nurses is White (65.9%), followed by Black or African American (11.0%), Hispanic or Latino (9.4%) and Asian (8.9%).
The majority of regulated nurses in Canada are employed in hospitals (54.6%), followed by community health (13.7%), nursing homes/long-term care (13.6%), and other settings (7.4%).
As of 2020, there are 66,961,484 licensed senior drivers in the United States, of which 34,643,962 are female and 32,317,522 are male.
The number of licensed drivers ages 65 and older in the US has increased by 68% since 2000, with almost 48 million drivers in 2020.
67% of all senior drivers are involved in an accident, with 96.61 accidents per 1,000 people, resulting in 233,235 senior drivers injured in an accident.
This highlights the need for increased safety measures for senior drivers, such as improved driver education and access to transportation alternatives. It also emphasizes the need for increased awareness of the risks associated with driving for seniors, as well as the need for improved medical care and rehabilitation services for those who are injured in accidents.
The number of motor-vehicle deaths involving drivers and other road users age 65 and older decreased 7% in 2020, despite a 20% increase in the last decade and a 34% increase in the population of older adults in the US.
The decrease in the death rate per 100,000 population of 10% is important as it shows that the efforts of the National Safety Council (NSC) to promote safety in various areas of life, including on the road, at work, and in the home, are having a positive impact on the senior care industry.
Seniors drivers file 48.96 property damage liability and collision claims per 100 insured vehicle years compared to drivers of younger age groups.
Thus, seniors are more likely to be involved in car accidents than younger drivers, which could have implications for the safety of seniors and the cost of insurance for seniors.
Bankrate reports that seniors have the third lowest insurance rates of any age group, with males at $2,001 and females at $1,972, far lower than 18 year-olds at $6,541.
This proves that seniors are able to access more affordable insurance rates than other age groups, which can help them save money and make it easier for them to access the care they need.
6,549 senior drivers were fatally injured in an accident, 16% of licensed senior drivers are involved in fatal accidents, and almost 200,000 injured seniors are treated in the emergency room, with the highest month of the year being August with 3,802 driver deaths.
Every day, 20 older adults are killed and 700 are injured in motor vehicle crashes, which accounts for 1 in 6 fatal crashes annually.
The older population is projected to double from 52 million in 2018 to 95 million by 2060. Meanwhile, the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent, and the share of non-Hispanic white is projected to drop from 77 percent to 55 percent.
This indicates a growing need for services and resources for the elderly population. As the population of seniors increases, the demand for senior care services and products will also increase, creating potential opportunities for businesses in the industry.
The US population is projected to grow by 79 million people by 2060, from 326 million today to 404 million, with a ratio of three-and-a-half working-age adults for every retirement-age person decreasing to two-and-a-half by 2060.
The ratio of working-age adults to retirement-age people is decreasing, meaning that there will be fewer people available to provide care for the elderly population. This could lead to an increased demand for senior care services, which could have a significant impact on the industry.
Conclusion
The senior care industry is growing rapidly, and it is important to stay up to date on the latest statistics. With the aging population, the demand for senior care services is expected to continue to increase. As a result, the senior care industry is projected to experience significant growth in the coming years.
The industry is also becoming more specialized, with services tailored to meet the needs of seniors in different stages of life. With the right resources and information, senior care providers can ensure that their services are meeting the needs of their clients.
References
1 – https://www.who.int/news-room/fact-sheets/detail/ageing-and-health
2 – https://www.ruralhealthinfo.org/toolkits/aging/1/demographics
3 – https://public.tableau.com/app/profile/tina.norris/viz/FIGURE12_1/Dashboard12_1
4 – https://public.tableau.com/views/FIGURE12_2/Dashboard12_2?:showVizHome=no&:embed=true
5 – https://www.statista.com/outlook/dmo/ecommerce/beauty-health-personal-household-care/household-care/worldwide
6 – https://www.grandviewresearch.com/press-release/global-long-term-care-market
7 – https://etactics.com/blog/nursing-home-statistics#Resident-Demographics
8 – https://www.aplaceformom.com/caregiver-resources/articles/long-term-care-statistics
9 – https://www.zippia.com/home-care-nurse-jobs/demographics/
10 – https://www.cna-aiic.ca/en/nursing/regulated-nursing-in-canada/nursing-statistics
11 – https://www.bankrate.com/insurance/car/senior-driver-facts-and-statistics/#key-stats
12 – https://www.cdc.gov/transportationsafety/older_adult_drivers/index.html
13 – https://www.bankrate.com/insurance/car/senior-driver-facts-and-statistics/#key-stats
14 – https://injuryfacts.nsc.org/motor-vehicle/road-users/older-drivers/
15 – https://www.bankrate.com/insurance/car/senior-driver-facts-and-statistics/#key-stats
16 – https://www.bankrate.com/insurance/car/auto-insurance-rates-by-age/#age
17 – https://www.bankrate.com/insurance/car/senior-driver-facts-and-statistics/#key-stats
18 – https://www.millerandzois.com/elderly-driving-accidents.html
19 – https://www.prb.org/resources/fact-sheet-aging-in-the-united-states/#:~:text=Demographic%20Shifts,more%20racially%20and%20ethnically%20diverse.
20 – https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-projections.html
