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How big is the US home care market (non-medical, personal care/companionship, usually private pay)? Examples are visiting angels & comfort keepers. Would like a breakout the big services under each if available.
Hello! Thank you for your question about the non-medical home care market in the United States. Relevant data for non-medical home care spans several years. However, I was able to use data compiled from 2011 through 2016 to formulate an approximate market size. In short, the 2016 market size for non-medical home care was around $9 billion. In my deep dive below, I have expounded upon my research and provided additional industry insights that may prove helpful during your presentation.
INSIGHTS
The growth rate for the industry from 2011 to 2016 was 9.7%. Though formal projected growth rates through the year 2021 are not publicly available, we can safely assume the industry will maintain, at minimum, an approximate 10% growth rate between the years 2016 and 2021. Which means the non-medical home care industry in the U.S. will be worth, at minimum, $10 billion annually in five years. However, predictions suggest that the advancing age of the Baby Boomer generation will dramatically expedite the growth of the industry.
Since the overall home-care industry (including medical) has a $70 billion annual valuation, mathematical deductions determine that the non-medical portion of the market share hovers at around 14%.
There have been multiple predictions suggesting that the advancing age of the Baby Boomer generation will expedite the growth of the industry in the coming years. One report suggests that, conservatively, the industry should be worth between $17 billion and $22 billion presently. Another report by the Bureau of Labor Statistics suggests that 1.3 million jobs will be added within the non-medical home-care industry by the year 2020, suggesting that the industry should expect significant growth in the next few years.
In a complimentary report, data states there are more than 3 million non-medical home-care workers in the United States and that the number is expected to grow by as much as 70% before 2020.
CONCLUSION
To recap, the 2016 market size for non-medical home care was around $9 billion. The growth rate for the industry from 2011 to 2016 was 9.7%. Since the overall home-care industry (including medical) has a $70 billion annual valuation, mathematical deductions determine that the non-medical portion of the market share hovers at around 14%. However, predictions suggest that the advancing age of the Baby Boomer generation will expedite the growth of the industry.
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