In a recent infographic and downloadable report, the AARP predicts a cumulative market value of $279 billion in 6 different areas of elder care between 2016 and 2020.
They anticipate a gradual shift to home care, fair pay initiatives in Congress for home care workers, and Internet/mobile technology development will all play major roles in the growth of an increasingly home-based senior care industry.
Here are all 6 areas identified by the report and their respective anticipated total market revenues:
Daily Essential Activities – $207.6b
Daily Essential Activities include meal preparation, home and personal care, home repair, delivery, and transportation services.
Health and Safety Awareness – $20.3b
Health and safety awareness jobs are concerned with health vital alerts, diet and nutrition, medication management, personal safety monitoring, and telehealth.
Care Coordination – $8.4b
Care coordination deals with care planning, care professional engagement, records and benefits management, and recovery support.
Transition Support – $21.3b
Transition support covers home retrofit services, long-term care insurance planning, long-term care provider referrals, legal assistance, and hospice/funeral planning.
Social Well-Being – $4.7b
The social well-being sector monitors digital inclusion, life enrichment and empowerment, community networking, and life companions for seniors living in care communities or on their own.
Caregiver Quality of Life – $17.2b
Caregiver quality of life handles respite and backup care, social support, health and wellness, and financial/job security.
Total market revenue projections include out-of-pocket spending from both care recipients and caregivers,
as well as reimbursements from private and public insurers and business-to-business spending. AARP expects technology to be leveraged heavily in all areas to achieve transformation and bridge current caregiving gaps.
Source: AARP. Caregiving Innovation Frontiers 2016 (infographic)