The high demand and growing opportunity of the caregiving market

The market sector providing support to family caregivers is forecast to grow at an average rate of 13% from 2016 to 2020 and reach $72 billion by 2020, according to a recent AARP report. This caregiving support market includes everything from transportation to personal care to repair services.

This translates into many jobs related to caregiving support. The home care industry alone is expected to add 1 million jobs from 2012 to 2020, the report claims.

The report found that in 2014, 40 million Americans were providing unpaid care to aging relatives and other loved ones. About 25% of those 40 million were millennials, and about 50% were younger than 50.

As the country’s population ages and need for senior care and support increases, the caregiving market offers many growth opportunities, the report pointed out. The report listed categories such as health and safety awareness and monitoring, care coordination, long-term care transition support, social well-being and companionship, and caregiver quality of life as some of the types of services in rising demand.

To view the full AARP report, click here.

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