III. Industry Analysis
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According to IBIS World, the global home care industry was valued at $136 billion USD and is expected to grow 4.8% in 2023 alone. The past five years saw a nearly 10% compound annual growth rate for the industry and there is no indication that this growth will slow down anytime soon. This shows that home care services will be in great demand, which means it is a great time to start a non-medical home care business.
This growth is primarily driven by a quickly aging population. People are living longer than ever before and they will need comfortable medical and non-medical care services for much longer. Furthermore, baby boomers comprise a large population and are now entering their retirement years. It is expected that this enormous population will have a significant need for both healthcare and non-medical care and may create a strain on the current industry. However, this also means there is an enormous opportunity for these industries to be extremely profitable in the near future.
This is especially true for home care services, which are increasing in demand. Most aging people would rather receive medical or non-medical care at home than go to a nursing home or hospital. Therefore, there is an incredible demand for these particular services.
The only challenge affecting the industry is a lack of properly trained staff. However, this will only mean that home care services and their staff will be even more valued. These industry trends will ensure the popularity and success of [Company Name] in the near future.