From one end of the care spectrum to the other, the eldercare market is expanding as America’s baby boomers continue to age.
Organizations that choose to participate in this market segment have traditionally relied on demographic information when planning senior facilities and services; however, a host of new market forces is making today’s senior planning strategies increasingly complex.
Sweeping shifts in demographics, economics, lifestyle choices and family relationships complicate the picture. Not to mention that a growing, diverse field of service providers is further obscuring the market.
Given these developments, relying solely on demographics when planning senior-focused services or evaluating sites is almost useless.
Consider these 3 certainties and what effect they will have on how, when and where senior healthcare and housing will be delivered.
- The Senior Population is Growing and Living Longer: The nation’s 65-and-older population is expected to reach 83.7 million in the year 2050, almost double in size from the 2012 level of 43.1 million – with the average life expectancy for a 65-year-old being 85.5.
- Not All Seniors are the Same: Seniors aren’t interchangeable consumers and age is an overly simplistic way to view this consumer group. Seniors’ healthcare consumption behavior varies greatly by health, lifestyle and income; some seniors may enter the spectrum of care early on, others only at the end of life.
- The “Initiator” Plays a Role: It’s not just about the patient or senior, but the family decision makers also play an influential role in the healthcare and living choices of the senior.
Make Smarter Decisions With Analytics
Far too often, seniors are labeled as one big block, but it’s vital to remember that this cohort is comprised of people in many different life stages that affect what they want, where they want it, what marketing messages resonate with them and how they consume healthcare.
To learn more about how these 3 realities will affect the future of senior care and the role that patient analytics can play when navigating this market, download our latest report “3 Big Realities of Senior Healthcare” now.