As global life expectancy rises thanks to revolutionary medical breakthroughs, senior care faces bandwidth and sustainability issues after the employment lifecycle. To fully understand these elderly care challenges and the sustainable solutions to meet them, the sales professionals at CSS ProSearch have compiled three market-leading 2023 trends within the sales sphere of the senior care industry below.
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Salespeople to shepherd in senior solutions
A growing elderly population is causing a labor shortage of caretakers requiring providers to experiment with uncharted care solutions. “Aging in place” combined with telehealth are just two of the many viable senior care solutions ready to meet the challenges of a market with growth opportunities mirroring the rise in the senior population.
“These elderly care trends and solutions moving forward need to be understood, leveraged, and implemented into providers’ organizational sales frameworks,” notes says Stephanie Staiano, CSS ProSearch Sales Director.
These new capabilities will equip sales reps with the best tools to meet the needs of our aging seniors.
The inevitable elder care boom
The aging Baby Boomer population is beginning to push care systems to their threshold. A study conducted by the AARP reported that the 55 million people aged 65 and older in 2020 will balloon to 70 million by 2030 and 88.5 million by 2050. Consequentially, the 14 percent of the senior population in need of additional care in 2010 is expected to rise to 21 percent by 2050. This would equate to just over a fifth of the around 70 million elders.
The market opportunity in elderly caretaking is tremendous. PR Newswire estimates the global elderly services market to grow from $445.58 billion in 2022 to $476.91 billion in 2023 and is expected to rise steadily for years to come.
Aging in place
With all these aging seniors and all this market value up for grabs, where are providers investing? One major sales and service initiative is “aging in place.” The University of Michigan polled 2,277 adults ages 50 to 80 finding that 88 percent of them prefer staying in their homes as long as possible. Unfortunately, only 15 percent of that group are making the home modifications required to be able to do so.
Aging in place involves a combination of services including in-home healthcare, housekeeping, regular company for emotional support and mental health, physical and social engagements, reliable transportation, and safety. Organizations able to meet these mounting senior needs to enable them to stay where they want with the support of family members will grab ample market share.
Telehealth to the rescue
The key enabler of aging in place is the telehealth revolution driven by tech. Not only does digital and telehealth enable seniors to age in place, but it also relieves demand on the current elder care labor shortage.
Wearable devices like the Apple Watch, Fitbit, and Oura Ring among others have the capabilities to track a range of health statuses. Heartrate, blood oxygen levels, and blood pressure among other vitals are able to be self-monitored with these devices. Patients can then send this information remotely to their healthcare provider to build a continuous data feed for quick responsive care.
For emergency situations, tools like personal emergency response services (PERS) allow patients to sound the alarm instantaneously. Think of companies like Life Alert Emergency Response as a PERS example.
Partner with CSS ProSearch today to build a team of expert elderly care salespeople with unmatched industry insight
To implement the best sales talent and leverage the most-comprehensive industry data, partner with CSS ProSearch, an organization with an extensive network of executive sales and marketing business professionals. With a focus on elderly care, life sciences, and healthcare verticals, CSS ProSearch provides the finest talent and opportunity through seamless recruitment processes. Connect with CSS ProSearch today to attract top managerial talent!