DUBLIN, Feb. 28, 2024 /PRNewswire/ — The “U.S. Elderly Care Services Market – Focused Insights 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The U.S. elderly care services market was valued at USD 455.49 billion in 2023 and is expected to grow at a CAGR of 6.15% from 2023-2029
The elderly care service market in the U.S. is highly competitive due to numerous organizations offering similar services and community-based service programs. Due to their high geographical presence, availability of expertise, and well-known brand image, companies have better market share in the U.S. Brookdale Senior Living, Lincare, Amedisys, LHC Group, and Davita are some prominent players in the U.S. elderly care service market.
The Western region shows significant growth in market size and shares in the U.S. elderly care services market due to the considerable increase in the percentage of the elderly population in the Western region, which consists of 13 cities. California boasts the highest number of senior care providers compared to any other state in the U.S., making it home to a substantial portion of the nation in the West.
By service type, the homecare segment dominated the elderly care services market by occupying over 32% of the market share in the year 2023, and it is expected to grow exponentially. This segment increase is attributed to many reasons, including the increasing aging population, the shift towards in-home care services by elders, and the prevalence of diseases among elders.
The non-healthcare application segment is growing with the highest CAGR of 6.47% in the U.S. elderly care services market during the forecast period. This is mainly because most older adults live in homes that they rent or own. The need for services and support like housework, bathing, or medicating is expected to increase.
The 75-84 age group occupies a significant market share in the U.S. elderly care services market, and growth projections for 2029 indicate that the number will increase even more. The growth of this segment is driven by baby boomers constantly looking for help in household activities. The oldest baby boomer will be 83 years old by then, and there is a sharp rise in middle-income seniors as they constitute a large portion of the overall senior population.
KEY QUESTIONS ANSWERED
- How big is the U.S. elderly care services market?
- What is the growth of the U.S. elderly care services market?
- What factors are driving the growth of the U.S. elderly care services market?
- Who are the key players in the U.S. elderly care services market?
MARKET STRUCTURE
- Market Dynamics
- Competitive Landscape of Elderly Care Services Market
- Key Vendors
- Other Prominent Vendors
Key Players
- Brookdale Senior Living
- Lincare
- Amedisys
- LHC Group
- Davita
Other Prominent Players
- Humana
- Genesis Healthcare
- Bayada Home Health Care
- National Church Residencies
- The Ensign Group
- Enlivant
- Sunrise Senior Living
- Life Care Centers of America
- Elara Caring
- Five Star Senior Living
- BrightSpring Health Service
- Fresenius Medical Care
- Pacifica senior living
- Eddy Senior Living
- Embassy Healthcare Services
- Erickson Senior Living
- Frontier Management
- Gardant Management Solutions
- ProMedica Senior Care
- Integral Senior Living
- Kisco Senior Living
- Leisure Care
- Lifecare Services
- MBK Senior Living
- Meridian Senior Living
- Merrill Garden
- Northbridge Companies
- Northstar Senior Living
- Oakmont Senior Living
- Pathway to Living
- Pegasus Senior Living
- Pinnacle Senior Living
- Prestige Care
- Senior Lifestyle
- Senior Resource Group
- Sinceri Senior Living
- Vi Living
- Waltonwood Senior Living
- Watermark Retirement Communities
- Americare Senior Living
- Benchmark Senior Living
- Belmont Village
- The Evangelical Lutheran Good Samaritan Society
- Spring Arbor
- Trilogy Health Services
PRODUCT SEGMENTATION & FORECAST
By Service Type
- Home Care
- Assisted Living
- Nursing Care
- Others
By Application
- Non-Healthcare
- Healthcare
By Age Group
- Aged 65-74
- Aged 75-84
- Aged 85 and Above
By Geography
- West Region
- South Region
- Mid-West Region
- North-East Region
For more information about this report visit https://www.researchandmarkets.com/r/oi9d1q
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SOURCE Research and Markets
