The U.S. care services market size is expected to reach USD 714.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a 6.7% CAGR during the forecast period. Rise in geriatric population and increasing incidence of target diseases such as dementia, Alzheimer’s diseases, and orthopedic diseases are factors expected to fuel the market growth. Increasing treatment cost is one of the prime concerns for governments and health organizations, and hence they are striving to curb healthcare costs. Care services are cost-efficient alternatives to expensive hospital stay and thus are economic for a longer time duration.
According to the population projection report published by the U.S. Census Bureau in 2016, the population of millennials in the country is expected to surpass the population of baby boomers by 2019. In 2016, millennials were categorized as the population aged 20 to 35 years and baby boomers were those aged between 52 and 72 years. In 2016, the population of millennials was 71 million and that of baby boomers was around 74 million. While the former will rise to 73 million in 2019, the latter will drop to 72 million. Generation X, the population group aged between 36 and 51 years, is anticipated to surpass the boomers by 2028.
Skilled Nursing Facilities (SNFs) provide high-quality care services at a much lower cost as compared to hospitals, generating tremendous demand among investors. Reimbursement rate pressures or introduction of new payment systems are anticipated to influence the market. According to PharMerica Corporation, in October 2019, the Centers for Medicare & Medicaid Services (CMS) implemented Patient Driven Payment Model (PDPM), a new system for categorizing SNF patients in a Medicare Part A stay. This new system is anticipated to decrease the emphasis on the volume of services and administrative burden.
The hospice and palliative care segment is projected to exhibit the fastest growth during the forecast period. Hospice care leads to reduction in out-of-pocket expenses for medications, medical supplies and durable medical equipment. Medicare, Medicaid or a private insurance company typically covers the cost of these necessary items for hospice patients.
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U.S. Care Services Market Report Highlights
• The skilled nursing facility segment dominated the U.S. care services market in terms of revenue in 2019
• The hospice and palliative care segment is projected to exhibit the fastest CAGR during the forecast period due to the increasing incidence rate of Alzheimer’s and dementia and availability of Medicare and Medicaid & private insurance
• The U.S. care services market has been witnessing several mergers and acquisitions and partnerships resulting in the integration of various services and maximizing revenue. For instance, in January 2020, Amedisys acquired Asana Hospice, expanding its operations in Ohio, Texas, Missouri, Kansas, and Pennsylvania. Similarly, in October 2019, Active Day/Senior Care, Inc. acquired 15 locations of Person Centered Services (PCS) in Ohio.
• Key market players include Kindred Healthcare, LLC.; National HealthCare Corporation (NHC); Amedisys, Inc.; Brookdale Senior Living Inc.; Capital Senior Living; Home Instead, Inc.; Diversicare; Genesis Healthcare, Inc.; LHC Group, Inc.; Sunrise Senior Living; and Senior Care Center (Active Day Health Centers)
U.S. Care Services Market Segmentation
Grand View Research has segmented the U.S. Care Services market based on service:
U.S. Care Service Outlook (Revenue, USD Billion, 2016 – 2027)
• Skilled Nursing Facility
• Hospice and Palliative Care
• Assisted Living Facility (ALF)
• Home-based Primary Care/House Calls
• Post-Acute Care
• Remote Patient Monitoring
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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