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
MARKET STRUCTURE
Key Players
Other Prominent Players
PRODUCT SEGMENTATION & FORECAST
By Service Type
By Application
By Age Group
By Geography
For more information about this report visit https://www.researchandmarkets.com/r/oi9d1q
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SOURCE Research and Markets
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