U.S. Care Services Market Size, Share & Trends Analysis Report 2022 - 2030

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Updated on Oct 11, 2023

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U.S. Care Services Industry Overview

The U.S. care services market size is expected to reach USD 748.5 billion by 2030 expanding at a CAGR of 5.76% based on a new report by Grand View Research, Inc. Growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel the industry growth in the times to come. 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 stays and thus are economic for a longer time duration.

The federal government is playing an active role in financing the care services. SNFs, hospice, and home healthcare are financed by the government. The U.S. government introduced the COVID-19 relief fund and provided funding of USD 175 billion to SNFs, USD 30 billion to hospice care, and USD 20 billion to assisted living facilities, as per the Department of Health and Human Services. From 2016 up to 2021, the government provided USD 184 million to hospice areas in the Office of the Parliamentary Budget Officer.

The COVID-19 pandemic has positively impacted home healthcare services & the growth of technology in care services. Telehealth services at home & house calls have been the main option for residents, with inpatient hospital facilities being busy with handling COVID-19 cases. Since the onset of the pandemic, the growth in telehealth use has increased significantly.

 

U.S. Care Services Market Segmentation

Grand View Research has segmented the U.S. care services market based on type:

Based on the Type, the market is segmented into Skilled Nursing Facility, Assisted Living Facility, Hospice and Palliative Care, Post-Acute Care, Remote Patient Monitoring, and Home-based Primary Care/House Calls.

  • The skilled nursing facility value-based purchasing program by the government is seeking to offer incentives to providers based on patient outcomes, encouraging providers to deliver quality services to patients.

 

  • Remote patient monitoring is expected to be the fastest-growing segment during the forecast period. This is attributed to the growing incidence of chronic diseases that demands disease management & continuous patient monitoring tools, thereby boosting the need for connected care devices.

 

Key Companies & Market Share Insights

The U.S. care services market is highly competitive. The top players are adopting various strategies, such as market expansion, mergers & acquisitions, and partnerships to strengthen their presence in the market. For Instance, in November 2021, LHC Group acquired home health, hospice, & therapy assets from HCA healthcare. In August 2021, Humana acquired Kindred at Home, which includes services such as personal care, hospice, and home health.

Some of the prominent players in the U.S. care services market include:

  • Kindred Healthcare, LLC
  • Amedisys, Inc
  • Sunrise Senior Living, LLC
  • National Healthcare Corporation
  • Brookdale Senior Living, Inc
  • Capital Senior Living Corporation
  • Home Instead, Inc
  • Genesis Healthcare, Inc
  • Diversicare Healthcare Services, Inc
  • LHC Group, Inc

 

Order a free sample PDF of the U.S. Care Services Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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