REPORT HIGHLIGHT

U.S. care services market was valued at USD 426.8 billion by 2019, growing with 10.3% CAGR during the forecast period, 2020-2026.

Care services can be defined as care management is a process of planning, executing, and coordinating optimum care of the elderly with physical as well as mental impairments to meet their long-term health needs and improve the overall quality of life. These services cater to the needs of patients suffering from chronic conditions such as Alzheimer’s or Parkinson’s disease, as it is difficult to tend them at home.

The care services center also provides care on a temporary basis to ill or injured people who need constant assistance. The care services include personal hygiene, bathing, dressing, eating, and timely medications of patients that are taken care of by trained professionals.

Market Dynamics

The growing prevalence of chronic diseases coupled with the rising geriatric population in the country is the major factor boosting the growth of the U.S. care services market. According to the National Health Council (NHC), chronic diseases affect around 133 million people in the U.S. every year, which represents more than 40 percent of the total country’s population. This number is estimated to increase to 157 million in the country by the end of 2020. Furthermore, a surge in the number of care centers in the country and the increasing life expectancy amongst the elderly population is further expected to propel the market growth.

However, high costs associated with care services and the dearth of trained professionals is predicted to hamper the industry growth in the coming future. On the contrary, various government programs to provide healthcare coverage and services at an affordable cost are expected to create lucrative growth opportunities in the market over the forecast period. For instance, through the Affordable Care Act (ACA), millions of Americans have gained access to health coverage through the healthcare insurance marketplace and Medicaid.

Types Takeaway

“Skilled nursing facility segment to be most lucrative during the forecast period”

Based on types, the U.S care services market is categorized into the assisted living facility (ALF), hospice & palliative care, skilled nursing facility, post-acute care, home-based primary care/house calls, and remote patient monitoring. Among these, the skilled nursing facility segment accounted for the largest market share in 2019 followed by the post-acute care segment.

The skilled nursing facility does not require hospitalization as these facilities are inpatient healthcare facilities in need of rehabilitation, nursing, and related services, this segment is estimated to play a dominant role during the forecast period. According to the Centers for Medicare & Medicaid Services (CMS), the total spending on skilled nursing facilities in 2019 in the U.S. was $178.0 billion and this number is estimated to increase up to $270 billion by 2027. Along with this, the rising burden of chronic illness is also expected to fuel market growth.

On the other hand, the home-based primary care/house calls segment is projected to grow at a significant rate during the period of forecast majorly owing to the increasing number of recurring illness and the growing preference for home-based medical care. In addition, the growing prevalence of diseases such as cardiovascular, Parkinson’s disease, metabolic, and Alzheimer’s disease are estimated to propel the segmental market growth. For instance, according to the Parkinson’s Foundation, approximately 60,000 people in the U.S. are diagnosed with Parkinson’s disease each year.

COVID-19 Impact                                  

The COVID-19 pandemic has had an inconsistent impact on the U.S. care services market. The major impacted segments are assisted living and skilled nursing facilities. The standard of care services in the U.S. has established with CMS guidelines to prevent the spread of COVID-19 virus among healthcare services staff and its residents.

The care service facilities have restricted visitation of non-essential healthcare personnel and visitors, which has impacted the market growth. Although, the care services industry is providing qualitative measurements to patients in this pandemic situation. However, the market is estimated to witness lucrative growth after the COVID-19 pandemic.

Key Vendor Takeaway

The leading players of the U.S. care services market include Kindred Healthcare, LLC, National Healthcare Corporation, Amedisys, Inc., Brookdale Senior Living Inc., Capital Senior Living, Home Instead, Inc., Diversicare, Sunrise Senior Living, Gentiva Health Services, Inc., Senior Care Centers of America, Genesis Healthcare, Inc., and LHC Group, Inc.

These players are adopting several strategies such as mergers & acquisitions, partnerships, and joint ventures to hold a strong position in the global industry. For instance, in March 2020, The Ensign Group, Inc. acquired the operations of two skilled nursing facilities in Colorado, U.S. The acquisitions include Irondale Post Acute and Ridgeview Post Acute, which are skilled nursing facility with 83 and 105 skilled nursing beds respectively.

The market size and forecast for each segment and sub-segments has been considered as below:

• Historical Year – 2015 to2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026

TARGET AUDIENCE

• Traders, Distributors, and Suppliers
• Manufacturers
• Government and Regional Agencies
• Research Organizations
• Consultants
• Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

U.S. OFFICE-BASED LABS MARKET KEY PLAYERS

• Kindred Healthcare, LLC
• National Healthcare Corporation
• Amedisys, Inc.
• Brookdale Senior Living Inc.
• Capital Senior Living
• Home Instead, Inc.
• Diversicare
• Sunrise Senior Living
• Gentiva Health Services, Inc.
• Senior Care Centers of America
• Genesis Healthcare, Inc.
• LHC Group, Inc.

U.S. OFFICE-BASED LABS MARKET, BY TYPES

• Assisted Living Facility (ALF)
• Hospice & Palliative Care
• Skilled Nursing Facility
• Post-Acute Care
• Home-based Primary Care/House Calls
• Remote Patient Monitoring