U.S. Care Services Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Care Services market.

Trusted Business Insights presents an updated and Latest Study on U.S. Care Services Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Care Services market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Report Overview: U.S. Care Services Market

The U.S. care services market size was valued at USD 317 billion in 2020 and is expected to register a CAGR of 5.6% over the forecast period 2021-2027. The growing incidence of chronic diseases, along with the presence of a large aging population base, is fueling the market growth. The most common conditions of patients being transferred to any type of care facility include heart failure and shock, septicemia, hip and femur procedures, joint replacement (except major joint replacement), chronic obstructive pulmonary disease, kidney, and urinary tract infections, renal failure, and pneumonia.

According to the American Heart Association, about 83.6 million adults in the U.S. suffer from one or more types of cardiovascular diseases, of which, about 42.2 million adults are estimated to be more than 60 years of age. This is expected to drive the market over the forecast period.
Unnecessary hospitalization often results in higher spending and degrades the quality of life. Thus, increasing preference for care settings such as home care, nursing homes, hospice, and assisted living facilities among baby boomers in the U.S. is driving the market.

Hospice and palliative care include routine home care, continuous home care, inpatient respite care, general inpatient care. The key areas to which the market caters to are people suffering from dementia, circulatory/heart disease, cancer, respiratory disorders, and chronic kidney disease. Individuals residing in Assisted Living Facilities (ALFs), largely senior citizens, seek companionship, security, and assistance with daily activities.

Home visits provided by mobile physician practices have eliminated wait-time for nonurgent or new cases in hospitals and have reduced healthcare spending. Emergency medicine physicians provide emergency assistance for cardiac arrest, accidents, stroke, drug overdose, airway management, and resuscitation, among other emergencies.

Increasing geriatric population, rising prevalence of chronic conditions, cost-effective treatment, and rising demand for wireless and portable systems are the major factors driving the remote patient monitoring market growth. The growing incidence of chronic diseases demands disease management and continuous patient monitoring tools, thereby boosting the need for connected care devices. These devices are connected to electronic patient health records and provide access to the required health information during the course of treatment.

Government programs, such as Medicare and Medicaid, along with private health insurance companies and managed care organizations have a significant impact on care services industry, and such supportive initiatives are anticipated to boost the market growth.

Services Insights: U.S. Care Services Market

Skilled Nursing Facility (SNF) and post-acute care services were the major segments of the U.S. care services market in 2019. Skilled nursing facilities are inpatient healthcare facilities in need of nursing, rehabilitation, and related services but do not require hospitalization. Most SNFs are dually certified as SNFs and nursing homes. According to the Medicare Payment Policy, in 2017, Medicare Fee-for-service (FFS) spending on skilled nursing facility services was USD 28.4 billion.
In the U.S., every year, more than 20% of people who are hospitalized need medical care after being discharged from the hospital, i.e., post-acute care. This number is expected to rise as with population aging, the burden of chronic illnesses also increases, thus, increasing pressure on the hospitals to reduce stay duration and transfer patients to lower-intensity settings to control costs.
Hospice and palliative care segment is anticipated to witness lucrative growth over the forecast period attributed to the increasing prevalence of chronic diseases and the need for 24-hour medical attention. Dementia is one of the leading causes of dependency and mental impairment among the elderly population contributing to the growth of the market. Individuals with end-stage dementia become vulnerable to infections and lose awareness and have increased difficulty communicating. Increasing geriatric population, rising awareness, and adoption of hospice service, and rise in the prevalence of various chronic diseases are likely to propel the market growth.
U.S. Care Services Market Share Insights

Key players operating in the market 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
  • Senior Care Center (Active Day Health Centers).

Brookdale Senior Living Solutions, Genesis HealthCare, and Kindred Healthcare, LLC hold the major market share. Mergers and acquisitions, joint ventures, and partnerships are the key strategies undertaken by the players in the industry.

Genesis HealthCare has carried out various acquisitions and partnerships to increase its market share. For instance, in February 2019, Genesis HealthCare underwent a real estate partnership with Next Healthcare Capital to make a deal that involved 15 skilled nursing facilities previously leased from Welltower, Inc.

Similarly, in March 2017, Brookdale and affiliates of Blackstone Real Estate Advisors VIII L.P. formed a venture called the Blackstone Venture, which acquired 64 senior housing communities for USD 1.1 billion.
This report forecasts revenue growth at country level and provides an analysis of the latest trends in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the U.S. care services market report based on service:

Service Outlook (Revenue, USD Billion, 2016 – 2027)

  • Skilled Nursing Facility
  • Hospice and Palliative Care
  • Assisted Living Facility (ALF)

 

Looking for more? Check out our repository for all available reports on U.S. Care Services in related sectors.

Quick Read Table of Contents of this Report @ U.S. Care Services Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

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