The Nursing Care Market in US Thriving with More than $217 Billion Opportunities
According to the latest focus report by Arizton, the US nursing care market 2024-2029 sheds light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current US nursing care market dynamics and prospects.
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The US nursing care market, valued at $475.15 billion in 2023, is expected to reach $692.19 billion by 2029, growing at a CAGR of 6.47%. The demand for the nursing care market is rising due to multiple factors, including the rising baby boomers, the aging population, increased healthcare expenditures, and an increased preference for independent living.
The market is reacting to the growing need for long-term care facilities and skilled nursing services bolstered by a robust aging demographic.
Age-Associated Diseases Creating Growth Opportunities for the Skilled Nursing Care Segment
The skilled nursing care segment is growing with an absolute growth of 41.68% during the forecast period. The increase in this segment is due to the rise in the geriatric population, coupled with increasing chronic diseases and age-associated diseases creating new healthcare opportunities. According to the data published by Definitive Healthcare, there are over 18,700 active skilled nursing facilities across the US. It is observed that when compared to hospitals, skilled nursing facilities (SNFs) offer high-quality care services at a much lower cost, creating enormous demand among investors. The increasing prevalence of chronic diseases in the US is fuelling the industry's growth, along with a large aging population base. However, the high costs of skilled nursing care services and low acceptance of these services are the major barriers that restrain the market growth of this segment. Hospital-based SNFs provide good quality care and better discharge outcomes owing to specialization and joint production. Joint production has the benefit of better communication among nursing home staff and hospitals through the health IT system.
South Region Emerges as Prime Hub for Retirement, Low-Cost Living, and Thriving the US Nursing Care Market
Based on geography, The southern region of the US accounted for the highest market growth for nursing care. The presence of more states like Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Virginia,& West Virginia states are included in the South Region. In the Southern region, Florida has many nursing care facilities, which are approximately 800. Florida has the highest aging population in the US, accounting for 3,926,889 seniors aged 65 and above. This age group has better purchase power in the market, driving them to choose better-facilitated nursing homes. As of 2023, around 2,400 assisted living communities were present in Florida, with 75,100 beds. When contemplating retirement in the Southern US, St. Petersburg has remained a cherished choice for seniors, owning to its status as a traditional retirement destination. Florida and South Carolina are also the most popular retirement states. The average number of people residing in the south ALF is 28 people. The cost of living is reasonably low compared to other regions, and it is considered a moderately taxed region, making it even more opportunistic for seniors to retire.
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