U.S. Elderly Care Services Market - Focused Insights 2024-2029

U.S. ELDERLY CARE SERVICES MARKET OVERVIEW

The U.S. elderly care services market was valued at USD 455.49 billion in 2023 and is expected to reach USD 651.48 billion by 2029, growing at a CAGR of 6.15%. The demand for the elderly care service market is rising due to multiple factors, including the rising baby boomers, the increasing aging population, increased healthcare expenditure, and increased preference for independent living.

The U.S. Elderly care service market is experiencing significant growth, driven by a confluence of factors reshaping the landscape of elderly care in the region. The market is expanding due to the intersection of demographic shifts, increased healthcare spending, and a preference for personalized and independent care options. As the demand for elderly care services continues to rise, the market is likely to witness further innovations and developments to meet the evolving needs of the aging population.

This report offers market size & forecast data for the elderly care services market in the U.S. The revenue generated from service offerings is included in the report. This report provides a comprehensive and current market scenario of the U.S. elderly care services market, including the U.S. elderly care services market size, anticipated market forecast, relevant market segmentations, and industry trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent players operating in the market.

Market Definition

An Elderly care service is a care or service provided to seniors in the nursing care facility, at home, in assisted living facilities, and others. They cater to older adults who desire to maintain their independence in a homely environment while requiring non-medical support with activities of daily living (ADL). These include eating, bathing, maintaining personal hygiene and toileting.

U.S. ELDERLY CARE SERVICES MARKET INSIGHTS

• By service type, the homecare segment dominated the elderly care services market by occupying over 32% 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 segment occupies a significant market share in the U.S. elderly care services market, and growth projections for 2029 indicate that 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.
• 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.
• 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.