U.S. Nursing Care Market - Focused Insights 2024-2029

U.S. NURSING CARE MARKET OVERVIEW

The U.S. Nursing care market was valued at USD 475.15 billion in 2023 and is expected to reach USD 692.19 billion by 2029, growing at a CAGR of 6.47%. The healthcare landscape is shifting towards cost-effective options, emphasizing person-centered care. Active adult communities are gaining popularity for assisted living among baby boomers. Home health nursing meets patient needs at home, while the increasing adoption of telehealth services, facilitated by regulatory changes, enhances remote care and maintains patient-provider relationships.

The study considers a detailed scenario of the present Nursing Care market and its market dynamics for 2024−2029 in the U.S. It covers a detailed overview of several market growth enablers, restraints, and 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

Nursing care is a care or service provided to individuals in a nursing care facility, at home, in assisted living facilities, and in other facilities. Nursing care refers to services provided by registered nurses, licensed practical nurses, and certified nursing assistants.

U.S. NURSING CARE MARKET INSIGHTS

• 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 occupancy rate for nursing care in the U.S. is rising steadily. Diabetes, increased age, obesity, and other chronic diseases are the key factors that contribute to the rising demand in the U.S. For instance, in 2018, approximately 52 million people aged 65 and above are projected to become about 95 billion by 2060 in the U.S.
• By Service type, the skilled nursing segment is showing exponential growth. The growth 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. 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 public expenditure segment is experiencing significant growth at a CAGR of 6.71%, attributed to rising government support via Medicare services. Long-Term Care Partnership Programs at the state level can safeguard the assets of individuals utilizing Medicaid for long-term care expenses.
• The female segment dominated the nursing care market, growing with an absolute growth of 47.81% during the forecast period. Women constitute a majority in assisted living communities due to longer lifespans. The rising aging female population, prevalence of chronic conditions, and proactive healthcare-seeking contribute to women's preference for assisted living.
• The South region of the U.S. accounted for the highest market growth for nursing care. 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.
• In the U.S. nursing care market, the major market share is accounted for by the key market players. Due to their high geographical presence, availability of expertise, and well-known brand image of the companies, they do have a better market share in the U.S. The number of mergers and acquisitions is high in the market. In addition, the vendors are producing better innovative plans like luxury accommodations, customized living facilities, and more to attract customers.