Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "U.S. Memory Care Market, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
U.S. Memory Care Market to Reach USD 8.61 Billion by 2030 with a CAGR of 5.1%
The U.S. memory care market is set to grow significantly, reaching USD 8.61 billion by 2030, with a compound annual growth rate (CAGR) of 5.1% between 2023 and 2030. According to estimates by the CDC, the cost of caring for Alzheimer's disease patients is projected to skyrocket to a staggering 1,100 billion by 2050. Technological advancements are playing a pivotal role in this growth, with innovative solutions such as wearable devices, monitoring systems, and smart homes assisting caregivers in monitoring patients more effectively. The memory care industry is experiencing increased investments from private equity firms, real estate developers, and healthcare companies, leading to the expansion of memory care centers.
Memory Care Facilities on the Rise to Support Neurological Disorders in Aging Population
The U.S. is witnessing a rapidly aging population, leading to a higher prevalence of neurological disorders and a growing demand for memory care services. Memory care living centers have seen widespread adoption due to their highest quality services for patients experiencing various forms of dementia. These facilities offer tailored lifestyles, personal care, and housing for aging adults, emphasizing hospitality-style services and features that contribute to the market's growth.
COVID-19 Pandemic's Impact on Memory Care Services
Memory care services in the U.S. faced significant challenges during the COVID-19 pandemic, as they focus on assisting individuals with neurodegenerative diseases. Visitor restrictions were implemented to prevent the spread of the virus, making it difficult for patients who relied on regular visits from family members and friends. The pandemic also led to increased isolation and loneliness among patients, negatively impacting their mental and physical health.
Market Highlights and Key Segments
The memory exercise & activity services segment accounted for the largest market share of around 40% in 2022, with a study showing that participation in cognitive training programs leads to improved cognitive function and reduced dementia risk. The personal assistance safety services segment is expected to grow at the fastest CAGR of 6.0% over the forecast period.
In terms of end-use, the long-term care centers segment dominated the market with a revenue share of over 45% in 2022 and is projected to witness the fastest CAGR of 5.5% over the forecast period. The U.S. Department of Health and Human Services (HHS) predicts that 69% of the country's population will require long-term care services in the coming years.
Report Key Attributes and Forecast
The market report offers comprehensive insights into market dynamics, regulatory frameworks, and key factors driving and restraining market growth. It spans over 70 pages, covering the forecast period from 2022 to 2030, with an estimated market value of USD 5.82 billion in 2022, expected to grow to USD 8.61 billion by 2030.
Companies Mentioned:
- Brookdale Senior Living
- Sunrise Senior Living
- Life Care Services
- Five Star Senior Living
- Atria Senior Living
- Erickson Living
- Kensington Park Senior Living
- Masonicare
- ProMedica Health System, Inc.
- Azura Memory Care
- Affinity Living Group
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Outlook
Chapter 3 U.S. Memory Care Market Variables, Trends & Scope
3.1 Penetration & Growth Prospect Mapping, 2022
3.2 Regulatory Framework
3.3 Market Dynamics
3.4 U.S. Memory Care: Market Analysis Tools
3.5 Impact Of Covid-19
Chapter 4 U.S. Memory Care Market: Segment Analysis, By Services, 2017 To 2030 (USD Million)
4.1 Definitions & Scope
4.2 Services Market Share Analysis, 2017 To 2030
4.3 U.S. Memory Care Market, By Services, 2017 To 2030
4.4 Market Size Forecasts And Trend Analysis
Chapter 5 U.S. Memory Care Market: Segment Analysis, By End-Use, 2017 To 2030 (USD Million)
5.1 Definitions & Scope
5.2 End-Use Market Share Analysis, 2017 To 2030
5.3 U.S. Memory Care market, By End-Use, 2017 To 2030
5.4 Market Size Forecasts And Trend Analysis
Chapter 6 U.S. Memory Care Market - Competitive Analysis
Chapter 7 KOL Commentary
For more information about this report visit https://www.researchandmarkets.com/r/hx249l
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