U.S. Memory Care Market Expansion: Opportunities in Urban and Rural Settings
The U.S. memory care market size is anticipated to account for USD 8.61 billion by 2030, registering a CAGR of 5.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. As per the estimates of the CDC, the cost of caring for patients suffering from Alzheimer’s disease is expected to grow by 1,100 billion by 2050. In addition, technology is playing a crucial role in the growth of the market. Innovative solutions such as wearable devices, monitoring systems, and smart homes are helping caregivers monitor patients more effectively. There has been an increase in investments in the memory care industry, with private equity firms, real estate developers, and healthcare companies investing to expand memory care centers.
Furthermore, memory care facilities support with highest quality services for the patients experiencing various forms of dementia. Likewise, rapidly aging population in the U.S. has witnessed the increased prevalence of neurological disorders leading to the rising demand for memory care services. The growing number of memory care living centers has resulted in widespread adoption of memory care services. The factors such as tailored lifestyle, personal care, and housing for aging adults & emphasis on hospitality-style services and features are contributing to the market growth.
Gather more insights about the market drivers, restrains and growth of the U.S. Memory Care Market
The COVID-19 pandemic had a significant impact on the memory care services in the U.S. This specialized sector of senior care, which focuses on assisting individuals with neurodegenerative diseases, faced significant challenges amidst the pandemic due to the proximity of residents in these facilities. Visitor restrictions were put in place to prevent the spread of COVID-19, which made it difficult for patients who rely on regular visits from family members and friends. Moreover, many patients experienced increased isolation and loneliness, which had a negative impact on their mental and physical health.
U.S. Memory Care Market Report Highlights
- Based on services, the memory exercise & activity services segment accounted for the largest market share of around 40% in 2022. A study published in the Journal of the American Geriatrics Society found that participation in cognitive training programs leads to improved cognitive function and a reduced risk of dementia. The personal assistance safety services segment is anticipated to grow at the fastest CAGR of 6.0 % over the forecast period.
- Based on end-use, the long-term care centers segment dominated the market in terms of revenue share of over 45% in 2022 and is also expected to witness the fastest CAGR of 5.5% over the forecast period. The U.S. Department of Health and Human Services (HHS) projects that 69% of the country's population is expecting long-term care services in the upcoming years.
List of Key Players of U.S. Memory Care Market
- 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
Order a free sample PDF of the U.S. Memory Care Market Intelligence Study, published by Grand View Research.
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