US Elder Care Services Market
Home healthcare will be fastest growing segment
In 2013, skilled nursing facilities, with 45 percent of the total, accounted for the largest share of elder care service revenue. However, home healthcare is projected to exhibit faster growth. Advances will be driven by the shift in preference among the older population to age in place, remaining in their homes as long as possible, as well as by regulatory changes that improve coverage of these home-based services. The ability of more seniors to utilize home-based services rather than institutional care will be further aided by advancements in medical technology, such as remote monitoring and a new generation of personal emergency response systems.
Continuing care retirement communities (CCRCs) will also see growth, as housing markets improve and housing values increase, boosting the ability of elderly individuals to raise money for the steep entry fees at CCRCs. More seniors appreciate the less institutional feel and convenience of lifetime care from independent living as opposed to skilled nursing care at a single location. Social services (e.g., senior centers, adult day care, companion services, non-medical home care or homemaker services, respite
care, and group support services) will also see increased demand. Such nonmedical care can postpone or negate the need for more expensive skilled nursing facilities or other institutional care services. The growing availability of home and community based
Government programs will remain leading pay source
Government programs remain the leading payment source for the elder care service industry, despite efforts to rein in expenditures. In 2013,
Out-of-pocket expenditures continue to be essential for continuing care communities and assisted living facilities, as many non-medical care costs are not covered by
Study coverage
This upcoming study, Elder Care Services, presents historical demand data (2003, 2008, 2013) plus forecasts (2018, 2023) by type, provider (for-profit, nonprofit), payment source (e.g.,
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