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U.S. Memory Care Market Size

  • Report ID: GMI10459
  • Published Date: Jul 2024
  • Report Format: PDF

U.S. Memory Care Market Size

U.S. Memory Care Market size was valued at USD 6.3 billion in 2023 and is expected to exhibit growth at a CAGR of 5.6% from 2024 to 2032. High market growth can be attributed to the increasing incidence of dementia and Alzheimer’s disease, ongoing advancements in medical technology, growing demand for improved care models, and rising geriatric population, among other contributing factors.

 

The most significant driver for the increasing demand for memory care services is the rising prevalence of Alzheimer's disease globally. As the global population ages, the number of people diagnosed with Alzheimer’s disease continues to surge. According to research published by the Alzheimer's Association in 2023, an estimated 6.7 million Americans aged 65 and older were living with Alzheimer's disease, and this figure is projected to nearly double to 13.8 million by 2060. This alarming rise underscores the growing need for comprehensive memory care services to support individuals with cognitive impairments.
 

Furthermore, the demand for specialized memory care services is rapidly increasing, surpassing the capabilities of traditional nursing homes and assisted living facilities. Memory care centers provide tailored activities, therapies, and staff specifically trained in dementia care, offering a higher standard of care for individuals with memory impairments. These centers are designed to address the unique needs of those with Alzheimer’s and other forms of dementia, ensuring a safe and supportive environment that enhances their quality of life.
 

Memory care refers to specialized long-term care services designed for individuals with Alzheimer's disease, dementia, and other memory-related conditions. These facilities offer a secure environment, tailored therapeutic activities, and professional care to enhance the quality of life and well-being of residents with cognitive impairments.
 

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

U.S. memory care industry size was worth USD 6.3 billion in 2023 and will grow at 5.6% CAGR between 2024 and 2032 due to aging population, rising prevalence of Alzheimer's and other dementias and increased awareness of memory disorders.

The long term care centers segment will record USD 5.5 billion by 2032, driven by comprehensive and specialized services tailored for individuals with dementia and Alzheimer’s disease.

South Atlantic memory care industry will witness 5.3% CAGR through 2032, attributed to the region's well-established healthcare infrastructure, increasing investments in specialized memory care facilities, and supportive state policies.

Prominent players operating in the U.S. memory care industry are Affinity Living Communities, Atria Senior Living, Inc., Azura Memory Car, Brookdale Senior Living Inc., Covenant Living, Erickson Senior Living, Five Star Senior Living, Genesis HealthCare, KENSINGTON PARK SENIOR LIVING, Life Care Systems, among others.

U.S. Memory Care Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 53
  • Countries covered: 1
  • Pages: 70
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