U.S. Memory Care Market Size, Share & Trends Analysis Report By Services (Memory Exercise & Activity, Daily Reminder, Personal Assistance Safety), By End-use (Long Term Care Centers, Home Care Settings), And Segment - Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The U.S. memory care market size accounted for USD 5.95 billion in 2022 and is estimated to achieve a market size of USD 9.88 billion by 2032 growing at a CAGR of 5.2% from 2023 to 2032.

Key Takeaways:

• In 2022, the memory exercise & activity services segment accounted for the largest market share of 41.4% in terms of revenue share pertaining to the number of patients suffering from neurodegenerative diseases. 
• Personal assistance safety services segment is expected to project the fastest CAGR of 6.1% over the forecast period. 
• In 2022, the long-term care centers held a majority of the market share of 49.5% in terms of revenue and is also likely to witness the fastest CAGR of 5.6% over the forecast period

U.S. Memory Care Market Report Scope

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.

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.

Service Insights

Based on the service, the market is segmented into memory exercise & activity services, daily reminder services, personal assistance, dining aids, communication services, personal safety services, and others. In 2022, the memory exercise & activity services segment accounted for the largest market share of 41.4% in terms of revenue share pertaining to the number of patients suffering from neurodegenerative diseases. These services are designed uniquely for dementia patients to keep their minds engaged with sensory stimulation. These services support the patients with different memory games, visually stimulating activities, small tasks, and community-based care activities. They act as a helpful way to keep the patients engaged in reducing common dementia behaviors such as wandering, thereby boosting the mood improving their sense of independence, confidence, and self-esteem, and the overall quality of life.

Personal assistance safety services segment is expected to project the fastest CAGR of 6.1% over the forecast period. There has been a shift towards providing services in the community centers rather than in institutional settings such as hospitals and nursing homes. Personalized service safety allows individuals to receive care in the comfort of their own homes, which is also economical for patients. Personal assistance safety provides additional support to patients helping them maintain their safety, dignity, and independence.

End-use Insights

Based on end-use, the market is segmented into long-term care centers, home care settings, and others. In 2022, the long-term care centers held a majority of the market share of 49.5% in terms of revenue and is also likely to witness the fastest CAGR of 5.6% over the forecast period owing to the rising need for chronic care among the elderly population. The increased Alzheimer's or dementia patient inflow and growing requirement for services which has enhanced the market growth. Moreover, the advanced medical infrastructure in the country provides care offerings with a skilled workforce.

On the other hand, the home care setting is expected to hold the second position in the market as it provides initial diagnosis and exceptional memory care for the patients. The home care settings often focus on everyday activities such as bathing, dressing, eating and other such activities. In addition, home care supports the patients to communicate their needs better. Patients receive the memory care in the comfort of their own surroundings.

Key Companies & Market Share Insights

Key players operating in the market are engaging in various strategic initiatives such as partnerships, acquisitions, expansions, and collaborations. For instance, in June 2022, SYNERGY Home Care announced the launch of a new memory care program that combines specific training for caregivers, and engagement tools for family and clients' resources & support. In addition, according to the program, 70% dementia patients are expected to live at home, and nearly a third of those receiving in-home care have dementia. Some of the prominent players in the U.S. memory care market are:

• 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

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Memory Care market.

By Service 

• Memory Exercise & Activity Services
• Daily Reminder Services
• Personal Assistance Safety Services
• Dining Aids
• Communication Services
• Personal Safety Services  
• Others

By End-use 

• Long Term Care Centers
• Home Care Settings
• Others