Biggest Industries by Revenue in the US in 2022

1. Retirement & Pension Plans in the US

Revenue for 2022: $1.257.9B

The Retirement and Pension Plans industry, comprising only private and public defined benefit (DB) pension plans, is estimated to grow at an annualized rate of 2.1% to $688.2 billion over the five years to 2021. Strong investment gains and steady growth in contributions have propelled the industry forward during the period. In 2017, revenue growth was particularly strong, increasing 115.6% due to substantial equity gains. This has helped ensure revenue growth on an annualized basis, including an expected growth of 19.1% in 2021 following the fall in revenue in 2020 due to the COVID-19 (coronavirus) pandemic and ensuing economic downturn.... Learn More

2. Health & Medical Insurance in the US

Revenue for 2022: $1.145.1B

The Health and Medical Insurance industry, which is made up of carriers of private and public health, medical and dental insurance, has been characterized by growth over the five years to 2021. This growth is a result of consistent increases in healthcare expenditure and medical cost inflation, in addition to a sharp decline in the uninsured rate. Industry revenue is correlated with total health expenditure, as operators increase premiums to maintain profitability. Moreover, amid the COVID-19 (coronavirus) pandemic, the industry experienced an influx of enrollment through expanded Medicaid eligibility, in addition to lower operating costs due to lower healthcare utilization.... Learn More

3. Drug, Cosmetic & Toiletry Wholesaling in the US

Revenue for 2022: $1.049.9B

The success of the Drug, Cosmetic and Toiletry Wholesaling industry is driven by demand for its primary product segment, pharmaceuticals. The vast majority of industry revenue is sourced from the distribution of prescription and nonprescription drugs to a variety of retailers and healthcare providers. Over the five years to 2021, several major brand-name drugs have lost patent exclusivity. This trend has created an opportunity for less-expensive generic drugs to enter the market. Nevertheless, wholesalers have prepared for the expanded use of generic drugs and adjusted their prices and supplies accordingly. Consequently, industry revenue is expected to increase an annualized 3.4%... Learn More

4. Hospitals in the US

Revenue for 2022: $981.0B

Despite being a primary provider of healthcare in the United States, revenue for the Hospitals industry has declined over the five years to 2021, as hospitals across the United States have struggled with the COVID-19 (coronavirus) pandemic. As the coronavirus pandemic spread in early 2020, hospitals were crucial in the treatment and control of the virus. However, due to the highly contagious nature of the virus, people have avoided hospitals for nonessential and nonemergency care. While hospitals have experienced an influx of patients with coronavirus, and have, in many cases, operated at capacity, high value patients have stayed away. Elective... Learn More

5. New Car Dealers in the US

Revenue for 2022: $978.7B

Operators in the New Car Dealers industry sell new and used passenger vehicles, provide repair and maintenance services and offer financing and insurance options. The industry is highly cyclical in nature and vulnerable to economic shifts, such as fluctuations in employment, overall consumer spending and financing rates. Over the five years to 2021, industry revenue is expected to increase at an annualized 1.6% to $1.0 trillion over the five years to 2021, including an increase of 10.6% in 2021. This increase in revenue throughout the period comes despite the negative impact that the COVID-19 (coronavirus) pandemic had on the industry.... Learn More

6. Life Insurance & Annuities in the US

Revenue for 2022: $886.7B

According to the Federal Reserve and the American Council of Life Insurers, the Life Insurance and Annuities industry is one of the largest sources of investment capital in the United States. Holding 20.0% of all US corporate bonds, industry operators represent the largest source of bond financing for domestic businesses. As a result, many companies rely on life insurers for capital and liquidity. However, the primary obligation of life insurers is to their policyholders; consumers use life insurance policies and annuities products for wealth preservation, estate planning and retirement savings. Industry operators provide these services to both individuals and businesses... Learn More

7. Pharmaceuticals Wholesaling

Revenue for 2022: $868.8B

The Pharmaceuticals Wholesaling industry consists of companies that distribute both prescriptions and nonprescription, or over-the-counter (OTC), medicines intended to treat and prevent diseases. Over the five years to 2020, a rise in the number of individuals with private health insurance and the number of physician visits has fueled revenue gains for the industry. Additionally, the aging of the US population has also boosted industry revenue growth, as individuals generally require and purchase more medications as they get older. Reflecting these trends, industry revenue has increased at an annualized rate of 2.2% to $868.8 billion over the five years to 2020,... Learn More

8. Public Schools in the US

Revenue for 2022: $791.0B

The Public Schools industry includes traditional elementary (kindergarten through fifth grade), middle (sixth or seventh through eighth grade) and high schools (ninth through 12th grade), as well as both charter and magnet schools. Due to operators' reliance on state and local government funding, industry revenue is directly affected by changes in tax revenue, which are affected by overall economic health. Government funding for primary and secondary education is estimated to grow at an annualized rate of 1.7% over the five years to 2021. As such, industry revenue is estimated to increase at an annualized rate of 1.3% to $791.1 billion... Learn More

9. Supermarkets & Grocery Stores in the US

Revenue for 2022: $758.4B

Revenue for the Supermarkets and Grocery Stores industry has grown over the five years to 2021, benefiting from a strengthening economy for most of the period. As per capita disposable income has increased, many consumers have shifted to premium, organic and all-natural brands, helping lift industry revenue. Furthermore, revenue boomed amid the height of the COVID-19 (coronavirus) pandemic as the shutdown of nonessential businesses led consumers to increase their expenditure on groceries. Overall, industry revenue is expected to grow an annualized 2.9% to $756.6 billion over the five years to 2021, including an increase of 10.2% in 2020 as consumers... Learn More

10. Commercial Banking in the US

Revenue for 2022: $703.4B

The Commercial Banking industry is composed of banks regulated by the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors (Fed) and the Federal Deposit Insurance Corporation (FDIC). Banks generate most of their revenue through loans they originate to customers and businesses. Loans are made at various interest rates that are influenced by different factors, including the federal funds rate (FFR), the prime rate, debtors' creditworthiness and macroeconomic performance.

Over the five years to 2021, the industry has experienced mixed performance. Industry operators benefited between 2016 and 2019 due to interest rate hikes by the Fed and... Learn More