Biggest Industries by Revenue in the US in 2023

1. Hospitals in the US

Revenue for 2023: $1.426.9B

Hospitals have a central role in healthcare delivery in the United States. As the frontline for specialized and emergency care, hospitals have patient streams regardless of economic conditions, but rising incomes and broader insurance coverage facilitate access to elective care. Since the onset of the COVID-19 pandemic in 2020, hospitals have coped with persistent and unprecedented challenges to their resources, finances and workforce. Federal policies and billions of funding directed to hospitals alleviated the initial financial impact of revenue loss stemming from delays in elective care and drops in ER visits. Still, the pandemic took a major toll on supply... Learn More

2. Drug, Cosmetic & Toiletry Wholesaling in the US

Revenue for 2023: $1.364.7B

The success of the Drug, Cosmetic and Toiletry Wholesaling industry is driven by demand for its primary product segment, pharmaceuticals. With several major brand-name drugs losing patent exclusivity, new opportunities have been created for less expensive generic drugs on the market. Nonetheless, wholesalers have countered by adjusting their prices and supplies accordingly. As a result, industry revenue will rise a CAGR of 3.1% to $1.4 trillion over the five years to 2023. The COVID-19 pandemic has boosted demand for products as hospitalization rates skyrocketed in 2020 and 2021. In 2023 alone, industry revenue will increase 2.2%.

Consolidation within the industry has... Learn More

3. Pharmaceuticals Wholesaling in the US

Revenue for 2023: $1.292.2B

The Pharmaceuticals Wholesaling industry has grown as changing demographics, along with a rising number of physician visits, have propelled demand. The aging of the US population has also boosted revenue growth, as individuals generally require and purchase more medications as they get older. As a result, revenue is expected to increase at a CAGR of 5.3% to $1.3 trillion over the five years to 2023. However, intense external competition from e-commerce pharmaceutical retailers has pressured the industry, which is expected to fuel increased consolidation as wholesalers attempt to bolster profit margins by establishing economies of scale.

The COVID-19 pandemic produced additional... Learn More

4. Health & Medical Insurance in the US

Revenue for 2023: $1.246.9B

The Health and Medical Insurance industry, which is made up of carriers of private and public health, medical and dental insurance, has grown. This growth is a result of consistent increases in healthcare expenditure and medical cost inflation, in addition to a decline in the uninsured rate. Industry revenue is correlated with total health expenditure, as operators increase premiums to maintain profitability. Due to the COVID-19 pandemic, the industry experienced an influx of enrollment through expanded Medicaid eligibility, in addition to lower operating costs due to lower healthcare utilization. As unemployment increased, many people lost their employer-sponsored health insurance, causing... Learn More

5. Commercial Banking in the US

Revenue for 2023: $1.210.9B

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.

The industry experienced mixed performance. Industry operators benefited between 2017 and 2019 due to interest rate hikes by the Fed and increasing economic activity. In 2020, the COVID-19... Learn More

6. New Car Dealers in the US

Revenue for 2023: $1.124.3B

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 fluctuations in employment, consumer confidence and interest rates. In the past five years, industry revenue rose at a CAGR of 0.4% to $1.1 trillion, including a 2.8% drop in 2022. The COVID-19 pandemic caused slowdowns in factory production, leading to ongoing shortages for parts, computer chips and vehicles. The skyrocketing price of new vehicles led to a 16.4% spike in revenue in 2021, regardless of lower... Learn More

7. Life Insurance & Annuities in the US

Revenue for 2023: $1.121.4B

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 domestic businesses' largest source of bond financing. Many companies rely on life insurers for capital and liquidity. 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 in various policy types.

In the past... Learn More

8. Public Schools in the US

Revenue for 2023: $995.7B

Public schools include traditional elementary (kindergarten through fifth grade), middle (sixth or seventh through eighth grade) and high schools (ninth through 12th grade), in addition to charter and magnet schools. Revenue depends on government funding from tax revenue and borrowing.

Falling federal funding for elementary and secondary schools hasn't deterred revenue growth. Since 2018, state and local governments have maintained revenue surpluses. Strong property tax revenue enabled state and local governments to borrow less and raise spending on public schools. State and local governments benefited from generous federal support in the wake of COVID-19, coupled with tax revenue from resident income... Learn More

9. Retirement & Pension Plans in the US

Revenue for 2023: $937.4B

The Retirement & Pension Plans industry plays a crucial role in providing financial security and stability to individuals in their retirement years. Shifting demographics, government regulations and advancements in technology is changing the industry. In response to these changes the industry is focusing on offering more flexible and personalized retirement plans to meet the unique needs of different segments of the population.

In the past five years, industry revenue has been growing at an average annualized 2.5% to $937.4 billion, including an estimated 1.1% in 2023 alone, when profit is expected to drop to 9.6%. The industry experienced growth as the... Learn More

10. Gasoline & Petroleum Wholesaling in the US

Revenue for 2023: $928.0B

The Gasoline and Petroleum Wholesaling industry has contended with highly volatile conditions over the past five years as it performs in line with movements in the price of crude oil. The world price of crude oil plummeted in 2020 amid the COVID-19 pandemic and skyrocketed in 2021 and 2022 as the economy recovered. A sudden undersupply of oil because of the conflict between Russia and Ukraine exacerbated price increases late in the period. Wholesalers have benefited from the soaring demand for oil. Over the five years to 2023, industry revenue is expected to grow at a CAGR of 2.1% to... Learn More