Healthcare has several long-term demand drivers that support the overall sector story. For instance, adults aged 65 and older now account for a record 18% of the U.S. population. Generally, the aging population requires more frequent medical care, prescription drugs, and procedures, which creates sustained demand across the healthcare system. The strength of the healthcare labor market also reflects that underlying demand. Healthcare employment increased by 2.5% year-over-year in May 2025, even as total nonfarm payroll employment remained relatively flat. Looking further ahead, the Bureau of Labor Statistics expects the broader healthcare and social assistance category to be the fastest-growing major industry sector between 2024 and 2034. Employment is projected to rise 8.4% (around three times the rate for the overall economy) and add approximately two million jobs over the decade.