Long Term Care Market Size by Service Type (Home Healthcare Services, Community Based Services {Adult Day Care, Continuing Care Retirement Communities [CCRC]}, Facility Based Care Services), By Age Group (65 to 74, 75 to 84, 85 and Older), By Gender (Male, Female), By Payer (Public, Private, Out-of-Pocket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI3895  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 330   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

Long Term Care Market size was valued at USD 950 billion in 2019 and is expected to witness 6.9% CAGR from 2020 to 2026. Increasing aging and life expectancy will continue to boost the market growth during the analysis period. Advancements in medical technology have allowed caregivers and family members to securely diagnose and treat elderly population base effectively. Continuous developments in the medical field have further saved several individuals' lives and thus enhanced the quality of life. Emerging technologies for the elderly including virtual companion or remote support favours the market revenue.
 

Long Term Care Market

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Additionally, passive in-house monitoring tools including monitoring devices to track the patient’s movements thus enhances the overall industry growth. However, lack of skilled professions and high service cost may hinder the market progression during the analysis timeframe.
 

Long Term Care Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 952.4 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.90% 2026 Value Projection: USD 1,516.9 Billion
Pages: 330 Tables, Charts & Figures: 272
Geographies covered (15): U.S., Canada, Germany, UK, France, Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Segments covered: Service type, Gender, Age group, Payer and Region
Companies covered (10): Brookdale Senior Living Solutions, Sunrise Senior Living, Extendicare, Capital Senior Living, Diversicare, Home Instead, Amedisys, Senior Care Centers, Lincare Holdings, and Atria Senior Living
Growth Drivers:
  • Favorable long term care insurance plans
  • Increasing adoption of long term care services among elderly population base
  • Technological advancements
Pitfalls & Challenges:
  • Lack of awareness regarding long term care services in developing regions
  • High-cost associated with the services

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Increasing demand for community based programs will provide substantial growth opportunities

Long Term Care Market BY Gender

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The community based services segment accounted for around 35% of long term care market share in 2019. Community based services are further bifurcated into adult day care and continuing care retirement communities (CCRC) among others. These services extensively provide recreational as well as social opportunities along with personal care in a home-like environment. Additionally, these services are cheaper as compared to institutional services that surge the segmental demand. Therefore, the above-mentioned factors prove beneficial for the overall market expansion.
 

Aging population to boom the long-term care market

Based on age group, the long term care market is segmented into 65 to 74, 75 to 84, and 85 & older. The 85 & older segment accounted for over 8.5% CAGR. The upsurge in the geriatric population of age 85 & older will drive the segmental growth during the forecast period. According to the United Nations, in 2019, the number of population aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050. Additionally, rise in the number of patients suffering from life-threatening diseases such as cardiovascular disease, Alzheimer’s, and osteoporosis among others are further propelling the segmental market growth.
 

Female segment continue to dominate the overall market

The female segment accounted for about 55% of total long term care industry share. The large population base of women above 65 years compared to men is expected to drive the growth of female long term care services market. According to the World Bank Group, in the U.S., female population above 65 years was higher than men, that is around 55%, in 2018. Also, the rising government support to provide long term care services to females is further expected to propel the segment growth significantly during the estimated timeframe.
 

Public players will aid in boosting evolution of long term care facilities

The public segment of long term care accounted for over 40% market share in 2019. The favourable government policies for long-term care services in western countries are propelling the segment’s growth significantly. For instance, according to the OCED, in 2015, spending on long-term care including both the social care and health components, accounted for 1.7% of GDP on average throughout the OECD countries. The highest spender for long-term care services was the Netherlands, where the public spending was 3.7% of GDP. The escalating government funding to provide quality of life to patients is expected to drive market revenue in the coming future.
 

Existence of foremost service providers in North America proves advantageous for the regional market expansion

Long Term Care Market Share BY Country

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North America's long term care market held maximum revenue share in 2019 and will witness more than 5.5% CAGR during the analysis period. Rising prevalence of severe diseases among the geriatric population is the foremost factor driving the demand for long term care business in this region. According to the U.S. Census Bureau, by 2035, there will be about 78.0 million people aged above 65 years. Additionally, presence of private and public insurance plans for long term care services in North America will significantly boost market growth.
 

The presence of major service providers in the U.S. coupled with well-established healthcare infrastructure will accelerate the U.S. market demand. Moreover, rising number of long-term care facilities in the U.S., availability of a large number of well-equipped long term care facilities with trained nursing staff will further propel the regional market expansion.
 

Increasing investments by prominent long term care players to sustain market competition

Few of the eminent market players working in the long term care industry share include Extendicare, Brookdale Senior Living Solutions, Capital Senior Living, Sunrise Senior Living, Diversicare, Home Instead, Amedisys, Senior Care Centers, Lincare Holdings, and Atria Senior Living. The foremost market competitors are strategically implementing numerous organic and inorganic growth strategies to gain maximum revenue share to sustain in the market competition.
 

Some of the recent industry developments:

  • In June 2018, Brookdale Senior Living Solutions announced definitive agreements with joint venture partner, Welltower Inc. The company has sold its 20% equity interest to Welltower. The agreement has improved cash flows and overall lease coverage, with transactional flexibility, and provided long-term stability for the remaining portfolio of Brookdale.
     
  • In April 2018, Extendicare Inc. acquired Lynde Creek Retirement Community. The acquisition has helped the company to expand its retirement portfolio.
     

The long term care market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

By Service Type

  • Home Healthcare Services
  • Community Based Services
    • Adult day care
    • Continuing care retirement communities (CCRC)
    • Others
  • Facility Based Care Services
  • Others

By Age Group

  • 65 to 74
  • 75 to 84
  • 85 and older

By Gender

  • Male
  • Female

By Payer

  • Public
  • Private
  • Out-of-pocket

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
       

Frequently Asked Questions (FAQ) :

The market size of long term care exceeded USD 950 billion in 2019.
The industry share of long term care is projected to expand at 6.9% CAGR from 2020 to 2026.
According to a report by GMI, the 85 & older age group segment will grow at more than 8.5% CAGR through 2026.
The female gender segment accounted for about 55% revenue share in 2019.
North America is expected to hold maximum revenue share in the forecast timeframe with a gain of more than 5.5% CAGR.

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Premium Report Details

  • Published Date: Mar 2020
  • Pages: 330
  • Tables: 256
  • Charts / Figures: 16
  • Companies covered: 10
  • Countries covered: 15

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