Long Term Care Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3895
Long Term Care Market size is projected to experience significant growth from 2019 to 2025.
Increasing incidence of disabilities among geriatric population will augment the global long term care market growth in the upcoming years. As the age of patients increases, the chances for developing disabilities also increases, thereby boosting the demand for long term care centers. Also, mobility is the most common type of disability that is usually seen in adults aged 65 years and older. Hence, rising prevalence of disabilities will create significant demand for the market in the estimation period.
Long term care market will witness considerable growth during the forecast period due to rising preferences for Medicare facilities among aging baby boomers in the U.S. As per the Centers for Disease Control and Prevention (CDC), in 2016, about 15,600 nursing homes provided a total of over 1.6 million licensed beds in the U.S. Moreover, increasing number of geriatric population will further lead to high demand of long term care services. Aforementioned factors will offer lucrative growth opportunities for long term care centers over the projected timeframe.
However, high out-of-pocket expenditure may hinder the demand for long term care facilities among the lower income class population. Furthermore, incompetently trained caregivers owing to high training cost and duration will impede the long term care market growth in the coming years.
Hospice care segment will show momentous growth over the projected timeframe due to the growing prevalence of various chronic diseases that need long term medical attention. Hospice care provides better symptom management and improved quality of life for patients with a life-threatening illness when compared to other service providers. According to the National Hospice and Palliative Care Organization (NHPCO), in 2017, about 64.2% of patients registered for hospice care were above 80 years. Moreover, growing preferences for 24-hour medication to manage chronic illness by aging baby boomers regarding the will drive segmental growth over the forthcoming years.
U.S. long term care market is estimated to witness lucrative growth over the forecast period owing to expanding geriatric population pool. Aging of the individuals will surge demand for all forms of long-term care facilities. As per the American Generation Census Bureau, in 2014, baby boomers account for nearly 83.1 million individuals in the U.S. Moreover, greater government funding for patient safety, increasing insurance coverage for various chronic illnesses, longer life expectancies, advances in public health and medical technology will drive the long term care facilities industry growth in the country.
India long term care market will show momentous growth during the projected timeframe due to growing incidence of various chronic diseases such as diabetes, cardiovascular and respiratory diseases. Increasing elderly population in India will also act as a major driver escalating the demand for long term care facilities in this country. Moreover, increasing government expenditure to improve healthcare infrastructure will augment India long term care market growth over the forthcoming years.
Some of the key players operating in the global long term care market share include Brookdale Senior Living Solutions, Sunrise Senior Living, Genesis Healthcare, Extendicare and Capital Senior Living among other players. These industry players implement various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product launches to enhance financial stability and company growth. For instance, in August 2014, Brookdale Senior Living Solutions merged with Emeritus, a long term care organization that provides assisted living and skilled nursing facility for senior adults. This partnership was aimed at expanding long term care divisions.
Long Term Care Market by Service, 2014-2025 (USD Million)
- Home Healthcare
- Hospice Care
- Nursing Care
- Assisted living facilities
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Brookdale Senior Living Solutions
- Sunrise Senior Living
- Genesis Healthcare
- Capital Senior Living
- Home Instead, Inc.
- Senior Care Centers
- Atria Senior Living, Inc.
- Conduent, Inc.
- Lincare Holdings Inc.
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