Long Term Care Market size to exceed $1,500 Bn by 2026

Long Term Care Market size is expected to reach USD 1,500 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Developments in long term care facilities result in greater patient satisfaction that will accelerate the market growth. The rising prevalence of elderly population with chronic diseases will boost the demand for long term care services globally. Moreover, increasing healthcare expenditure will further augment the industry growth in the forthcoming years.

 

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Rise in disability among elderly population will remain a key growth driver

Surging prevalence of chronic diseases including cancer, dementia, and osteoarthrosis among others will fuel the long term care market growth. According to the Centers for Disease Control and Prevention (CDC), until 2019, about 61 billion adults in the U.S. have one or more disabilities. Also, about 50% of elder persons aged above 60 years have disabilities. Thus, the global trend in aging population is likely to increase in the upcoming years that will further boost the demand for long term care services. However, lack of awareness regarding long term care facilities and high cost of services may hinder the market growth majorly in developing countries.
 

Long Term Care Market By Payer

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Growing demand for quality of life among patients with a life-threatening ailment is stimulating the demand for hospice care

The home healthcare services segment accounted for around 25% revenue share in 2019. The rising demand for home healthcare services and increasing healthcare expenditure is anticipated to drive the demand for long term care services. According to the Centers for Disease Control and Prevention (CDC), in 2016, there were about 12,200 number of home health agencies for hospice care in the U.S. Additionally, increasing awareness for enhanced facilities available in the home healthcare services will drive segmental market growth over the upcoming years.
 

Browse key industry insights spread across 330 pages with 256 market data tables & 16 figures & charts from the report, “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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/long-term-care-market
 

Rising ageing population will offer lucrative growth opportunity

Amongst them, 65 to 74 age group will hold a substantial long term care market share of around 35% in 2019. People of age group between 65 to 74, generally prefer assisted and independent living as communities of independent living offer amenities, services and activities. Thus, due to enhanced long term facility services, majority of elder population between age group 65 to 74 opt for long term care services, thereby driving the market growth.  
 

Male segment is expected to show a substantial growth trajectory

The male segment is expected to grow at 7% CAGR during 2020 to 2026. In 2018, the male population above 65 years was around 45% in the U.S., resulting in increasing demand for long term care services for male. Furthermore, increasing availability of long term care centers, and rising prevalence of diseases leading to disabilities will further boost the market growth significantly.   
 

Increasing awareness about long term care insurance is fueling the growth of private payers

The private payers are estimated to witness over 20% revenue share in 2019. The growing number of private insurance providers for long term care is propelling market growth globally. Additionally, high out-of-pocket spending for elderly care in the developing countries owing to lack of government support is further stimulating the market growth.
 

Asia pacific is set to proceed swiftly due to growing government support

Asia Pacific long term care market is anticipated to show a lucrative CAGR of more than 9.5% over the forecast period. The growth is majorly due to the rising prevalence of elderly population in Japan, China, and India. According to the United Nations ESCAP (Economic and Social Commission for Asia and the Pacific), the number of older population is anticipated to increase from 548 million in 2019 to nearly 1.3 billion by 2050. Furthermore, increasing disposable income, growing expenditure on healthcare, and rising demand for long term care services will spur the market size.
 

Service providers adopting various inorganic strategies to sustain business competition

Mounting demand for adoption of advanced technologies coupled with rising number of firms offering a wide range of long term facilities will augment the market expansion. Few of the prominent players operating in long term care market share are Atria Senior Living Group, Brookdale Senior Living, Capital Senior Living, Diversicare, Extendicare, Lincare Holdings Inc., Amedisys and Home Instead Senior Care.
 

Market players are engaged in several strategic alliances such as collaboration, acquisitions, and geographical expansion to gain considerable revenue shares.
 

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