Long Term Care Market Size, Share, Trend, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Long Term Care Market


The global Long Term Care market size is projected to reach US$ 1688.24 billion by 2026, from US$ 1093.91 billion in 2020, at a CAGR of 7.5% during 2021-2026. The market is expected to boom owing to aging baby boomers, increasing disabilities among the geriatric population, dearth of skilled nursing staff, government funding, and increased collaborations of private insurers with various governments. In September 2015, the Housing Americas Older Adults - Meeting the Needs of an Aging Population and Harvard Joint Center concluded in their new research that by 2030, the percentage of people aged over 50 in U.S. is expected to exceed by 70%.

The extended life expectancy has thereby increased the number of disability cases. This is expected to drive demand for affordable care homes that offer services for memory loss, chronic illnesses, and post-hospital care.

In February 2015, the Robert Wood Johnson Foundation and the American Association of Retired Persons (AARP) partnered to organize a nursing campaign. The campaign used the Institute of Medicine (IOM) report as a framework to persuade nurses to assume a greater role in the growing and complex healthcare system. This initiative was taken as a step to solve the issue of insufficient skilled nursing staff.

In January 2016, the AARP declared a free income tax assistance service for people aged 60 and above. The out-of-pocket burden for long term facilities is high, especially for nursing care. Medicare pays 50% of the expenses and the introduction of the affordable care act has also improved the insurance coverage system. The government is taking initiatives to decrease the cost burden on residents who cannot afford LTC facilities by improving the healthcare insurance coverage and decreasing overall premiums required to be paid.

Market Segmentation, Outlook & Viewpoint: Global Long Term Care Market

Service Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2026)

  
Home healthcare
  
 Hospice
  
Nursing care
  
Assisted living facilities

Key Players, Recent Developments & Regional Insights: Global Long Term Care Market

The home healthcare segment dominated the global long term care market in 2018. Nursing homes and hospitals are no more the only options for healthcare. Rising healthcare expenditure has made home healthcare the de facto for many patients who need attention. With increasing demand for home healthcare, healthcare providers are introducing newer technologies and software to improve the quality of services being provided.

The aging boomers are shifting their preference from nursing homes to home or community-based care. In nursing homes, residents are deprived of freedom. Moreover, the cost of staying is a major contributor to increasing demand. Hospital stays cost USD 2,000 per day as against USD 44 a day.

Hospice is the fastest growing segment with a CAGR of 8.85%. In June 2013, the Cicely Saunders International and the Commission into the Future of Hospice Care published a report emphasizing on the current and future demand for hospice. Increasing need for chronic care, especially Alzheimers and dementia, is expected to further accelerate demand for hospice. Hospice service providers are collaborating with other service providers to deliver care in other settings. In January 2017, Kindred Healthcare, Inc., entered into a strategic clinical collaboration with Genesis HealthCare, one of the largest providers of post-acute care to improve quality, outcome, and care transitions across the post-acute continuum. This collaboration was aimed at enabling Kindred to become one of the leading providers of rehabilitation and post-acute care in U.S., with hospice and other services.

Regional Insights

North America dominated the global long term care (LTC) market owing to high percentage of geriatric population, greater government funding, and implementation of a streamlined regulatory framework. Around 60% of the funding for LTC in U.S. comes from Medicaid. The funding increased with the implementation of the Patient Protection and Affordable Care Act. Under the Affordable Care Act, a separate system called Medicare Prospective Payment System (MPPS) was started to support long term services. Moreover, insurance payers, along with Medicare and Medicaid, are funding LTC solutions so that the middle-aged demographic group can benefit from it.
Asia Pacific is expected to register the highest CAGR of 9.9% over the forecast period owing to increasing number of people diagnosed with chronic illnesses such as diabetes, cardiac disorders, and respiratory diseases. The market is in its nascent stage and has significant potential for growth. Moreover, international LTC homes are investing in countries such as India and Japan. For instance, in October 2013, BAYADA Home Health Care, a home healthcare giant based in U.S., acquired 26% stake of India Home Health Care (IHHC).

Startups in the home healthcare industry, like Portea and HealthCare atHOME, succeeded in the country, following which, big hospitals chains like Apollo and Max have entered the Indian home healthcare market. In India, 65% of hospital visits can be managed at home. Acute care such as injury management, episode of illness, or recovery from surgery can be easily given at home, thereby eliminating the need to visit a hospital. This offers a potentially untapped market for hospice and home healthcare in India.

Long Term Care Market Share Insights

Major players in the market include Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria Senior Living Group; Extendicare, Inc.; Capital Senior Living; Diversicare Healthcare Services Inc.; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Senior Care Centers of America; and Home Instead Senior Care, Inc.
Market contributors are expanding their capacity to cater to the increasing demand for geriatric services. For instance, in May 2016, Brookdale invested USD 8 million in its senior living facility in Florida. The expansion plan was to address the growing incidence of Alzheimers and dementia among the people. In April 2016, Brookdale Senior Living, Inc. invested USD 1 million to expand its dementia care services by adding 19 apartments to its Clare Bridge Crossings facility.

Key Insights Covered: Global Long Term Care Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Long Term Care industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Long Term Care industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Long Term Care industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Long Term Care industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Long Term Care industry.

Research Methodology: Global Long Term Care Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other