Long Term Care Market size is estimated to reach $1,359.40 Billion by 2025 and is poised to grow at a CAGR of 6.73% during the forecast period 2020-2025. Long-term care is a term used for a variety of services, which are specifically designed to meet a person’s short and long-term requirements for health and personal care. This is also called activities of daily living, or ADLs, when it is introduced for personal care, such as getting dressed, bathing, eating, grooming, using the toilet, and commuting. These services are useful for those who cannot independently and effectively perform daily events. Users of these services include people who suffer from a chronic disease, injury, disability, or aging process. The high elderly population and the increased prevalence of various diseases such as Alzheimer’s and dementia are among the main factors driving the market. Additionally, the increased awareness of long-term care services further boosts market growth over the forecast years 2020-2025.
Long Term Care Market Segment Analysis – By Service
The global Long-Term Care Market based on Mode of Service can be further segmented into Assisted living facilities, Home healthcare, Hospice, Nursing Care, and others. The Nursing care segment registered for highest revenue in 2019 and projected to grow at the highest CAGR during the forecast period 2020-2025 owing to the presence of a large number of facilities offering nursing care to the growing aging population across the globe. However, Home healthcare is set to grow with a fastest CAGR owing to the growing demand for long-term, cost-effective personal care at home.
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Long Term Care Market Segment Analysis – By Gender
The global Long-Term Care Market based on Mode of Gender can be further segmented into Male and Female. Tablets segment registered for the highest revenue in 2019 and is estimated to grow at highest CAGR over the forecast years 2020-2025. This is owing to the large population base of women over the age of 65 compared to men is estimated to lead to the growth of the long-term care services market for females. According to the World Bank Group, in the United States, the number of women over the age of 65 was higher than that of men, or about 55%, in 2018. Also, increased government support to provide long-term care services to females is estimated to significantly drive the segment growth over the forecast period 2020-2025.
Long Term Care Market Segment Analysis – By Geography
The global Long-Term Care Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. North America registered for the highest revenue in 2019 and is set to grow at highest CAGR over the forecast period 2020-2025 owing to the high percentage of the elderly population, increased government funding, and the implementation of a simplified regulatory framework. About 60% of long-term care funding in the U.S. comes from Medicaid. Funding increased with the implementation of the Patient Protection and Affordable Care Act. Under the Affordable Care Act, a separate system called Medicare Potential Payment Scheme (MPPS) has been initiated to support long-term services, which is the key factor contributing to North America’s dominance in the global LTC market. However, Europe is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the increasing number of people suffering from chronic diseases such as diabetes, heart disorders and respiratory diseases in the region.
Long Term Care Market Drivers
Rising incidence of chronic diseases
The long-term care market is gaining growth primarily owing to the increasing prevalence of elderly population with chronic diseases. Increased government funding to improve treatment and vaccination at LTC facilities is driving market growth. Increased cooperation between private insurance companies with various governments in recent years, along with technological developments associated with devices used to provide patient care to improve quality of life. Together with the internet connection, these devices facilitate easy communication with physicians and care recipients which in turn boosts market growth. The increase in the incidence of targeted diseases, especially Alzheimer’s and dementia, is driving the market demand over the forecast period 2020-2025.
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Long Term Care Market Challenges
High cost of Long-Term Care Services
The lack of awareness regarding long term care services in developing regions is projected to hamper market growth. However, the high cost associated with Long-Term Care in the emerging countries is acting as a major challenge for the growth of the Long-Term Care Market during the forecast period 2020-2025.
Long Term Care Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Long-Term Care Market. Key companies of this market Brookdale Senior Living Inc, Sunrise Carlisle LP, Home Instead Senior Care Inc, Atria Senior Living Group, Capital Senior Living, Extendicare Inc, Diversicare Healthcare Services Inc, Kindred Healthcare Inc, Genesis Healthcare Corp, Senior Care Centers of America, and Amedisys Inc.
In November 2019, Amedisys Inc signed an agreement to acquire a hospice care provider, Asana Hospice which offers service to around 540 patients daily in eight locations in Ohio, Pennsylvania, Missouri, Texas, and Kansas.
In January 2019, Home Instead senior care Inc, announced a partnership with GrandPad®, the first tablet-based solution designed exclusively for seniors. The two organizations partnered to offer innovation that will change the way we care for the growing number of older adults.
Geographically, the North America area is poised to see extraordinary development owing to the presence of high percentage of the elderly population in the region and is set to continue during forecast period 2020-2025.
The global demand for the Long-Term Care Market is owing to the increasing prevalence of elderly population with chronic diseases around the globe.
The high cost of Long-Term Care services is estimated to restrain market growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Long-Term Care Market report.
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B. Home Healthcare Market
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