The long term care market is anticipated to grow at a CAGR of around 7% from 2019 to 2026 and reach the market value of around US$ 1,621 million by 2026.
The global long term care market is expected to experience substantial growth during the forecast period. The increasing geriatric population across the globe and rising prevalence of diseases, which require long term care, are primarily driving the market value. The advancements associated with the devices, which are utilized for long term care is contributing to the growth of the market. In addition to this, the increasing focus of manufacturers towards the development of better facilities which leads to ease of living for the people suffering from the chronic pain or from a disability will also drive the market growth.
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The global long term care market is segmented into services and region. In terms of services, the market further split into home healthcare, hospice, nursing care, and assisted living facilities. By services, home healthcare accounted for the largest market share in the year 2018. The segment is mainly growing owing to the shifting preference of people towards home care services instead of the nursing home. The rising discretionary income coupled with increasing healthcare expenditure is also supporting the growth of the segment. Along with this, home healthcare provides reassuring, soothing, and an encouraging environment to the senior citizens allowing them to spend the rest of the life gracefully at home.
- Smith County Memorial Hospital has successfully built a new long term care unit. The new campus involves nursing home and assisted living options for the men and women who are going to take advantage of the facility.
- Canada government confirmed the increase of funding on long term care that was earlier in the risk of termination.
- Brookdale Senior Living Inc. has recently announced a support agreement with Glenview Capital Management. The company is looking forward with the strengthening of its ongoing efforts for delivering long-term value for senior living communities with this agreement.
- Brookdale Senior Living Inc. is adding a new on-site treatment option at its four retirement communities in Texas. The company adds an innovative approach to dialysis with independent living, assisted living, memory care and skilled nursing in the campus itself.
Key Findings from the study suggest:
- In 2018, the home healthcare segment was one of the major segments owing to increasing awareness regarding such facilities, cost savings offered by them as compared to hospital stays or nursing homes, and proactive health monitoring
- The home healthcare segment is expected to witness rapid growth in developing nations owing to increasing need for geriatric care, presence of double-income households, and ongoing social changes
- Hospice is the fastest growing segment owing to increasing incidence rate of Alzheimer’s and dementia and an increase in post-hospital care. Moreover, the coverage offered by both Medicaid and private insurers has relieved residents from out-of-pocket payments that have to be borne by them
- North America dominated the long term care market in 2018, majorly driven by advanced medical infrastructure, awareness about the advantages of home health services, rising geriatric population, and government support. Around 13% of the people in U.S. are 65 years or above and it is expected that by 2050, one in five Americans would be at least 65 years of age
- Asia Pacific is the fastest growing market owing to increasing rate of chronic diseases, the increasing disposable incomes, and decreasing working population. For instance, in China, the one-child policy has eventually decreased the working population as compared to the older population
- Industry players are continuously investing in expanding and revamping existing facilities. For instance, in February 2019, Genesis HealthCare underwent a real estate partnership with Next Healthcare Capital. The deal involved 15 skilled nursing facilities previously leased from Welltower Inc.
- Key players operating in the global market include Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria Senior Living Group; Extendicare, Inc.; Senior Care Centers of America; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Home Instead Senior Care, Inc.; Capital Senior Living Corporation; and Diversicare Healthcare Services, Inc.
is a freelancer, a graduate of the University of Pennsylvania with a BA in English, he studied accounting at the Wharton School of Business, and currently lives in Staten Island has been covering business and technology for a variety of publications since 1989. He worked for Red Herring, Beyond Computing & Accounting Technolgy. He covers accounting, taxes, finance, government news & technology for the site