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Long Term Care Market to Grow at $1.7 Billion by 2026 | Industry Players Like Brookdale Senior Living, Inc.; and Genesis Healthcare Corp.; are Investing in Expanding and Revamping Existing Facilities

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Long Term Care Market to Grow at $1.7 Billion by 2026 | Industry Players Like Brookdale Senior Living, Inc.; and Genesis Healthcare Corp.; are Investing in Expanding and Revamping Existing Facilities

September 12
11:26 2019
Long Term Care Market to Grow at $1.7 Billion by 2026 | Industry Players Like Brookdale Senior Living, Inc.; and Genesis Healthcare Corp.; are Investing in Expanding and Revamping Existing Facilities

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global long term care market size was valued at USD 946.6 billion in 2018 and is expected to register a CAGR of 7.5% over the forecast period

The global long term care market size is expected to reach USD 1.7 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a 7.5% CAGR during the forecast period. The market is expected to grow primarily owing to rising prevalence of target diseases, especially Alzheimer’s and other dementias, among the aging population. In addition to this, increasing awareness about different long term care (LTC) facilities and the increasing medical coverage for home healthcare are likely to benefit market growth.

According to data published by the United Nations in 2017, it has been estimated that the number of people above 60 of years of age is expected to double between 2017 and 2050. In 2017, the geriatric population was estimated to be 962 million globally. In August 2018, it was estimated that around 52.0% of the people turning 65 years are more likely to take rely on some type of LTC services in the years to come. There has also been a shift toward in-home care from LTC. The number of nursing facilities has reduced over the past several years, while the prevalence of in-home nursing programs have doubled.

Request a Sample Copy of the Global Long Term Care Market Research Report @ www.grandviewresearch.com/industry-analysis/long-term-care-services-market/request/rs1

Developing economies make for lucrative markers as far as home healthcare is concerned. India, for instance, has many home healthcare startups such as Health Care at Home, Zoctr, Vatsalya, Zozz, Life Circle Health Services, Healers at Home, and the Nightingales, a factor that has worked in its favor. In India, Portea is one of the market leaders in home healthcare. In November 2017, Portea raised USD 26.0 million in the Series C funding for better home healthcare facilities.

Growing medical coverage by government and private insurers has had a positive impact on market growth. According to the Hospice Association of America, Medicare pays USD 173 per day for inpatient respite care, USD 744 per day for general inpatient care, USD 193 per day for routine homecare, and USD 41 per hour for continuous homecare. Moreover, in 2016, Medicare paid a total of USD 16.9 billion to hospice providers, and the average spending per Medicare hospice patient was USD 11,820.0.

U.S. LTC market size, by service, 2015 - 2026 (USD Billion)

Further key findings from the study suggest: 

  • In 2018, the home healthcare segment held the largest market share 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.

Global long term care market share, by region, 2018 (%)

Have Any Query? Ask Our Experts @ www.grandviewresearch.com/inquiry/1537/ibb

Grand View Research has segmented the global long term care market based on service and region:

LTC Service Outlook (Revenue, USD Billion, 2015 – 2026)

  • Home healthcare
  • Hospices
  • Nursing care
  • Assisted living facilities

LTC Regional Outlook (Revenue, USD Billion, 2015 – 2026)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa

Browse Related Report:

Home Healthcare Market: www.grandviewresearch.com/industry-analysis/home-healthcare-industry

Home Infusion Therapy Market: www.grandviewresearch.com/industry-analysis/home-infusion-therapy-market

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/long-term-care-services-market

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