Market Research Report
Long Term Care Market Size, Share & Trends Analysis Report By Service (Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities), By Region, Competitive Landscape, And Segment Forecasts, 2019 - 2026
|Published by||Grand View Research, Inc.||Product code||866725|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Long Term Care Market Size, Share & Trends Analysis Report By Service (Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities), By Region, Competitive Landscape, And Segment Forecasts, 2019 - 2026|
|Published: May 30, 2019||Content info: 120 Pages||
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.
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.
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.