Long Term Care Market Size Is Expected To Reach USD 1.7 Trillion by 2028

 Long Term Care Market Growth & Trends

The global long term care market size is expected to reach USD 1.7 trillion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.1% from 2021 to 2028. The market is expected to grow primarily owing to the rising prevalence of target diseases, especially Alzheimer’s and dementia, 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 the market growth.

According to World Population Prospects 2020, the global population aged 65 years and above was 703 million in 2020. The number of elderly people is projected to double by 2050 to reach 1.5 billion. The global share of the elderly population increased to 9% in 2020 from 6% in 1990 and is expected to rise further to 16% by 2050 with one in every six people in the world being over 65 years of age. It is expected that people turning 65 years are more likely to take some type of long term care services in the years to come. There has also been a shift towards in-home care from hospitals.

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 key market leaders in in-home healthcare. In November 2017, Portea raised USD 26.0 million in Series C funding for better home healthcare facilities.

Asia Pacific is expected to witness significant growth over the forecast period owing to the increasing rate of chronic diseases, the increasing disposable income, and the 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 2020, Genesis HealthCare underwent a real estate partnership with Next Healthcare Capital. The deal involved 15 skilled nursing facilities previously leased from Welltower Inc.

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Long Term Care Market Report Highlights

• The pandemic has created significant pressure on the entire healthcare system, but the most tragic impact is on the long term care facilities for both the younger and older generations in residential care programs
• In terms of service, nursing care held the largest share in 2020 owing to the presence of a large number of facilities offering nursing care, medical supervision, and round-the-clock assistance
• The home healthcare segment emerged as the second-largest service segment in 2020 owing to the increasing awareness regarding such facilities, cost savings offered by them as compared to hospital stays or nursing homes, and proactive health monitoring
• The hospice service segment is expected to witness the fastest growth over the forecast period owing to the 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 market in 2020. This is majorly attributed to the advanced medical infrastructure, awareness about the advantages of home health services, rising geriatric population, and government support. Around 13% of the people in the U.S. are 65 years or above and it is expected that by 2050, one in six Americans would be at least 65 years of age

Access Press Release@ https://www.grandviewresearch.com/press-release/global-long-term-care-market

Long Term Care Market Segmentation

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

Long Term Care Service Outlook (Revenue, USD Billion, 2016 - 2028)

• Home Health Care
• Hospice
• Nursing Care
• Assisted Living Facilities
• Others

Long Term Care Regional Outlook (Revenue, USD Billion, 2016 - 2028)

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

List of Key Players of Long Term Care Market

• 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
• Home Instead Senior Care, Inc.
• Amedisys, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.