Long term care market accounted for US$ 986.45 billion in 2020 and is estimated to be US$ 2000.67 billion by 2030 and is anticipated to register a CAGR of 7.4%.
The report "Global Long Term Care Market, By Service (Home Healthcare, Hospice, Nursing Care, and Assisted Living Facilities) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
Key Highlights:
· In June 2019, Ventas, Inc., a real estate investment trust, announced to acquire USD 1.8 billion portfolios of around 31 independent living communities, by investment through an equity partnership of 85% and 15% with Le Groupe Maurice.
· In November 2019, the U.S. leading independent personal care, hospice, and home health company named 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.
Analyst View:
The upsurge in the geriatric population of age 85 & older will drive the segmental growth during the forecast period. According to the United Nations, in 2019, the number of population aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050. Additionally, rise in the number of patients suffering from life-threatening diseases such as cardiovascular disease, Alzheimer’s, and osteoporosis among others are further propelling the segmental market growth.
Governments in various developing and developed nations are adopting policies that aim to prolong the productive lifespan of aging populations. This has imparted a significant momentum to the expansion of the long-term care market. Over the past few years, nursing homes are seeing growth in people who demand mental health and counseling services. According to the American Association of Long Term Care Insurance, more than 8 million U.S. citizens have long term care insurance. Employers are taking initiatives to provide long term care services to their employees. For instance, Medtronic sponsors a group LTC insurance plan for its employees. This plan is aimed at protecting employees from high costs associated with long term care services at home, in community care, and assisted living facilities. However, the cost of insurance in long term care market might be hampering the growth of the market.
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Key Market Insights from the report:
The global long term care market accounted for US$ 986.45 billion in 2020 and is estimated to be US$ 2000.67 billion by 2030 and is anticipated to register a CAGR of 7.4%. The market report has been segmented on the basis of service, and region.
· Depending upon service, the nursing care segment is projected to grow at highest CAGR over the forecast period. The presence of a large number of facilities offering nursing care to the growing aging population worldwide is a major factor driving the growth of this segment.
· By region, North America dominated the global LTC market owing to the high percentage of geriatric population, greater government funding, and implementation of a streamlined regulatory framework. Around 60% of the funding for long term care in the U.S. comes from Medicaid. The funding increased with the implementation of the Patient Protection and Affordable Care Act. Under the Affordable Care Act, a separate system called Medicare Prospective Payment System (MPPS) was started to support long term services.
Competitive Landscape:
The prominent player operating in the global long term care market includes 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., and Amedisys, Inc..
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
