June 29, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Long Term Care Market.
It was estimated prior to this unanticipated outbreak that the Long Term Care Market is estimated to grow from USD 953.6 billion in 2020 to USD 1,421.2 billion by 2026 at a healthy CAGR of 7.0% during the forecast period. Long-term care is defined as a service aimed at meeting personal care or a person’s health care need for a long or short period of time. The long-term care services help the person to live his/her independently and safely when they are unable to do their daily routine activities on their own. These services are provided by various facilities at different places as per the individual’s need.
Market Dynamics
The global market growth is primarily driven by the increasing elderly population coupled with increased spending on healthcare across geographies.
- Extending life expectancy is also likely to result in increased demand for long-term health care facilities during the review period.
- The growing prevalence of chronic diseases particularly among elders is expected to contribute to the market growth significantly.
- Increasing awareness about the long-term care facilities in the developing economies is anticipated to create lucrative opportunities for the market players.
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Segment Analysis
Based on service type, the market has been divided into home healthcare services, facility-based care services, and community-based services, and others. The community-based services segment accounted for the largest share of more than 30 % in 2020. Increasing demand for adult day-care facilities is likely to fuel the product demand at a significant rate during the review period.
Based on Region, the market in North America accounted for largest share of approximately 40% in 2020 due to increasing geriatric population and presence of various long term healthcare facilities. The market in Asia-Pacific region is projected to register a healthy growth rate on account of the rising awareness among consumers and increasing government support.
Key Players:
Key players operating in the global Long Term Care market are-
- Brookdale Senior Living Solutions (The U.S),
- Sunrise Senior Living, LLC (The U.S),
- Capital Senior Living Corporation (The U.S),
- Extendicare Inc. (Canada),
- Diversicare Healthcare (The U.S),
- Amedisys Home Health and Hospice Care (The U.S),
- Senior Care Centers (The U.S),
- Lincare Holdings Inc. (The U.S),
- Atria Senior Living Inc. (The U.S),
- Home Instead Senior Care (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Long Term Care analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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