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(Health-NewsWire.Net, February 07, 2022 ) Long Term Care Market size is estimated to reach $3,901 million by 2026, growing at a CAGR of 7.81% over 2021-2026. Long-term care is a word that refers to a number of services that are tailored to suit a person's short and long-term health and personal care needs. Also, long-term care involves a variety of services such as Home Healthcare, Assisted Living Facilities, Nursing Care that are designed to meet a person's health or personal care needs during a short or long period of time pertaining to chronic disorders. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own. These services are beneficial to people who are unable to conduct everyday tasks freely and successfully. People with chronic diseases, injuries, disabilities, or the ageing process are among those who need these services. The market is being driven by a large older population and an increase in the frequency of different illnesses such as Alzheimer's and dementia.
Long Term Care Market Segment Analysis – By Service Type
The Long Term Care Market based on service can be further segmented into Home Healthcare Services, Community Based Services and Facility Based Care Services and Others. The Home Healthcare Services of Long Term Care segment is the major segment generating revenue in 2020. This can be attributed to the fact that this type of service is provided to patients with the presence of multiple facilities. Furthermore, as this kind of service is basically provided to aged population and it is evident from researches that are rising cases of geriatric population at global basis hence, is to hold a major market share.
On the other hand, the Community Based Services segment is estimated to register the fastest CAGR of 6.5% for the period 2021-2026. Community Based Services accurately deliver the services on the basis of the recreational and social opportunities that are to pave way for bringing a home-like situation. The adoption rate of such treatment is surging up owing to the fact that these services are cheaper in comparison to other services. Also this creates an opportunity for young patients to grow up in an environment that is not institutional.
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Long Term Care Market Segment Analysis – By Gender
The Long Term Care Market based on gender can be further segmented into male and female. The female segment registers for the highest Long Term Care market share in 2020. This is attributable to the fact that women over the age of 65 have a larger demographic base than men, which is expected to drive development in the long-term care services market for women. According to the World Bank Group, in 2018, the number of women over the age of 65 in the United States was roughly 55 percent greater than that of males. Furthermore, this segment is to hold the fastest CAGR during the forecast period 2021-2026 as greater government assistance for providing long-term care services to females is anticipated to considerably fuel category development.
Long Term Care Market Segment Analysis – By Geography
North America dominated the Long Term Care Market with major share of 45.2% in 2020 and is the region with highest percentage of elderly population. Moreover, there are major market players in the regions which makes the Long Term Care available in the region. This includes Medicaid which provides approximately 60% of the long term services in the U.S.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7.85% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are mainly having geriatric population followed by people suffering for diabetes and other chronic ailments requiring Long Term Care for aid, which is thereby offering significant potential growth in the Long Term Care industry. Apart from this, rapid growth in urbanization, rising income levels, and growing awareness about the health amongst the consumers, especially in China, India, Thailand, etc. are the drivers for this market.
Long Term Care Market Drivers
Chronic Illnesses Are Becoming More Common among the older generation
The market for Long Term Care is expanding, owing to an increase in the number of older people with chronic illnesses. Market expansion is being fueled by increased government financing to enhance treatment and immunization at LTC facilities. In recent years, increased collaboration between private insurance firms and various governments has improved patient care and quality of life. These gadgets, when used in conjunction with an internet connection, allow for simple communication between physicians and patients, boosting market growth. Over the projection period 2021-2026, the market demand is driven by a rise in the prevalence of targeted illnesses, particularly Alzheimer's and dementia.
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Long Term Care Market Challenges
Lack of Knowledge by the Providers in Long Term care
The major challenge in the Long Term Care market is that the market development is expected to be hampered by a lack of knowledge about long-term care services in developing areas.
Long Term Care Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Long Term Care market. In 2020, Long Term Care market share is fragmented by the top ten players present in the market.
Brookdale Senior Living Inc
Sunrise Carlisle LP
Home Instead Senior Care Inc
Atria Senior Living Group
Capital Senior Living
Extendicare Inc
Diversicare Healthcare Services Inc
Kindred Healthcare Inc
Genesis Healthcare Corp
Acquisitions/Product Launches
In November 2019, 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.
In January 2019, Home Instead senior care Inc, announced a partnership with GrandPad®, the first tablet-based solution designed exclusively for seniors. The two organizations partnered to offer innovation that will change the way we care for the growing number of older adults.
Key Takeaways
In 2020, North America dominated the Long Term Care Market.
Increasing prevalence of chronic diseases in this region such as heart disease and stroke, cancer, or diabetes are enhancing the growth of the Long Term Care Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Long Term Care Market report.
High cost of the services provided and its compliance to the various regions is set to create hurdles for the Long Term Care Market.
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