The Long Term Care Market size is expected to be worth around US$ 2.7 trillion by 2030 from at US$ 1 trillion in 2020, growing at a CAGR of 8.1% during the forecast period 2020 to 2030.
The market for long term care (LTC) is expected to boom owing to aging baby boomers, increasing disabilities among the geriatric population, the dearth of skilled nursing staff, government funding, and increased collaborations of private insurers with various governments. In September 2015, the Housing America’s Older Adults – Meeting the Needs of an Aging Population and Harvard Joint Center concluded in their new research that by 2030, the percentage of people aged over 50 in the U.S. is expected to exceed by 70%.
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In this study, the years considered to estimate the market size of Long Term Care are as follows:
- History Year: 2016-2020
- Base Year: 2021
- Forecast Year 2020 to 2030
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. It is expected that the 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.
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 a positive impact on the growth of the long term care market. 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 16.6 billion to hospice providers, and the average spending per Medicare hospice patient was USD 11,820.
Nursing care held the largest revenue share of over 35.0% in 2020. The presence of a large number of facilities offering nursing care to the growing aging population worldwide is a major factor driving the segment. Home healthcare held the second-largest share in 2020. The growing demand for personalized long term care at home and cost-effectiveness impel the growth of the home healthcare segment. Rising healthcare expenditure has made home healthcare the de facto for many patients who need attention. With an increasing demand for home healthcare, healthcare providers are introducing newer technologies and software to improve the quality of long term care services being provided.
The aging boomers are shifting their preference from nursing homes to home or community-based healthcare. In nursing homes, residents are deprived of freedom. Moreover, the cost of hospitalization is a major contributor to the increasing demand for long term care services. Hospital stays cost USD 2,000 per day as against USD 44 a day.
The hospice segment is expected to exhibit the highest CAGR of 8.4% from 2021 to 2028. In June 2013, Cicely Saunders International and the Commission into the Future of Hospice Care published a report emphasizing the current and future demand for hospice. The increasing need for chronic healthcare, especially Alzheimer’s and dementia, is expected to further accelerate the demand for hospice. Hospice service providers are collaborating with other service providers to deliver healthcare in other settings. In January 2017, Kindred Healthcare, Inc., entered into a strategic clinical collaboration with Genesis HealthCare, one of the largest providers of post-acute healthcare to improve quality, outcome, and transitions across the post-acute continuum. This collaboration was aimed at enabling Kindred to become one of the leading providers of rehabilitation and post-acute long term care in the U.S., with hospice and other services.
Residents in LTC facilities are a vulnerable population group. Coronavirus-related deaths in long term care accounts for 30-50% of all COVID-19 deaths in many European countries. This demands the countries to implement both local and national testing, preventing and controlling infection, and monitoring programs for COVID patients in long term care facilities to identify clusters early and decrease the spread and severity of outbreaks.
North America dominated the market with a share of over 45.0% in 2020 owing to the high percentage of the geriatric population, greater government funding, and the implementation of a streamlined regulatory framework. Around 60% of the funding for long term care in the U.S. comes from Medicaid. Under the Affordable Care Act, a separate system called Medicare Prospective Payment System (MPPS) was started to support long term services.
Asia Pacific is expected to register a CAGR of 8.3% from 2021 to 2028. This is attributed to the increasing prevalence of chronic illnesses, such as diabetes, cardiac disorders, and respiratory diseases. The market for long term care is in its nascent stage and has significant potential for growth. Moreover, international long term care homes are investing in countries, such as India and Japan. For instance, in October 2013, BAYADA Home Health Care, a home healthcare giant based in the U.S., acquired a 26% stake in India Home Health Care (IHHC).
Startups in the home healthcare industry like Portea and HealthCare atHOME succeeded in the country, following which, big hospital chains like Apollo and Max have entered the Indian home healthcare market. In India, 65% of hospital visits can be managed at home. Acute services such as injury management, episode of illness, or recovery from surgery can be easily given at home, thereby eliminating the need to visit a hospital. This offers a potentially untapped market for hospice and home healthcare in India.
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. and Amedisys, Inc.
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Long Term Care Service Outlook
- Home health care
- Nursing care
- Assisted living facilities
Long Term Care Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
The Long Term Care market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Long Term Care market for the base year 2020 and the forecast between 2020 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Long Term Care market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Long Term Care market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Long Term Care market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Long Term Care capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Long Term Care by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Long Term Care market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Long Term Care market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Long Term Care market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Long Term Care industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Long Term Care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Long Term Care market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Long Term Care market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Long Term Care market. These factors have benefited the growth of the global market for Long Term Care. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Long Term Care. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2020) and forecast (2020-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
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