Long Term Care Market Size Worth $1.7 Trillion By 2028 | CAGR: 7.1%: Grand View Research, Inc.
SAN FRANCISCO, Aug. 18, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
- 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
Read 135 page market research report, "Long Term Care Market Size, Share & Trends Analysis Report By Service (Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2021 - 2028", by Grand View Research
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.
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
- U.S.
- Canada
- Europe
- U.K.
- 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.
Check out more studies related to long term care and home healthcare, conducted by Grand View Research:
- Home Healthcare Market – The global home healthcare market size is anticipated to reach USD 515.6 billion by 2027. It is expected to grow at a CAGR of 7.9% from 2020 to 2027.
- Long Term Care Devices Market – The global long term care devices market size is expected to reach USD 269.1 billion by 2026. The market is expected to grow owing to rising demand for elderly care in long-term care facilities and growing number of patients with devices.
- U.S. Long Term Care Market – The U.S. long term care market size is expected to reach USD 751.9 billion by 2027. The market is expected to be driven by the rising incidence of chronic disorders which can be attributed to a large aging population and unhealthy lifestyle.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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