A report by ARC estimated that the long term care market will surpass $1,621 million by 2026, representing an average annual growth rate of 7 percent from 2019 to 2026.
Long term care is a term used for a variety of services, which are specially designed to meet a person’s short term and long term requirement for health and personal care. This is also termed as Activities of Daily Living or ADLs, when it is served for personal care, such as dressing, bathing, eating, grooming, using the toilet, and moving around. These services are helpful for those who cannot perform daily events independently and efficiently. The users of these services include people who have a chronic illness, injury, disability or the aging process.
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The global long term care market is expected to experience substantial growth during the forecast period. The increasing geriatric population across the globe and rising prevalence of diseases, which require long term care, are primarily driving the market value. The advancements associated with the devices, which are utilized for long term care is contributing to the growth of the market. In addition to this, the increasing focus of manufacturers towards the development of better facilities which leads to ease of living for the people suffering from the chronic pain or from a disability will also drive the market growth.
The global long term care market is segmented into services and region. In terms of services, the market further split into home healthcare, hospice, nursing care, and assisted living facilities. By services, home healthcare accounted for the largest market share in the year 2018. The segment is mainly growing owing to the shifting preference of people towards home care services instead of the nursing home. The rising discretionary income coupled with increasing healthcare expenditure is also supporting the growth of the segment. Along with this, home healthcare provides reassuring, soothing, and an encouraging environment to the senior citizens allowing them to spend the rest of the life gracefully at home.
Furthermore, on the basis of region, the market is studied across the regions of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. By region, North America is the leader in the long term care market because of its high-quality healthcare infrastructure. The presence of larger number of baby boomers in the region is a factor supporting the regional market growth. The rising prevalence of chronic diseases including cancer, dementia or chronic illness is further accelerating regional market growth. In addition to this, the regional government has implemented the Patient Protection and Affordable Care Act., under which a separate system called Medicare Prospective Payment System (MPPS) is incorporated to support long term services, is also a factor supporting the regional market growth. Apart from this, Asia Pacific is expected to grow at the highest CAGR over the forecast period of 2019-2026. The region is anticipated to experience the fastest growth owing to increasing spending by residents on healthcare services, along with the rising disposable income. The increasing funding by the government of emerging economies of the region for developing the healthcare infrastructure is also an important factor expected to fuel the market growth.
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Some of the leading competitors are Atria Senior Living, Brookdale Senior Living, Emeritus, Extendicare, Gentiva Health Services, Kindred Healthcare, Senior Care Centres of America, and Sunrise Senior Living. The major players are investing in new facilities including advanced devices and machinery for delivering quality services to the consumers. The companies are also involving in mergers and acquisition for the expansion of their current units and facilities.
Market By Service
- Home Healthcare
- Nursing Care
- Assisted Living Facilities
Market By Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Some of the key observations regarding the long term care industry include:
- Smith County Memorial Hospital has successfully built a new long term care unit. The new campus involves nursing home and assisted living options for the men and women who are going to take advantage of the facility.
- Canada government confirmed the increase of funding on long term care that was earlier in the risk of termination.
- Brookdale Senior Living Inc. has recently announced a support agreement with Glenview Capital Management. The company is looking forward with the strengthening of its ongoing efforts for delivering long-term value for senior living communities with this agreement.
- Brookdale Senior Living Inc. is adding a new on-site treatment option at its four retirement communities in Texas. The company adds an innovative approach to dialysis with independent living, assisted living, memory care and skilled nursing in the campus itself.
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