Long Term Care Market Report
The report on the global Long Term Care Market is segmented by Service Type (Home healthcare services, Facility based care services, Community-based services, Other), By Gender (Male, Female), By Payer (Public, Private, Out-of-Pocket), and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Long term care market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the global Long Term Care Market is segmented by Service Type (Home healthcare services, Facility based care services, Community-based services, Other), By Gender (Male, Female), By Payer (Public, Private, Out-of-Pocket), and Region. ...
The Global 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.
Figure: Global Long Term Care Market Size, 2020-2026 (USD Billion)
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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.
Key players operating in the global Long Term Care market are-
The global market growth is primarily driven by the increasing elderly population coupled with increased spending on healthcare across geographies.
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.
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.
The covid-19 outbreak affected the elder people living in the long-term care facilities with the high impact on morbidity and mortality. The need for infection prevention and control measures increased to mitigate the impact of covid-19 in long term care facilities.
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Here is the list of the group of customers that the Global long-term care market hopes to have the greatest opportunity to convert-
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The long term care market is expected to witness an impressive growth of 7.0% CAGR in the foreseeable future.
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) and Home Instead Senior Care (The U.S) are among the key players in the long term care market.
The long term care market size is expected to reach USD 1,421.2 billion in the coming years.
North America accounted for the largest share of the long term care market in 2020.
The community-based services segment accounted for the largest share of long term care market in 2020.
Increasing elderly population coupled with increased spending on healthcare across geographies, increasing awareness about the long-term care facilities in the developing economies, growing prevalence of chronic diseases particularly among elders are the factors driving the growth of long term care market.
Long term care distributors, Long term care suppliers, Long term care manufacturers, Logistics organizations, Government Bodies are the target audience in the long term care market.