Long Term Care Market Is Anticipated To Grow Due To Increasing Awareness Of People About Home Healthcare Facilities Till 2024:Grand View Research,inc.
The global Long Term Care (LTC) market is expected to reach
USD 1,109 billion by 2024, according to a new report by Grand View Research,
Inc. The market is expected to boom owing to the increasing awareness of people
about the different home healthcare facilities, the increasing medical coverage
for home healthcare, and the increasing aging population.
In October 2015, there were
around 12 million people receiving home healthcare and the number is expected
to increase dramatically. Moreover, according to the U.S. Census Bureau, the
population aged 65 and older is expected to reach 84 million by 2050 as against
43.1 million in 2012. Moreover, there has been a shift to in-home care from
long term care. The nursing homes have shrunk by 350 over the past six years,
while the in-home nursing programs have doubled.
Browse full research report on Long Term Care Market:
http://www.grandviewresearch.com/industry-analysis/long-term-care-services-market
Further key findings from
the study suggest:
- In 2015, the home healthcare dominated the market
owing to the increasing awareness regarding home healthcare facilities,
the cost savings offered by them as compared to hospital stays or nursing
homes, and proactive health monitoring. Home healthcare is booming in the
developing countries owing to the increasing need for geriatric care,
double income households, and social changes. India has many home
healthcare startups such as Health Care at Home, Zoctr, Vatsalya, Care24,
Zozz, Life Circle Health Services, Healers at Home, and the
Nightingales.
- The hospice care is the fastest growing market owing
to the increasing incidence rates of Alzheimer’s and dementia and an
increase in the post-hospital care. Moreover, the coverage offered by both
the Medicaid and private insurers has relieved the residents from the
out-of-pocket payments that have to be borne by them. According to the
Hospice Association of America, Medicaid pays USD 601 per day for the
inpatient hospice care and USD 789 for 24-hour home care. Moreover, in
August 2013, the Palliative Care and Hospice Education and Training Act
provided a grant of USD 50 million for the training of doctors and
allocating awards for educators in the field.
- North America dominated the market in 2015. The
market for long term care services is majorly driven by the increasing
aging population, awareness about the advantages of home healthcare
services, and the government support. Around 13% of the people in the U.S.
are 65 years or above. By 2050, it is expected that one in five Americans
would be at least 65 years of age.
- Asia Pacific is the fastest growing market owing to
the increasing rates of chronic diseases, the increasing disposable
incomes, and decreasing working population. For instance, in China, the
one-child policy has eventually decreased the working population as
compared to the older population. In May 2016, MyCareLine raised USD
526,000 for its alliance with Hoffman World. The Spanish Company provides
Hoffman methodology of rehabilitation. The method is commercial in Latin
America and Europe. In India, Portea is one of the market leaders in the
home healthcare industry. In September 2015, Portea raised USD 37.5
million for investing in better home healthcare facilities.
- Industry players are continuously investing on
expanding and revamping their existing facilities. For instance, in
February 2016, Sunrise Senior Living, Inc. started a new facility joining
its existing 41 Sunrise communities. The new facility will offer memory
care programming, assisted living services, and support to residents in
the early stage of memory loss.
- Major market players are Brookdale Senior Living,
Inc., Sunrise Senior Living, Inc., Emeritus Corporation, Atria Senior Living
Group, Extendicare, Inc., Gentiva Health Services, Inc., Senior Care
Centers of America, Kindred Healthcare, Inc., Genesis Healthcare Corp.,
and Home Instead Senior Care, Inc.
Browse more reports of this category by Grand View
Research : http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the global Long Term Care
(LTC) market on the basis of service and region:
Global Long Term Care (LTC) Service Outlook
(Revenue, USD Billion, 2013 - 2024)
- Home
Healthcare
- Hospice
- Nursing
Care
- Assisted
Living Facilities
Global Long Term Care (LTC) Regional Outlook
(Revenue, USD Billion, 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Asia
Pacific
- India
- China
- Japan
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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