Long Term Care Market To Reach $1,255.9 Billion By 2024: Grand View Research, Inc.
The global Long Term Care (LTC) market is expected to reach
USD 1,255.9 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.
U.S. Long Term Care market, by
service, 2013 - 2024 (USD Billion)
Browse full research report on
Long Term Care Market
Further key findings from
the report 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.
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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