U.S Long Term Care Market Is Predicted To Grow Swiftly Due To Rising Incidence Of Chronic Disorders Till 2025: Grand View Research, Inc.
The U.S. long term care
(LTC) market is expected to reach USD 549.7 billion by 2024, based
on a new report by Grand View Research, Inc. Rising incidence of chronic
disorders in the U.S. due to aging population and unhealthy lifestyle is likely
to increase the burden on LTC settings over the coming years. Rising prevalence
of dementia, Alzheimer’s, heart disorders, respiratory diseases, and mental
disorders has contributed to the growth of the LTC market.
According to Vincent &
Velkoff, 2010, the number of Americans above 65 years is likely to increase to
more than double from 40.2 million in 2010 to 88.5 million in 2050. The cohort
aged 85 and above (oldest old) is expected to triple, from 6.3 million in 2015
to 17.9 million in 2050, accounting for 4.5% of the total population. This
demographic tends to have the highest disability rate & has maximum need
for long-term care services and is likely to propel the market growth.
Technological developments in the
long-term care industry are responsible for expanding the market in the U.S. In
order to enhance the quality of life, LTC facilities, such as hospices, have
started installing wireless video-conferencing devices. These devices enable
patients to access the internet from their rooms and facilitate easy
communication with their friends & family members. These computer-based
technologies have helped enhance communication between hospice nurses &
caregivers and enabled them to make decisions and provide real-time solutions
or “coaching tips.”
U.S. Long Term Care (LTC)
market, by Service, 2013 - 2024 (USD Billion)
Browse full research report on
U.S Long Term Care Market
Further key findings from
the report suggest:
- Nursing care
dominated the market in terms of revenue in 2016. This was attributed to
presence of large number of facilities, high cost for services, and
availability of reimbursement for nursing care.
- Other LTC
segments are projected to gain share during the forecast period due to pay
cuts for Skilled Nursing Facilities (SNFs) and availability of other
affordable long-term care services
- LTC market
has been experiencing mergers & acquisitions, which is resulting in
integration of various services, thus maximizing revenue
- In March
2017, Senior Care, Inc. commenced operations of three adult day centers
that were initially managed by Hamilton County Board of Developmental
Disabilities and acquired three other centers from Addus HomeCare Corporation
in Illinois. Furthermore, the company launched a new center in Fairfield
to fulfill LTC demand in April 2016.
- Some of the
key players are SeniorCare, Inc.; Brookdale Senior Living Solutions; Atria
Senior Living, Inc.; Sunrise Senior Living, LLC; Genesis Healthcare; Home
Instead, Inc.; Five Star Senior Living; and Kindred Healthcare, 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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