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 ...