According to the research report titled ‘Long Term Care Market Size by Service Type, By Age Group, By Gender, By Payer, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global long term care market is expected to register substantial growth during the period of 2020-2026.
 

Technological advancements and rising adoption of long term care services among geriatric population is a prime factor fueling the market size worldwide. Long term care consists of various services which are meant to cater to personal care and individual’s health for long or short periods of time.
 

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Long term care depends on the individual needs, places, and caregivers. It is offered at home by unpaid friends or family as well as in nursing homes, or adult day care center. These services are provided to people who have critical health conditions or any disabilities. One of the common types of long term care is personal care which involves caring for incontinence, using toilet, getting out of bed, dressing, eating, grooming, and bathing among others.
 

In terms of service type, the others segment accounted for USD 75 billion in the year 2019 and is reckoned to register consistent growth during the study duration, primarily driven by increased pervasiveness of a broad plethora of chronic conditions across the globe.
 

Senior transportation services aid people to get to and from appointments, shopping centers, and other places. In fact, some senior housing complexes or community groups also offer transportation services.
 

As per age group, the report states that 85 and older segment generated revenues worth USD 245 billion in the year 2019 and is predicted to grow continuously during the forecast period. Growing demand for long term care services in this age group is fueling the segmental share.
 

Based on gender, female segment is expected to grow with a CAGR of 6.5% between 2020 and 2026, since females have a longer life expectancy.
 

With regards to payer, the private segment is anticipated to showcase a y-o-y growth rate 6% during 2020-2026, owing to rising number of private insurance service providers for long term care.
 

Atria Senior Living, Inc., Lincare Holdings Inc., Amedisys Home Health and Hospice Care, Senior Care Centers, Home Instead, Inc., Diversicare Healthcare Services, Inc., Capital Senior Living Corp., Extendicare Inc., Sunrise Senior Living, and Brookdale Senior Living Solutions are the major contenders in global long term care industry.