May 15, 2020
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 LLC, global long term care market is expected to register a significant growth rate between 2020 and 2026.
Rising adoption of advanced long-term care services among elderly population is a major factor driving the market growth. Long-term care includes numerous services that are designed to meet the needs of personal care as well as an individual’s health either for long or short period of time. The service provides aid to people in living their lives independently and safely, especially if they are not capable of conducting day to day activities.
High occurrence of chronic or acute disorders is further fueling the market size. Long term care is provided to people suffering from an ongoing disability or health condition. The service can also be employed in nursing facility and community like adult day care, meals and transportation.
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As per service type, the others segment which includes senior transportation services, was worth USD 75 billion in 2019 and is slated to witness continuous growth in the ensuing years, owing to increased pervasiveness of chronic disorders. The service assists people in travelling to and from appointments, shopping and other places. People suffering from disabilities are approached by various public transit agencies, either for offering free or charged services.
In terms of age group, 85 years and older segment generated USD 245 billion in 2019 and is estimated to record a remunerative growth rate through 2026. Growing demand for long term care services among this age group is aiding the segmental growth.
By gender, female segment is predicted to witness a y-o-y growth rate of 6.5% during 2020-2026, primarily due to longer life expectancy.
Based on payer, private segment is expected to grow with a CAGR of 6% through 2026 owing to rising number of private insurance providers covering long term care services.
The prominent companies in global long term care industry are Atria Senior Living Inc., Diversicare, Lincare Holdings Inc., Amedisys, Home Instead Inc., Capital Senior Living, Senior Care Centers, Extendicare, Sunrise Senior Living and Brookdale Senior Living Solutions among others.