Global Long-Term Care Industry Expected To Hit $1.7 Trillion By 2028 | News

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DUBLIN, February 11, 2022 /PRNewswire/ — The “Global Long Term Care Market Size, Share and Trend Analysis Report by Service (Home Care, Palliative Care, Nursing, Assisted Living), by Region (North America, EuropeACPA, Latin AmericaMEA), and Segment Forecasts report, 2021-2028″ has been added to from ResearchAndMarkets.com offer.

The global long term care market size is expected to reach $1.7 trillion by 2028. It is expected to grow at a CAGR of 7.1% from 2021 to 2028.

The market is expected to grow primarily due to the increasing prevalence of target diseases, especially Alzheimer’s disease and dementia, among the aging population. In addition to this, increased awareness of different long-term care (LTC) facilities and increase in medical coverage for home healthcare is expected to benefit the growth of the market.

According to World Population Prospects 2020, the global population aged 65 and over was 703 million in 2020. The number of older people is expected to double by 2050 to 1.5 billion. The global share of the elderly population has increased from 6% in 1990 to 9% in 2020 and is expected to increase further to reach 16% by 2050, with one in six people in the world being over the age of 65. People who reach the age of 65 are expected to be more likely to use certain types of long-term care services in future years. There has also been a move towards home care from hospitals.

Developing economies are lucrative markers when it comes to home care. India, for example, has many home health care startups such as Health Care at Home, Zoctr, Vatsalya, Zozz, Life Circle Health Services, Healers at Home and the Nightingales, a factor that has worked in its favor. In India, Portea is one of the leading market leaders in home healthcare. In November 2017portea raised $26.0 million in Series C funding for better home health care facilities.

Asia Pacific is expected to experience significant growth over the forecast period owing to increasing rate of chronic diseases, increasing disposable income and shrinking labor force. For example, in China, the one-child policy ended up reducing the labor force relative to the older population. Industry players are constantly investing in the expansion and renovation of existing facilities. For example, in February 2020, Genesis HealthCare has entered into a real estate partnership with Next Healthcare Capital. The deal involved 15 skilled nursing facilities previously leased to Welltower Inc.

Long Term Care Market Report Highlights

  • The pandemic has created significant pressure on the entire healthcare system, but the most tragic impact is on long-term care facilities for younger and older generations in residential care programs.
  • In terms of service, nursing held the largest share in 2020 due to the presence of a large number of facilities offering nursing care, medical monitoring and round-the-clock assistance.
  • The home care segment has become the second largest service segment in 2020 due to the growing awareness of these facilities, the cost savings they offer compared to hospital or nursing home stays and proactive health monitoring
  • The palliative care services segment is expected to witness the fastest growth over the forecast period due to the increasing incidence rate of Alzheimer’s disease and dementia and an increase in post-hospital care. Additionally, the coverage offered by Medicaid and private insurers has relieved residents of out-of-pocket payments that must be borne by them.
  • North America dominated the market in 2020. This is mainly attributed to the advanced medical infrastructure, awareness of the benefits of home healthcare services, increasing geriatric population, and government support. About 13% of the US population is 65 or older and it is expected that by 2050, one in six Americans will be at least 65 years old.

Main topics covered:

Chapter 1 Report Scope and Objectives

Chapter 2 Methodology

Chapter 3 Executive Summary

3.1 Market Outlook

3.2 Sector outlook

3.3 Regional Perspectives

3.4 Competitive outlook

Chapter 4 Market Variables, Trends and Scope

4.1 Market Lineage Prospects

4.1.1 Parent Market Outlook

4.2 Market Dynamics

4.2.1 Market Driver Analysis

4.2.1.1 Growing geriatric population

4.2.1.2 Increasing prevalence of target diseases, especially Alzheimer’s disease and other dementias

4.2.1.3 Increase female employment

4.2.1.4 Technological development

4.2.1.5 Increase government involvement in therapy and vaccination in long-term care facilities

4.2.2 Market Restraint Analysis

4.2.2.1 Lack of qualified human resources

4.2.2.2 Strict regulations

4.2.2.3 Lower remuneration

4.2.3 Industry Opportunities

4.3 Mapping penetration and growth prospects

4.3.1 Mapping Analysis of Penetration and Growth Prospects

4.4 Business environment analysis tools

4.4.1 Porter’s Five Forces Analysis

4.4.1.1 Competitive Rivalry: High

4.4.1.2 Threat from new entrants: moderate

4.4.1.3 Bargaining power of buyers: Moderate

4.4.1.4 Bargaining Power of Suppliers: Moderate

4.4.1.5 Threat of Substitutes: Low

4.4.2 PESTEL analysis

4.4.2.1 Political landscape

4.4.2.2 Economic and social landscape

4.4.2.3 Technology landscape

Chapter 5 Long Term Care (LTC) Market: Service Analysis

5.1 Long-Term Care (LTC) Services Market Share Analysis, 2020 & 2028

5.2 Long-Term Care (LTC) Services Market: Segment Scorecard

5.3 Market Size & Forecast and Trend Analysis, 2016 to 2028 for Services Segment

5.3.1 Home care

5.3.1.1 Home care market, 2016-2028 (USD billion)

5.3.2 Hospice

5.3.2.1 Palliative Care Market, 2016-2028 (USD Billion)

5.3.3 Nursing

5.3.3.1 Nursing care market, 2016-2028 (USD billion)

5.3.4 Assisted living facilities

5.3.4.1 Assisted living facilities market, 2016-2028 (USD billion)

5.3.5 Others

5.3.5.1 Other Markets, 2016-2028 (USD Billion)

Chapter 6 Long Term Care (LTC) Market: Regional Analysis

Chapter 7 Competitive Analysis

7.1 Recent Developments and Impact Analysis, by Major Market Players

7.2 Categorization of Competition (Key Innovators, Market Leaders, Emerging Players

7.3 Vendor Landscape

7.3.1 Analysis of Company Market Position (Geographic Presence, Service Portfolio, Strategic Initiatives)

7.4 Business Profiles

7.4.1 Brookdale Senior Living Inc.

7.4.1.1 Presentation of the company

7.4.1.2 Financial performance

7.4.1.3 Benchmarking services

7.4.1.4 Strategic initiatives

7.4.1.5 SWOT Analysis

7.4.2 Sunrise Senior Living, LLC

7.4.2.1 Presentation of the company

7.4.2.2 Financial performance

7.4.2.3 Benchmarking services

7.4.2.4 Strategic initiatives

7.4.2.5 SWOT analysis

7.4.3 Kindred Healthcare, LLC

7.4.3.1 Presentation of the company

7.4.3.2 Financial performance

7.4.3.3 Service Benchmarking

7.4.3.4 Strategic initiatives

7.4.3.5 SWOT analysis

7.4.4 Genesis Healthcare

7.4.4.1 Presentation of the company

7.4.4.2 Financial performance

7.4.4.3 Service Benchmarking

7.4.4.4 Strategic initiatives

7.4.4.5 SWOT analysis

7.4.5 Extension

7.4.5.1 Presentation of the company

7.4.5.2 Financial performance

7.4.5.3 Service Benchmarking

7.4.6 Capital Senior Living Corporation

7.4.6.1 Presentation of the company

7.4.6.2 Financial performance

7.4.6.3 Service Benchmarking

7.4.6.4 Strategic initiatives

7.4.6.5 SWOT Analysis

7.4.7 Diversicare Healthcare Services, Inc.

7.4.7.1 Company Overview

7.4.7.2 Financial performance

7.4.7.3 Service Benchmarking

7.4.7.4 Strategic initiatives

7.4.7.5 SWOT Analysis

7.4.8 Instead of Home, Inc.

7.4.8.1 Presentation of the company

7.4.8.2 Financial performance

7.4.8.3 Service Benchmarking

7.4.8.4 Strategic initiatives

7.4.9 Elderly care center

7.4.9.1 Company Overview

7.4.9.2 Financial performance

7.4.9.3 Service Benchmarking

7.4.9.4 Strategic initiatives

7.4.10 Atria Senior LivingInc.

7.4.10.1 Company Overview

7.4.10.2 Financial performance

7.4.10.3 Service Benchmarking

7.4.10.4 Strategic initiatives

Chapter 8 Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/pfqvr5

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