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Long Term Care Market Trends

Report ID: GMI3895
Published Date: Oct 2021
Report Format: PDF

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Long Term Care Market Trends

Rising prevalence of chronic ailments, disability, and rapidly aging population are anticipated to augment the need for long term care. The number of older adults is poised to increase by two-fold times and reach around 1.5 billion by 2050. The share of geriatric population aged 65 years & above surged from 6% in 1990 to 9% in 2019, with further projections indicating to reach 16% by 2050. Geriatric population is attributed with the high prevalence of chronic ailments including cancer, diabetes, neurological disorders, cardiovascular diseases, and others.

Moreover, the geriatric population and the high incidence of disability further increases the need for long term care. The rising prevalence of disabilities increases challenges pertaining to performing daily activities and decreases the independency. This decreased ability to perform daily functions is set to facilitate the demand for LTC, thereby driving the industry expansion during the forecast timeframe.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Industry size of long-term care had crossed USD 915 billion in 2020 and will witness growth at a rate of more than 8.5% up to 2027 due to the booming geriatric population and higher incorporation of novel healthcare IT modalities in these services.

Community-based services that held a market valuation of over USD 328 billion in 2020, are one of the fast-growing sectors of long-term care as they offer increased affordability and higher public spending for the community-based services.

The public payer segment crossed USD 403 billion in 2020 and will expand with the growing public funding and higher adoption of favorable policies.

U.S. market is set to record more than USD 598 billion through 2027 due to the thriving target population, rising expenditure on healthcare & LTC, and the growing incidences of chronic ailments across the country.