Long Term Care Market worth over $1.61tn by 2027

Long Term Care Market size is set to surpass USD 1.61 trillion by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing demand for long term care (LTC) services is anticipated to drive the market growth. With the rising geriatric population, the usage of the long term care services and the healthcare system will expedite the market potential. Majority of the nursing home residents suffer from both physical and cognitive impairments (80-90%) that increases the need for assisted living and care services.
 

Supportive government initiatives to promote the awareness and use of long term care services to boost the market expansion

Adoption of favorable initiatives by the national governments to promote the awareness and acceptance long term care is expected to foster the long term care market progression. The Department of Health and Human Services (DHHS) initiated a campaign to promote awareness among retirees and near-retirees in the U.S. This campaign intends to spread knowledge, highlighting the significance of planning for upcoming long term care needs. The campaign also increased private financing for long term care to reduce the burden on public services. The campaign targeted individuals aged 50 to 70 years to opt for long term planning and care. This campaign promoted the use of these services by 8% on average, with some states reporting up to 9.1% surge. Moreover, the federal agencies are also implementing several campaigns and programs to promote awareness regarding long term care among the target population.
 

Comprehensive range of services offered by facility based care services along with conducive government policies will facilitate the market revenue

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The facility based care services segment in the long term care market is projected to witness 8.4% growth rate through 2027 led by the supportive government initiatives and wide range of services offered by these facilities. Facility-based LTC services are provided in institutions including nursing homes, adult care centers, and intermediate care facility among others. These facilities offer comprehensive range of services such as rehabilitative, restorative, cognitive, and other assisted living services. Further, presence of notable policies and programs initiated by the federal authorities to enhance patient experience and provide affordable care to promote segment growth.
 

Higher prevalence of chronic conditions and disabilities among people aged 85 & older will expand the existing target population

The long term care market for 85 & older segment exceeded USD 243 billion in 2020 and is estimated to attain a CAGR of 10.5% till 2027. This robust segment expansion is attributed to proliferated prevalence & incidence of chronic conditions and associated disabilities among the people aged 85 & above. Sensory changes, cognitive disabilities, and weakness is increasingly prevalent in the heterogeneous population of people aged 85 & above. Injuries due to falls, cardiovascular disease, cerebrospinal ailments, and other conditions induce difficulty while performing daily activities among people from this age group.
 

Browse key industry insights spread across 200 pages with 256 market data tables & 18 figures & charts from the report, “Long Term Care Market Size by Service Type (Home Healthcare Services, Community Based Services {Adult Day Care, Continuing Care Retirement Communities (CCRC)}, Facility Based Care Services), By Age Group (65 to 74, 75 to 84, 85 and Older), By Gender (Male, Female), By Payer (Public, Private, Out-of-Pocket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/long-term-care-market
 

Growing concerns related to chronic diseases in men will push the demand for long term care services

The male segment in the long term care market is poised to expand at more than 8.9% CAGR during 2021 to 2027 impelled by the increasing prevalence of severe chronic conditions among men. For instance, according to the NCBI article, in 2017, the prevalence of fractures surged in men with rising age and is peak among males aged 85 & over. As per the Journal of Family Medicine and Primary Care, from 2000 to 2018, among the general Indian population, the prevalence of disability ranged from 1.6% to 43.3%.
 

Rising influx of private health insurers and increasing preference for private long term care insurance services to surge the industry growth

The long term care market for private segment is slated to grow at a CAGR of 9.9% by 2027 owing to growing influx of private health insurers and increasing preference private LTC insurance services. Medicare beneficiaries often supplement their expenditures using an insurance purchased through a private player. These policies are often termed as Medigap insurance that aid the users in paying for personalized care. Commercial insurers also provide private insurance policies termed as long-term care insurance. These policies encompasses services in multiple LTC facilities including home healthcare services, adult day care centers, assisted living facilities, and nursing homes.
 

In addition to this, the demand for healthcare insurance services is rapidly surging with aging population, the increasing prevalence of chronic conditions, and the rising disposable incomes. Simultaneously, growing pressure on public financial services is pushing national governments to impose limitations on healthcare expenditures. These circumstances provide the private payers an opportunity to better manage the spending and outcomes.
 

Rapidly aging population, growing expenditure on elderly care services, and presence of comprehensive LTC services in UK will spur the industry expansion

UK long term care market size was over USD 30 billion in 2020. This considerable market share in the country is credited to the rapidly aging population, rising expenditure on elderly care services, and presence of comprehensive LTC quality assurance legislation & structure. According to the Kings Fund Organization projections, from 2018, the adults aged 85 & above are predicted to proliferate by 132% by 2050. The adults aged 65 to 84 are estimated to increase by 40.2% by 2050. This soaring population of old people in UK is poised to generate immense growth opportunities in the coming years.
 

LTC centers in UK concentrate on patient centeredness and safety. The Care Quality Commission (CQC) is the regulator of health & adult care that facilitates optimal safety and quality of the care provided. The local authorities in the country collect quality indicators and clinical information from administrative datasets that are used to enhance clinical aspects of care quality.
 

Players are concentrating on strategic initiatives and innovative product launch to expand operational capabilities

Some of the major companies operating in the long term care market are Extendicare, Brookdale Senior Living Solutions, Capital Senior Living, Sunrise Senior Living, Diversicare (DAC Acquisition), Home Instead (Honor), Amedisys, Lincare Holdings, and Atria Senior Living. These leaders are engaged in strategic collaborations, partnerships and agreements to gain competitive advantage over their competitors.