Global Long Term Care Market by Service (Nursing Care, Hospice, Assisted Living Facilities, Home Healthcare) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global long-term care market was valued at USD 983.33 billion in 2020. It is expected to grow at 7.1% compound annual growth rate (CAGR), between 2021 and 2028. Long term care (LTC), which is expected to grow rapidly, will be fueled by the aging baby boomers, growing disabilities in the geriatric population and a shortage of skilled nursing staff. Due to the longer life expectancy, there have been more cases of disability. This will increase the need for affordable long-term care services for chronic diseases, memory loss, and post-hospital care.

COVID-19 has a significant impact on older people, particularly those who live in LTC facilities. It also has a substantial impact on morbidity and mortality. By improving disease control and counteraction, coordinated activity can help to reduce the impact of COVID-19. The pandemic had an impact on home healthcare products like temperature monitors and blood pressure monitors. These are vital for long-term care for chronic patients. The pandemic has made it more difficult to visit the clinic. Home nurses and other devices have been able to provide long-term care for the affected segments. The market growth was affected by a lack of home healthcare products. This led to higher prices and decreased supply.

Long-term care market impact of COVID-19: 2.1% decrease from 2019 to 2020

The three-year-old Nursing Now campaign by Burdett Trust for Nursing in the U.K. was launched in February 2018. It is being supported by the International Council of Nurses (WHO) and the International Council of Nurses (ICN). This global initiative aims to increase the visibility and status of nurses and allow them to make the most of their contributions to Universal Health Coverage (UHC).

Service Insights

In 2020, nursing care accounted for the largest revenue share at over 35.0%. This segment is driven by the large number of facilities that offer nursing care to the aging population. In 2020, home healthcare accounted for the second largest share. Home healthcare is growing because of rising demand for long-term, personalized care at home. It also offers cost-effectiveness and affordability. Home healthcare has become the preferred option for many patients with serious health issues. Healthcare providers are constantly looking for new technologies to enhance the quality of their long-term care services.

As the aging boomers age, they are shifting their preference away from nursing homes and towards home- or community-based care. Residents are often denied their freedom in nursing homes. The rising demand for long-term care services is also influenced by the high cost of hospitalization. Hospital stays are USD 2,000 per night, compared to USD 44 per day.

From 2021 to 2028, the hospice segment will experience the highest CAGR at 8.4%. Cicely Saunders International, the Commission into the Future of Hospice Care released a report in June 2013 that highlighted the current and future needs for hospice care. Demand for hospice is expected to rise due to the growing need for long-term care, particularly for those with dementia and Alzheimer's. In order to provide healthcare in different settings, hospice service providers are now collaborating with other providers. Kindred Healthcare, Inc. entered into a strategic clinical partnership with Genesis HealthCare, a leading provider of post-acute care. This collaboration aims to improve quality, outcomes, and transitions throughout the post-acute continuum. Kindred aims to be a leading provider of rehabilitation and long-term care post-acute in the United States, including hospice and other services.

LTC residents are vulnerable. Coronavirus-related deaths in LTC facilities account for between 30-50% of all COVID-19 death in Europe. To reduce the severity and spread of COVID-19 outbreaks, countries must implement both national and local testing.

Regional Insights

North America was the dominant market, with a share exceeding 45.0% in 2020. This is due to the large geriatric population and greater government funding. Also, the implementation of a simplified regulatory framework. Medicaid accounts for approximately 60% of long-term care funding in the United States. To support long-term services, the Affordable Care Act created a separate system called Medicare Prospective Payment System.

Asia Pacific will experience a 8.3% CAGR between 2021 and 2028. This can be attributed to an increase in chronic diseases such as diabetes, heart disease, and respiratory problems. Long term care market is still in its infancy, but has great potential for growth. International long-term care homes are also investing in countries like India and Japan. In October 2013, for example, BAYADA Home Health Care, an American home healthcare company, bought 26% of India Home Health Care (IHHC) from the United States.

In India, startups in the home healthcare sector like HealthCare atHOME and Portea were successful. After that, major Indian hospital chains such as Apollo and Max entered the Indian home-care market. India is home to 65% of all hospital visits. Home-based services can easily be provided for acute care such as injury management, episode or recovery from surgery. This is a potential market for home and hospice care in India.

Market Share Insights & Key Companies

The market's key strategies include mergers and acquisitions as well as joint ventures, partnerships and new facility launches. Ventas, Inc., an investment trust in real estate, announced that it had acquired USD 1.8 Billion worth of portfolios of approximately 31 independent living communities through an equity partnership with Le Groupe Maurice.

Amedisys, Inc., the U.S.'s leading independent hospice, personal care, and home-health company, signed a deal to acquire Asana Hospice, a hospice care provider that serves around 540 patients per day in eight locations across Ohio, Pennsylvania, Missouri, Texas, Texas, Kansas.

Market contributors are increasing their ability to meet the growing demand for long-term geriatric care services. Brookdale, for example, invested USD 8,000,000 in its Florida senior living facility in May 2016. This expansion was necessary to combat the rising incidence of Alzheimer's disease and dementia in society. The following are some of the most prominent players in global long-term care:

• Brookdale Senior Living, Inc.

• Sunrise Carlisle, LP

• Atria Senior Living Group

• Extendicare, Inc.

• Capital Senior Living

• Diversicare Healthcare Services Inc.

• Kindred Healthcare, Inc.

• Genesis Healthcare Corp.

• Senior Care Centers of America

• Home Instead Senior Care, Inc.

• Amedisys, Inc.

Up Market Research published a new report titled “Long Term Care Market research report which is segmented by Service (Nursing Care, Hospice, Assisted Living Facilities, Home Healthcare), By Players/Companies Sunrise Carlisle LP, Senior Care Centers of America, Capital Senior Living, Brookdale Senior Living Inc, Genesis Healthcare Corp, Kindred Healthcare Inc, Atria Senior Living Group, Home Instead Senior Care Inc, Diversicare Healthcare Services Inc, Amedisys Inc, Extendicare Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Long Term Care Market Report Segments:

The market is segmented by Service (Nursing Care, Hospice, Assisted Living Facilities, Home Healthcare).

Long Term Care Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Long Term Care Market

Overview of the regional outlook of the Long Term Care Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Long Term Care Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Long Term Care Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Nursing Care

                2. Hospice

                3. Assisted Living Facilities

                4. Home Healthcare

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Long Term Care Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Long Term Care Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.