Market Overview
Global Long Term Caremarket is expected to grow at a CAGR Of 7.1% during the forecast period 2024-2031.
Long-term care involves various services to meet a person's health or personal care needs for a short or long period. When people can no longer conduct daily activities alone, these services help them live freely and safely.
Market Summary
| Metrics | Details |
| Market CAGR | 7.1% |
| Segments Covered | By Service Type, By Payer Type, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Trends
The rise in the number of chronic conditions is expected to drive market growth.
Alzheimer's Disease International estimates that 50 million people worldwide will have dementia in 2020. Every 20 years, this number is predicted to double, reaching 82 million in 2030 and 152 million in 2050. As a result, it is critical to have them monitored at-home care, nursing facilities, or community centers, as well as assisted living centers, to control and watch such a large segment of the elderly population who are susceptible to any chronic disease at any time, even if the condition has only occurred once. The need for software and devices to connect to these centers and patients becomes a requirement and serves as one of the market's primary drivers. Moreover, the rise in the number of people with hypertension, osteoporosis, osteoarthritis, and type 2 diabetes in developing countries, increased adoption of policies by governments in various developing countries has increased the demand for long-term care, which is expected to drive the market in the forecast period.
Restraint
The long-term care delivery system faces particular challenges staffing shortages in the health care workforce, the overall quality of care, the integration of services, and financing the cost of care. These are some factors the market is expected to hamper in the forecast period.
COVID-19 Impact on Long Term Care Market
The COVID-19 pandemic had a tremendous negative impact on nursing homes, with massive outbreaks reported in care facilities worldwide, affecting the residents, care workers, and visitors. Due to their advanced age and numerous underlying diseases, the inhabitants of long-term care facilities represent a vulnerable population that should benefit from additional protective measures against contamination. For instance, Recently, multiple countries such as France, Spain, Belgium, Canada, and the United States of America reported that a substantial fraction of the total number of deaths due to the SARS-CoV-2 infection emerged from nursing homes.
Market Segmentation Analysis
The nursing care segment is expected to hold the largest market share in the long-term care market.
In 2020, the nursing care segment accounted for the highest market share. The increasing geriatric population with chronic diseases is the main factor, due to which long-term services demand is expected to boost in the forecast period. People who do not require hospitalization but cannot be cared for at home go to nursing homes. Nursing home facility nurses are responsible for managing patients' medical requirements and supervising other personnel depending on their status. Nursing aids and professional nurses are available 24 hours a day in most nursing homes.
Moreover, according to the American Association for Long-Term Care Insurance, while approximately one in ten people aged 75 to 84 stays in a nursing home for five years or more, nearly three out of ten residents in that age range remain fewer than 100 days, the maximum time covered by Medicare. Several nursing homes provide short-term rehabilitative stays following surgery, illness, or injury. Physical therapy, occupational therapy, and speech-language therapy are examples of services. Other services offered by nursing homes include planned activities and daily housekeeping. Memory care, often known as dementia care, may be available in nursing facilities.
Market Geographical Share
North America region holds the largest market share in the global long-term care market.
In 2020, North America accounted for the highest revenue share. It is attributed to the large senior population, increased government financing, and a streamlined regulatory framework. These are some factors that the region is expected to boost in the forecast period. For instance, According to the U.S. Department of Health and Human Services (DHHS), Administration on Aging (AOA), around 70 percent of people over the age of 65 will require long-term care services at some point in their life. They need assistance with at least two activities of daily living (ADLs), such as eating, dressing, or bathing. Some may need an even higher level of care, such as skilled nursing care.
Moreover, the average woman needs long-term care services for 3.7 years, and the average man for 2.2 years. In 2019 report from HHS on long-term care providers and the users of their services in the United States looked at nursing home data from 2015 to 2016. The study found that the average length of stay among nursing home residents was 485 days. Additionally, around 60% of the funding for long-term care in the U.S. comes from Medicaid. Under the Affordable Care Act, a separate system called Medicare Prospective Payment System (MPPS) is started to support long-term services. Therefore, it has increased the demand for long-term benefits in the North American region.
Company and Competitive Landscape
Major key players in the long term care market are Brookdale Senior Living, Inc., Sunrise Carlisle, LP, Atria Senior Living Group, Extendicare Inc., Diversicare Healthcare Services Inc., Kindred Healthcare, Inc., Genesis Healthcare Corp., Amedisys, Inc, Senior Care Centers of America, Inc. and Home Instead Senior Care, Inc. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which contribute to the growth of the Dental Floss market. For instance, In November 2019, Amedisys, Inc., the leading independent personal care, hospice, and home health firm, agreed to buy Asana Hospice, a hospice care provider with eight facilities in Ohio, Pennsylvania, Missouri Texas, and Kansas that serves roughly 540 patients daily.
Extendicare, Inc.:
Overview:
Extendicare Corporation is for-profit long-term care (LTC) provider in Canada that provides seniors with accommodation, maintenance, and other services. The company is situated in Markham, Ontario, and manages over 100 care facilities. With 23,000 employees, Extendicare runs retirement communities and long-term care facilities under the Extendicare, Esprit Lifestyle, and ParaMed brands. ParaMed, Esprit Lifestyle Communities, Extendicare Assist, and SGP, their Purchasing Partner Network subsidiary, are a few of their notable subsidiaries and divisions.
Product Portfolio:
Extendicare operates a chronic care unit and 96 long-term care homes across Ontario, Manitoba, Saskatchewan and Alberta with the capacity to provide 24-7 care and support to nearly 13,000 residents.
