The global long term care market size is expected to reach USD 1.7 billion by 2026, exhibiting a 7.5% CAGR during the forecast period. The market is expected to grow primarily owing to rising prevalence of target diseases, especially Alzheimer's and other dementias, among the aging population. In addition to this, increasing awareness about different long term care (LTC) facilities and the increasing medical coverage for home healthcare are likely to benefit market growth.
Access
Sample Report of this report @ https://www.radiantinsights.com/research/long-term-care-market/request-sample
According to data published by the
United Nations in 2017, it has been estimated that the number of people above
60 of years of age is expected to double between 2017 and 2050. In 2017, the
geriatric population was estimated to be 962 million globally. In August 2018,
it was estimated that around 52.0% of the people turning 65 years are more
likely to take rely on some type of LTC services in the years to come. There
has also been a shift toward in-home care from LTC. The number of nursing
facilities has reduced over the past several years, while the prevalence of in-home
nursing programs have doubled.
Developing economies make for lucrative
markers as far as home healthcare is concerned. India, for instance, has many
home healthcare 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 market leaders in
home healthcare. In November 2017, Portea raised USD 26.0 million in the Series
C funding for better home healthcare facilities.
Growing medical coverage by government
and private insurers has had a positive impact on market growth. According to
the Hospice Association of America, Medicare pays USD 173 per day for inpatient
respite care, USD 744 per day for general inpatient care, USD 193 per day for
routine homecare, and USD 41 per hour for continuous homecare. Moreover, in
2016, Medicare paid a total of USD 16.9 billion to hospice providers, and the
average spending per Medicare hospice patient was USD 11,820.0.
Further
key findings from the study suggest:
• In 2018, the home healthcare segment
held the largest market share owing to increasing awareness regarding such
facilities, cost savings offered by them as compared to hospital stays or
nursing homes, and proactive health monitoring
• The home healthcare segment is
expected to witness rapid growth in developing nations owing to increasing need
for geriatric care, presence of double-income households, and ongoing social
changes
• Hospice is the fastest growing segment
owing to increasing incidence rate of Alzheimer's and dementia and an increase
in post-hospital care. Moreover, the coverage offered by both Medicaid and
private insurers has relieved residents from out-of-pocket payments that have
to be borne by them
• North America dominated the long term
care market in 2018, majorly driven by advanced medical infrastructure,
awareness about the advantages of home health services, rising geriatric
population, and government support. Around 13% of the people in U.S. are 65
years or above and it is expected that by 2050, one in five Americans would be
at least 65 years of age
• Asia Pacific is the fastest growing
market owing to increasing rate of chronic diseases, the increasing disposable
incomes, and decreasing working population. For instance, in China, the
one-child policy has eventually decreased the working population as compared to
the older population
• Industry players are continuously
investing in expanding and revamping existing facilities. For instance, in
February 2019, Genesis HealthCare underwent a real estate partnership with Next
Healthcare Capital. The deal involved 15 skilled nursing facilities previously
leased from Welltower Inc.
• Key players operating in the global
market include Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria
Senior Living Group; Extendicare, Inc.; Senior Care Centers of America; Kindred
Healthcare, Inc.; Genesis Healthcare Corp.; Home Instead Senior Care, Inc.;
Capital Senior Living Corporation; and Diversicare Healthcare Services, Inc.
Browse
Full Report With TOC @ https://www.radiantinsights.com/research/long-term-care-market
About
Radiant Insights
Radiant Insights is a platform for
companies looking to meet their market research and business intelligence
requirements. We assist and facilitate organizations and individuals procure
market research reports, helping them in the decision making process. We have a
comprehensive collection of reports, covering over 40 key industries and a host
of micro markets. In addition to over extensive database of reports, our
experienced research coordinators also offer a host of ancillary services such
as, research partnerships/ tie-ups and customized research solutions.
Media
Contact:
Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
No comments:
Post a Comment