The U.S. long term care (LTC) market is expected to reach USD 549.7 billion by 2024, based on a new report by Grand View Research, Inc. Rising incidence of chronic disorders in the U.S. due to aging population and unhealthy lifestyle is likely to increase the burden on LTC settings over the coming years. Rising prevalence of dementia, Alzheimer’s, heart disorders, respiratory diseases, and mental disorders has contributed to the growth of the LTC market.
According to Vincent & Velkoff, 2010, the number of Americans above 65 years is likely to increase to more than double from 40.2 million in 2010 to 88.5 million in 2050. The cohort aged 85 and above (oldest old) is expected to triple, from 6.3 million in 2015 to 17.9 million in 2050, accounting for 4.5% of the total population. This demographic tends to have the highest disability rate & has maximum need for long-term care services and is likely to propel the market growth.
Technological developments in the long-term care industry are responsible for expanding the market in the U.S. In order to enhance the quality of life, LTC facilities, such as hospices, have started installing wireless video-conferencing devices. These devices enable patients to access the internet from their rooms and facilitate easy communication with their friends & family members. These computer-based technologies have helped enhance communication between hospice nurses & caregivers and enabled them to make decisions and provide real-time solutions or “coaching tips.”
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Further Key Findings from the Study Suggest:
Nursing care dominated the market in terms of revenue in 2016. This was attributed to presence of large number of facilities, high cost for services, and availability of reimbursement for nursing care.
Other LTC segments are projected to gain share during the forecast period due to pay cuts for Skilled Nursing Facilities (SNFs) and availability of other affordable long-term care services
LTC market has been experiencing mergers & acquisitions, which is resulting in integration of various services, thus maximizing revenue
In March 2017, Senior Care, Inc. commenced operations of three adult day centers that were initially managed by Hamilton County Board of Developmental Disabilities and acquired three other centers from Addus HomeCare Corporation in Illinois. Furthermore, the company launched a new center in Fairfield to fulfill LTC demand in April 2016.
Some of the key players are SeniorCare, Inc.; Brookdale Senior Living Solutions; Atria Senior Living, Inc.; Sunrise Senior Living, LLC; Genesis Healthcare; Home Instead, Inc.; Five Star Senior Living; and Kindred Healthcare, Inc.
Grand View Research has segmented the U.S. Long Term Care (LTC) market by service:
Service Outlook (Revenue, USD Billion; 2013 - 2024)
Home health care
Assisted living facilities
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