U.S. Long Term Care Market Size, Share & Trends Analysis Report By Service (Skilled Nursing Facility, Home Healthcare, Assisted Living Facilities, Hospice & Palliative Care and Others), And Segment Forecasts, 2023 - 2030

Market Segmentation

• U.S. Long Term Care Type Outlook (Revenue, USD Billion, 2017 - 2030)
  • Skilled Nursing Facility
  • Home Healthcare
  • Assisted Living Facilities
  • Hospice & Palliative Care
  • Others

U.S. Long Term Care Market Dynamics

Driver: Growing Geriatric Population

Over the last decade, the geriatric population in the U.S. is rapidly rising. This can be attributed to the advanced healthcare facilities, which increase life expectancy. Approximately 8.5% of the population worldwide is aged 65 and above as per the National Institute on Aging, according to the data published by Population Reference Bureau, 95 million people in the U.S. will be aged 65 & above by 2060. Majority of elderly population in the U.S. is expected to require long-term care services at some point in their lives, which, in turn, will boost the demand for long-term care.

Driver: Technological Development

Technological developments in the long-term care industry is one of the major factors responsible for the expansion of services in the market. Earlier, durable medical devices such as wheelchairs, walkers, and safety rugs were mostly used for care management. Development of sophisticated & easy-to-use devices and services such as Internet-enabled home monitors, telemedicine, and apps for mobile health is likely to boost the market over the forecast period. Electronic medication adherence system allows for tracking medication adherence of patients. The caregivers can also program these devices so that they can alert the individual to take their medicines. The adoption of telehealth applications by providers of long-term care services is helping the market transform into an organized sector, attracting the interest of investors and entrepreneurs. Important advantages of technology integrated service is reduction in financial burden associated with medical procedures and decrease in the requirement of institutional care.

Restraint: Lack Of Skilled Human Resources

Lack of skilled human resources is the key barrier for this industry. In LTC facilities, 24-hours nursing assistance is mandatory. Demand for nursing services is continuously growing due to rising aging population and incidence of chronic diseases. However, the U.S. is experiencing shortage of nurses. Since the start of the pandemic, the LTC industry lost more than 400,000 workers till May 2022, according to the Bureau of Labor Statistics. SNFs & residential homes were the worst affected by staff shortage. Furthermore, the numbers of institutions providing palliative care training are less, thereby creating a shortage of care providers. Many LTC facilities refrain from providing home health care services due to lack of nursing staff. Furthermore, lack of consistent national policy for home care and requirement of assistive technologies in home such as walkers, wheelchairs, commodes, pneumatic patient lifts, and many other impacts the market negatively.

What Does This Report Include?

This section will provide insights into the contents included in this U.S. long term care market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

U.S. Long term care market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

U.S. Long term care market quantitative analysis

• Market size, estimates, and forecast from 2017 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance