Long Term Care Market size to exceed $1,500 Bn by 2026 | Top Players - Atria Senior Living Group, Brookdale Senior Living, Capital Senior Living, Diversicare, Extendicare, Lincare Holdings Inc., Amedisys and Home Instead Senior Care
These service offerings help people lead their lives as safely and independently as possible when they are not capable of performing day to day activities on their own.
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Long term care is offered depending on an individual's needs, by different caregivers, at different places. Mostly it is provided at home by unpaid family members or friends. Long term care can also be given in a facility like nursing home, in the community, like in an adult day care center.
Long term care is given to people when they have a critical ongoing health condition or disability. The requirement for long term care could arise suddenly, like after a heart attack or stroke. It is usually given as people get older and weaker or when disability or illness gets worse.
Personal care is the most common type of long-term care, generally called, activities of daily living. Bathing, grooming, eating, dressing, getting out of bed, using the toilet, and caring for incontinence are some of the activities covered in daily living personal care.
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Long-term care also comprises community services like transportation, meals, adult day care services - these services may charge a fee or are provided for free.
The long term care market is bifurcated in terms of service type, age group, gender, and payer.
Based on service type, the market is classified into home healthcare services, facility-based care services, community based services, and others. Among these, the market value for the others segment was more than 75 billion in 2019 due to increasing prevalence of chronic diseases.
The senior transportation services help people get to and from shopping centers, appointments, and other places in the community. Some community groups or senior housing complexes provide transportation services. People with disabilities are provided services by most of the public transit agencies, either by charging a fee or offering free services.
With respect to age group, the market is categorized into 65 to 74, 75 to 84, and 85 and older age group. Among these the 85 and older age group segment attained a market value of over 245 billion in 2019, as this age group is the most likely to require long term care services.
Based on gender, the market is divided into male and female. Among these, the female gender segment is likely to record a CAGR of around 6.5% over the analysis period as a result of their longer life expectancy.
With respect to payer, the market is bifurcated into public, private, and out-of-pocket. Among these, the private payer segment is projected to witness a CAGR of around 6.0% throughout the forecast timeframe due to growing number of private insurance providers for long term care.
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