The U.S. long term care market size is expected to reach USD 751.9 billion by 2027, expanding at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. The market is expected to be driven by the rising incidence of chronic disorders in U.S., which can be attributed to a large aging population and unhealthy lifestyle. Rising prevalence of dementia, Alzheimer’s, heart disorders, respiratory diseases, and mental disorders is likely to increase the burden on long term care settings over the coming years.
According
to the population projection report published by the U.S. Census Bureau in
2016, the population of millennials in U.S. is expected to surpass the
population of baby boomers by 2019. As of 2016, millennials were categorized as
the population aged 20 to 35 years and baby boomers were those aged between 52
and 72 years. In 2016, the population of millennials was 71 million and that of
baby boomers was around 74 million. While the former will rise to 73 million in
2019, the latter will drop to 72 million. Generation X, the population group
aged between 36 and 51 years, is anticipated to surpass the boomers by 2028.
Technological
developments are a key characteristic of the market for long term care in U.S.
In order to enhance patient quality of life, long term care facilities such as
hospice have started installing wireless video-conferencing devices. These
devices enable patients to access the internet from their rooms and facilitate easy
communication with friends and family. These computer-based technologies have
helped enhance communication between hospice nurses and 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:
- The nursing care segment
dominated the market for long term care in U.S. in terms of revenue in
2019. This can be attributed to the presence of a large number of
facilities offering medical supervision and round the clock assistance
- The hospice segment is projected
to exhibit the fastest growth during the forecast period due to the
increasing incidence rate of Alzheimer’s and dementia and surge in
post-hospital medical assistance
- The U.S long term care
Market has been witnessing several mergers and acquisitions and
partnerships resulting in the integration of various services and
maximizing revenue. For instance, in November 2019, the U.S. leading
independent personal care, hospice, and home health company named
Amedisys, Inc., signed an agreement to acquire a hospice care provider,
Asana Hospice which offers service to around 540 patients daily in eight
locations in Ohio, Pennsylvania, Missouri, Texas, and Kansas.
- In March 2017, Brookdale and
its affiliates of Blackstone Real Estate Advisors VIII L.P. formed a
venture called the Blackstone Venture, which acquired 64 senior housing
communities for USD 1.1 billion
- Key players operating in the
market are Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria
Senior Living Group; Senior Care Centers of America; Amedisys, Inc.,
Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Home Instead Senior
Care, Inc.; Capital Senior Living Corporation; and Diversicare Healthcare
Services, Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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