Selbyville, Delaware, March 12, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on long term care market which estimates the global market valuation for long term care will cross US$ 1500 billion by 2026. Rising advantages associated with long term care, along with inorganic growth strategies will drive business progression over analysis period.
Increasing benefits of long term care insurance plans will surge the demand for long term care services. Long term care insurance is a coverage that provides home health care, nursing care and adult day care for people age 65 or older. Also, for patients with disabling or chronic conditions requiring constant supervision as well as care. Long term care insurance offers maximum flexibility and choices than any other public assistance program, that accelerates the market growth. Moreover, long term care is very expensive, that is why maximum number of individuals opt for different insurance plans.
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Rising prevalence of Alzheimer’s and other dementias will surge the demand for long term care services among elderly population over the coming years. Dementia majorly affects elderly population base and is one of the major causes of disability among older population globally. Increasing cases of dementia will upsurge the demand for specialized dementia care centers to effectively manage and treat a patient’s overall health.
Facility based care services segment will witness around 6.5% CAGR through 2026. Facility based long term care services include assisted or independent living facilities and nursing homes for elderly population requiring specialized treatment for an extended time period. Several benefits including 24-hour care & supervision, secure living environment and enhanced quality care in communities favor the overall segmental growth. In addition, numerous advantages of facility based services for elderly people suffering from brain injury, trauma as well as infectious disease will augment the segmental progression.
The 75 to 84 years segment will witness over 35% of overall long term care market share in 2019. Increasing awareness among elderly population regarding long term care services is anticipated to drive the segmental growth. Maximum number of people suffering from dementia, Alzheimer and other associated diseases of this age group will foster the industry progression. Moreover, the population aged 75 years and above are at higher risk of chronic diseases and disabilities due to weak immune system, that further propels the need for long term care centers and services.
The female segment was valued around USD 550 billion in 2019. The lifespan of women is about 5 years higher than males, that ultimately enhances the demand for long term care services among the female population. According to the American Association for Long-Term Care Insurance, the average lifespan of men is 76 years, while women’s lifespan is 81, that eventually surges the segmental progression. Furthermore, women are more prone to suffer from chronic diseases such as Alzheimer's and arthritis among others as compared to men, thereby, drives the market growth.
Browse key industry insights spread across 330 pages with 256 market data tables & 16 figures & charts from the report, “Long Term Care Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/long-term-care-market
Payer segment covers public, private and out-of-pocket. The out-of-pocket segment will witness around 6.5% CAGR during the analysis period. Out-of-pocket refers to a cost that individuals pay out of their cash reserves. Also, it generally includes consumer spending that is not covered by insurance plans or schemes. Moreover, it is a direct payment made by an individual to healthcare provider for specific service purposes that accelerates the segmental growth.
U.S. long term care market is poised to witness around 5% CAGR during 2020 to 2026. Rising prevalence of Alzheimer’s, dementia and other associated diseases in the U.S. surges the market growth. Presence of large number of service providers in the North America region will boost the long term care market expansion. Furthermore, the U.S. is one of the developed countries in terms of economy and technologies, that will eventually favor robust industry growth.
Some major findings of the long term care market report include:
- Long term care implicates a range of services specifically designed to meet an individual’s care needs during long or short period of time.
- Increasing awareness regarding long term care insurance is fueling the long term care market growth.
- Technological advancements such as motion sensors in long term care industry will offer numerous growth opportunities.
- Surging elderly population will significantly increase the demand for long term care services across the globe.
- Major players operating in the long term care industry include Brookdale Senior Living Solutions, Sunrise Senior Living, EXTENDICARE and Senior Care Centers among others.
Industry players are implementing various growth strategies to cater to the increasing demand for long term care services. For instance, in April 2017, Brookdale Senior Living Inc.’s senior living community segment invested about 5 million dollars for adding assisted living apartments. This included 32 apartments for those living with dementia and Alzheimer's conditions. This strategy was aimed to provide seniors with high-quality care, service and living accommodations.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Long term care industry 360⁰ synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Service type trends
2.1.3. Age group trends
2.1.4. Gender trends
2.1.5. Payer trends
2.1.6. Regional trends
Chapter 3. Long Term Care Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Favorable long term care insurance plans
3.3.1.2. Increasing adoption of long term care services among elderly population base
3.3.1.3. Technological advancements
3.3.2. Industry pitfalls and challenges
3.3.2.1. Lack of awareness regarding long term care services in developing regions
3.3.2.2. High-cost associated with the services
3.4. Growth potential analysis
3.4.1. By service type
3.4.2. By age group
3.4.3. By gender
3.4.4. By payer
3.5. Porter’s analysis
3.6. Competitive landscape, 2018
3.6.1. Competitive matrix analysis, 2018
3.7. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.