Dublin, June 15, 2022 (GLOBE NEWSWIRE) -- The "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, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. long term care market size is expected to reach USD 779.4 billion by 2030, expanding at a CAGR of 5.97%
High prevalence of target diseases, especially Alzheimer's, heart diseases, Parkinson's disease, and other dementias, in the U.S. is expected to drive the market growth. According to the CDC, 6 of 10 adults in the U.S. have a chronic disease.
The increasing geriatric population, rising healthcare costs, and an increasing number of nuclear families are among the key factors driving the regional market. Furthermore, rapid technological advancements and easy availability of Medicare and Medicaid & private insurance are likely to drive the market growth.
The State & Federal Governments of the U.S. are taking initiatives for long-term care. According to New York State (NYS) Public Health Law Article 21-A, it is mandatory for a facility to provide pneumococcal and influenza vaccination to the residents and healthcare professionals.
This has driven the demand for immunization supplies from LTC facilities. Nursing care centers have emerged as one of the highest providers of therapeutic and vaccination services of all types.
In the U.S., the increasing burden on hospitals due to heart diseases, diabetes, and dementia requires long-term care & repeated hospitalization. According to the American Hospital Association, the U.S. witnessed 36,241,815 hospitalizations in 2021. Hospitals in the U.S. are currently focused on the treatment of COVID-19 leading to the neglect of other chronic health issues.
The scenario is creating major opportunities for long-term care providers such as skilled nursing facilities, home healthcare facilities, & assisted living facilities to reduce the burden on hospitals and urgent care facilities by providing quality healthcare services and post-surgery care.
U.S. Long Term Care Market Report Highlights
- The skilled nursing facility segment dominated the market for long-term care in the U.S. in terms of revenue in 2021. This can be attributed to the presence of a large number of facilities offering medical supervision and round the clock assistance.
- Although the geriatric population is the major consumer pool of these services, other age groups are also benefiting from long-term care. Increasing demand for long-term care for all ages is creating major opportunities for home healthcare service providers in the U.S.
- 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 October 2021, Amedisys announced the expansion of its home healthcare services with the opening of new centers in Charlotte and Raleigh, North Carolina.
- In August 2021, Humana acquired Kindred at Home, which includes services such as personal care, hospice, and home health.
- Group purchasing organizations contribute to the growth of the LTC market as they facilitate the distribution of medical supplies, pharmaceuticals products, and vaccinations. There are organizations dedicated to LTC facilities operating mainly in the U.S. GeriMed is a group purchasing organization, which offers pharmacy and contract services to the LTC in the U.S.
- A significant increase in the adoption of telehealth solutions since 2020 is expected to increase the adoption rate of LTC software. Among long-term care providers, home healthcare centers and skilled nursing facilities are leading users of long-term care software .
Market Dynamics
Market Driver Analysis
- Growing geriatric population
- Increasing prevalence of target diseases, especially Alzheimer's and other dementias
- Increasing employment of women
- Technological development
- Increasing government involvement in therapeutic and vaccination in LTC facilities
Market Restraint Analysis
- Lack of skilled human resources
- Stringent regulations
- Lower remunerations
Industry Challenges
- Paying for long-term care
Industry Opportunities
- Increasing burden on hospitals
Penetration & Growth Prospect Mapping
Business Environment Analysis Tools
- PESTEL Analysis
- Porter's Five Forces Analysis
Companies Mentioned
- Brookdale Senior Living Inc.
- Sunrise Senior Living, LLC
- Kindred Healthcare, LLC
- Amedisys, Inc.
- Genesis Healthcare
- Capital Senior Living Corporation
- Diversicare Healthcare Services, Inc.
- Home Instead, Inc.
- Senior Care Center
- Atria Senior Living, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/zboqji
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