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.
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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”.
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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Grand View Research has segmented the U.S. long term care market based on service:
U.S. Long Term Care Service Outlook (Revenue, USD Billion, 2016 - 2027)
• Home healthcare
• Hospice
• Nursing care
• Assisted living facilities
• Others
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.