U.S. Long Term Care Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Long Term Care market.

Trusted Business Insights presents an updated and Latest Study on U.S. Long Term Care Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Long Term Care market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Report Overview: U.S. Long Term Care Market

The U.S. long term care market size was valued at USD 443.2 billion in 2020 and is expected to register a CAGR of 6.8% over the forecast period 2021-2027. Demand for long term care (LTC) has increased owing to the recognition of unmet needs of the elderly, which are not fulfilled by hospital settings. According to estimates of the U.S. Department of Health and Human Services (HHS), around 69% of the U.S. population will require long term care services in their lives for an average of about three years, thus impelling the demand for long term care services in the region.

Unnecessary hospitalization often results in higher spending and degrades the quality of life. Thus, increasing preference for long term care settings such as home healthcare, nursing homes, hospice, and assisted living facilities among baby boomers in the U.S. is driving the market.

The U.S. is likely to witness considerable growth in its geriatric population aged 65 years and above. Along with general age-related disabilities, the elderly also suffer from chronic diseases such as heart problems, Alzheimers, dementia, and mental stress. Treatment for certain chronic diseases such as hypertension and depression are rather costly. Hospitalization also proves to be expensive and entails unnecessary use of resources, which can be utilized by patients in critical conditions. The prevalence of chronic diseases among the general population has also been increasing in recent years in the U.S. and has become a major cause of disability requiring medical care. This will also benefit market growth.

According to the American Association of Long Term Care Insurance, more than 8 million U.S. citizens have long term care insurance. Employers are taking initiatives to provide long term care services to their employees. For instance, Medtronic sponsors a group LTC insurance plan for its employees. This plan is aimed at protecting employees from high costs associated with long term care services at home, in community care, and assisted living facilities. According to the new insurance policy declared in 2019, the average premium for single coverage increased by 4% from 2018 and the average premium for family coverage increased by 5%. However, the cost of insurance for single men above 60 years declined by up to 20%. These changing policies could cause fluctuations in the market for long term care in the U.S. in the coming years.

Services Insights

Nursing care and home healthcare were the major segments of the U.S. long term care market in 2019. Nursing homes and hospitals are no more the only options for healthcare and rising healthcare spending across these facilities has made provision of nursing care at home the de facto for many patients and senior citizens in need of medical assistance. With the increasing demand for home healthcare, service providers are introducing newer technologies and software to improve the quality of care.

Hospice is anticipated to witness lucrative growth over the forecast period attributed to the increasing prevalence of chronic diseases and the need for 24-hour medical attention. According to the revised report published by the National Hospice and Palliative Care Organization (NHPCO) in July 2019, a total of 1.5 million Medicare beneficiaries enrolled for hospice care in the year 2017 for one day or more. Out of this, 1.1 million Medicare beneficiaries died while enrolled in hospice care of which 48.2 % of deaths occurred at home.

According to data by the Centers for Disease and Prevention (CDC) in 2016, about 65,600 paid and regulated long term care facilities in the U.S. served about 9 million patients in the country. These services are provided by nursing homes, adult day care service centers, home health agencies, hospices, assisted living facilities, and other residential care centers.

U.S. Long Term Care Market Share Insights

Key players operating in the market include

  • Brookdale Senior Living, Inc.
  • Atria Senior Living Group
  • Sunrise Carlisle, LP
  • Senior Care Centers of America
  • Genesis Healthcare Corp.
  • Kindred Healthcare, Inc.
  • Home Instead Senior Care, Inc.
  • Amedisys, Inc.
  • Capital Senior Living Corporation
  • LHC Group
  • Almost Family, Inc.
  • Diversicare Healthcare Services, Inc.
  • Kindred Healthcare, Inc.
  • Amedisys, Inc.
  • LHC Group
  • Almost Family, Inc.

hold the major share of the market for long term care in U.S. Mergers and acquisition, joint ventures, and partnerships are the key strategies undertaken by the players in the industry.

In June 2019, Ventas, Inc., a real estate investment trust, announced to acquire USD 1.8 billion portfolios of around 31 independent living communities, by investment through an equity partnership of 85% and 15% with Le Groupe Maurice.

In the year 2018, the U.S. administration announced a massive reduction in the regulations on American businesses and decrease regulatory spending. Thus, with the new order, home healthcare companies observed several opportunities due to the reduction and leniency of regulations that were detrimental to small businesses in U.S.

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the U.S. long term care market report based on service:

Service Outlook (Revenue, USD Billion, 2016 – 2027)

  • Home healthcare
  • Hospice
  • Nursing care
  • Assisted living facilities
  • Others

 

Looking for more? Check out our repository for all available reports on U.S. Long Term Care in related sectors.

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