LONG TERM CARE MARKET ANALYSIS

Market Challenges And Opportunities

Global Long Term Care Market Drivers:

Growing burden of chronic diseases to propel market growth

One of the key factors expected to augment the growth of the global long term care market during the forecast period is the rise in burden of chronic diseases across the world. Long-term care (LTC) helps meet both the medical and non-medical needs of people with a chronic diseases or disability who cannot care for themselves for long periods. According to the U.S. Centers for Disease Control and Prevention (CDC), chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability in the U.S. Chronic illness and long-term care covers conditions like cardiovascular diseases, metabolic disorders, mental health, and terminal illness.

Growing geriatric population to drive market growth

Another factor which is driving growth of the global long term care market is the growing geriatric population or rise in focus on geriatric care. For instance, demand for long-term care has increased due to recognition of unmet needs of the elderly, which are not met by hospital systems. According to the World Health Organization (WHO), 1 in 6 people in the world will be aged 60 years or over by 2030, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. Moreover, the number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach around 426 million.

Global Long Term Care Market Opportunities:

Growing demand for long term care is expected to offer lucrative growth opportunities for players in the global long term care market. For instance, aging population and the increasing prevalence of chronic conditions has increased demand for long-term care services, including assistance with the activities of daily life. Individuals often need long-term care when they have a serious, ongoing health condition or disability. According to the American Action Forum, the number of Americans needing long-term care is expected to nearly double by 2030, reaching 24 million individuals. This in turn is driving the growth of the long term care market.

Increasing adoption of home healthcare is expected to provide significant growth opportunities for players in the long term care market. For instance, with the rise in preference for personalized care, the demand for home health services is also increasing with rapid pace. For instance, in November 2020, Baptist Health announced a joint venture with BAYADA Home Health Care to expand upon the services provided by Baptist Home Health for more than 25 years. The combined organization, Baptist Home Health Care by BAYADA, will have the capabilities to serve more patients at home, where they can recover and thrive best.