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Long-Term Care Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 122
  • SKU: IRTNTR70770
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The long-term care market share is expected to increase by USD 0.56 trillion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.14%.

This long-term care market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers long-term care market segmentation by application (nursing care and assisted living facilities, home healthcare, and hospice) and geography (North America, Europe, Asia, and ROW). The long-term care market report also offers information on several market vendors, including Abri Health Care Services LLC, Atria Senior Living Inc., Capital Senior Living Corp., Diversicare Healthcare Services Inc., Extendicare Canada Inc., Genesis Healthcare Inc., Home Instead Inc., Kindred Healthcare LLC, Life Care Centers of America Inc., and Sunrise Senior Living LLC among others.

What will the Long-Term Care Market Size be During the Forecast Period?

Long-Term Care Market Size

Download the Free Report Sample to Unlock the Long-Term Care Market Size for the Forecast Period and Other Important Statistics

 

Long-Term Care Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a POSITIVE impact on the market growth during and post COVID-19 era. The growing demand for long-term care from the aging population is notably driving the long-term care market growth, although factors such as lack of skilled nursing staff may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the long-term care market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Long-Term Care Market Driver

Growing demand for long-term care from the aging population is a major driver fueling the long-term care market growth. The aging population is prone to acquire acute diseases due to low immunity. Hypertension, heart diseases, diabetes, chronic obstructive pulmonary disease (COPD), osteoarthritis, malignant neoplasm, dementia, and cerebrovascular diseases are common among the aging population. To reduce the prevalence of these diseases, the aging population adopts long-term care services. They require various products, services, and solutions.The geriatric population is vulnerable to communicable and non-communicable diseases and, hence, needs home healthcare services. Long-term care services, such as home healthcare services, are increasingly accepted due to the growing convenience and popularity of services such as assistive living care and home-based diagnosis. The geriatric population is also vulnerable to many lifestyle diseases, such as cardiovascular diseases and diabetes. Owing to the prevalence of these diseases, the demand for nursing care and stroke recovery care services is high. In addition, other services dedicated to the geriatric population are personal care, companion management, palliative care, fit mind cognitive care, hospital discharge services, and home support care services. Thus, the rising geriatric population is a key driver for the growth of the global long-term care market.The lack of mobility among the aging population also increases the demand for long-term care services, mainly home healthcare. This is because they cannot frequent healthcare facilities. The elderly commonly adopt nursing services, assistive services, wound care services, and dietary management services. Thus, the growth of the aging population will drive the growth of the market during the forecast period.

Key Long-Term Care Market Trend

Increasing demand for solutions through online platforms is a major trend influencing the long-term care market growth.  The Internet allows vendors to provide long-term care solutions and services online. For instance, in India, long-term care services for applications such as home healthcare were unstructured. This was due to the lack of integration between suppliers, healthcare facilities, and service providers. However, home healthcare service providers, such as Portea Medicals, have improved integration. Solution providers have integrated home healthcare by connecting skilled professionals, service providers, and product suppliers.The advent of mHealth also has a major impact on the global long-term care market. Using mHealth, people can book healthcare services online. For instance, long-term care solution applications, such as Extended Care Professional, LLC (ECP), a cloud-based assisted living solution, are designed for helping rehabilitation centers and independent living facilities to manage processes related to individual care plans by providing information about resident assessments, audits, building maintenance, billing, and lead tracking. Mobile applications also help people find independent products. For instance, products such as canes, crutches, wheelchairs, blood glucose monitors, and BP monitors are frequently purchased online. Thus, the integration of various stakeholders into a single platform is improving the convenience for end-users.Online services and mobile-based application services also help people search, compare, enquire, and book appointments with doctors. For instance, mobile applications and online platforms, such as schedule anywhere, intelligent medical software (IMS) by Meditab, and myUnity senior living, are commonly used by long-term care users. These services offer end-users convenience and reduce the cost of healthcare.

Key Long-Term Care Market Challenge

The lack of skilled nursing staff is a major hindrance to the long-term care market growth. Many local communities struggle with finding providers and physicians to care for residents in their accommodations. The industry is facing a shortage of primary care physicians and caretakers, especially in the field of geriatrics. There is a lack of trained nurses available for long-term care sites, and a significant number of nurses tend to take on management-level roles for better career opportunities. The culture of working in isolation is quite common in the industry by keeping nurses task-oriented rather than patient-oriented. This depleted the quality of services provided to residents in long-term care facilities.Many facilities have medical attenders and directors that are no longer allowing new patients in long-term care facilities or choosing not to continue to care for residents in long-term care facilities. Prospective employees like medical students are opting for non-primary care medical specialties owing to better monetary benefits, and it is difficult to entice them to choose careers in primary care. Physician extenders, such as nurse practitioners and physicians' assistants, help to fill the gap and are playing a significant role in caring for residents in long-term care, collaborating with and under the supervision of a physician. Hence, the lack of skilled staff can hinder the image of the market and turn away the prospective new residents, thereby reducing the industry revenue. This also leads to the degradation of the quality of care provided to residents.

This long-term care market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global long-term care market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the long-term care market during the forecast period.

Who are the Major Long-Term Care Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Abri Health Care Services LLC
  • Atria Senior Living Inc.
  • Capital Senior Living Corp.
  • Diversicare Healthcare Services Inc.
  • Extendicare Canada Inc.
  • Genesis Healthcare Inc.
  • Home Instead Inc.
  • Kindred Healthcare LLC
  • Life Care Centers of America Inc.
  • Sunrise Senior Living LLC

 

This statistical study of the long-term care market encompasses successful business strategies deployed by the key vendors. The long-term care market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The long-term care market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Long-Term Care Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the long-term care market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global specialized consumer services market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Long-Term Care Market?

Long-Term Care Market Market segmentation by region

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39% of the market's growth will originate from North America during the forecast period.The US is the key market for long-term care market in North America. Market growth in this region will be slower than the growth of the market in regions.

Growth of the aging population, the rising adoption of long-term care services, and increasing awareness among the general population will facilitate the long-term care market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Long-Term Care Market?

Long-Term Care Market Segmentation

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According to our market segmentation data analysis, the nursing care and assisted living facilities segment is expected to be a significant contributor to the growth of the long-term care market share during the forecast period. Nursing care is extremely effective for senior residents with cognitive impairment or severe medical issues. The demand for nursing services is increasing in several countries due to the rising population of elderly adults.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the long-term care market size and actionable market insights on post COVID-19 impact on each segment.

 

Long-Term Care Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.14%

Market growth 2021-2025

$ 0.56 tn

Market structure

Fragmented

YoY growth (%)

3.61

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 39%

Key consumer countries

US, China, Japan, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Abri Health Care Services LLC, Atria Senior Living Inc., Capital Senior Living Corp., Diversicare Healthcare Services Inc., Extendicare Canada Inc., Genesis Healthcare Inc., Home Instead Inc., Kindred Healthcare LLC, Life Care Centers of America Inc., and Sunrise Senior Living LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Long-Term Care Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive long-term care market growth during the next five years
  • Precise estimation of the long-term care market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the long-term care market industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of long-term care market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
  • 2.2 Market characteristics
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Specialized Consumer Services Market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ trillion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five force analysis
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 15: Application - Market share 2020-2025 (%)
    • 5.2 Comparison by Application
      • Exhibit 16: Comparison by Application
    • 5.3 Nursing care and assisted living facilities - Market size and forecast 2020-2025
      • Exhibit 17: Nursing care and assisted living facilities - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 18: Nursing care and assisted living facilities - Year-over-year growth 2020-2025 (%)
    • 5.4 Home healthcare - Market size and forecast 2020-2025
      • Exhibit 19: Home healthcare - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 20: Home healthcare - Year-over-year growth 2020-2025 (%)
    • 5.5 Hospice - Market size and forecast 2020-2025
      • Exhibit 21: Hospice - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 22: Hospice - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by Application
      • Exhibit 23: Market opportunity by Application

    6 Customer Landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 25: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 26: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 Asia - Market size and forecast 2020-2025
      • Exhibit 31: Asia - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 32: Asia - Year-over-year growth 2020-2025 (%)
    • 7.6 ROW - Market size and forecast 2020-2025
      • Exhibit 33: ROW - Market size and forecast 2020-2025 ($ trillion)
      • Exhibit 34: ROW - Year-over-year growth 2020-2025 (%)
    • 7.7 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.8 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ trillion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • 9.2 Vendor landscape
            • Exhibit 38: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 39: Landscape disruption
            • Exhibit 40: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • 10.3 Abri Health Care Services LLC
              • Exhibit 43: Abri Health Care Services LLC - Overview
              • Exhibit 44: Abri Health Care Services LLC - Product and service
              • Exhibit 45: Abri Health Care Services LLC - Key offerings
            • 10.4 Atria Senior Living Inc.
              • Exhibit 46: Atria Senior Living Inc. - Overview
              • Exhibit 47: Atria Senior Living Inc. - Product and service
              • Exhibit 48: Atria Senior Living Inc. - Key offerings
            • 10.5 Capital Senior Living Corp.
              • Exhibit 49: Capital Senior Living Corp. - Overview
              • Exhibit 50: Capital Senior Living Corp. - Business segments
              • Exhibit 51: Capital Senior Living Corp. - Key news
              • Exhibit 52: Capital Senior Living Corp. - Key offerings
            • 10.6 Diversicare Healthcare Services Inc.
              • Exhibit 53: Diversicare Healthcare Services Inc. - Overview
              • Exhibit 54: Diversicare Healthcare Services Inc. - Product and service
              • Exhibit 55: Diversicare Healthcare Services Inc. - Key news
              • Exhibit 56: Diversicare Healthcare Services Inc. - Key offerings
            • 10.7 Extendicare Canada Inc.
              • Exhibit 57: Extendicare Canada Inc. - Overview
              • Exhibit 58: Extendicare Canada Inc. - Business segments
              • Exhibit 59: Extendicare Canada Inc. - Key offerings
              • Exhibit 60: Extendicare Canada Inc. - Segment focus
            • 10.8 Genesis Healthcare Inc.
              • Exhibit 61: Genesis Healthcare Inc. - Overview
              • Exhibit 62: Genesis Healthcare Inc. - Business segments
              • Exhibit 63: Genesis Healthcare Inc. - Key news
              • Exhibit 64: Genesis Healthcare Inc. - Key offerings
              • Exhibit 65: Genesis Healthcare Inc. - Segment focus
            • 10.9 Home Instead Inc.
              • Exhibit 66: Home Instead Inc. - Overview
              • Exhibit 67: Home Instead Inc. - Product and service
              • Exhibit 68: Home Instead Inc. - Key news
              • Exhibit 69: Home Instead Inc. - Key offerings
            • 10.10 Kindred Healthcare LLC
              • Exhibit 70: Kindred Healthcare LLC - Overview
              • Exhibit 71: Kindred Healthcare LLC - Product and service
              • Exhibit 72: Kindred Healthcare LLC - Key offerings
            • 10.11 Life Care Centers of America Inc.
              • Exhibit 73: Life Care Centers of America Inc. - Overview
              • Exhibit 74: Life Care Centers of America Inc. - Product and service
              • Exhibit 75: Life Care Centers of America Inc. - Key offerings
            • 10.12 Sunrise Senior Living LLC
              • Exhibit 76: Sunrise Senior Living LLC - Overview
              • Exhibit 77: Sunrise Senior Living LLC - Product and service
              • Exhibit 78: Sunrise Senior Living LLC - Key news
              • Exhibit 79: Sunrise Senior Living LLC - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 80: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 81: Research Methodology
                • Exhibit 82: Validation techniques employed for market sizing
                • Exhibit 83: Information sources
              • 11.4 List of abbreviations
                • Exhibit 84: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Long-Term Care Market market growth will increase by $0.56 tn during 2021-2025.
              The long-term care market market is expected to grow at a CAGR of 4.14% during 2021-2025.
              Technavio has segmented the long-term care market market by application (nursing care and assisted living facilities, home healthcare, and hospice) ,geography (North America, Europe, Asia, and ROW) , and geographic (North America, Europe, Asia, and ROW).
              Abri Health Care Services LLC, Atria Senior Living Inc., Capital Senior Living Corp., Diversicare Healthcare Services Inc., Extendicare Canada Inc., Genesis Healthcare Inc., Home Instead Inc., Kindred Healthcare LLC, Life Care Centers of America Inc., Sunrise Senior Living LLC are a few of the key vendors in the long-term care market market.
              North America will register the highest growth rate of 39% among the other regions. Therefore, the long-term care market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the long-term care market market growth are:
              • Growing demand for long-term care from the aging population
              • Expansion and growth of several healthcare domains
              The long-term care market market vendors should focus on grabbing business opportunities from the nursing care and assisted living facilities segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Detailed vendors report with competitive landscape
              • Covid-19 impact and recovery analysis
              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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