U.S. Long Term Care Industry Overview
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% based on a new report by Grand View Research, Inc. 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 Segmentation
Grand View Research has segmented the U.S. long term care market based on service:
Based on the Service Insights, the market is segmented into Skilled Nursing Facility, Home Healthcare, Assisted Living Facility, Hospice & Palliative Care, and Others.
- In 2021, skilled nursing facility accounted for the largest share of the market due to the increasing demand for nursing care services because of the high prevalence of chronic diseases among the U.S. population.
- Home healthcare held a significant share of the U.S. LTC market in 2021. Factors such as an increase in average life expectancy, a rise in incidences of chronic but manageable diseases, an increase in the geriatric population, and sufficient economic resources are contributing to the growth of the market for home healthcare.
- Disorders such as Alzheimer’s disease are major reasons for preference for assisted living facilities, which is followed by depression. Adults suffering from mental illness require assisted living to sustain themselves in mainstream society. In the U.S., mental illness is the most expensive disorder, costing about USD 201 billion annually.
Key Companies Profile
The U.S. long-term care market is highly competitive with the presence of serval small & big players at regional and national levels. The top players are adopting various strategies, such as market expansion, mergers & acquisitions, and partnerships to strengthen their presence in the market.
Some of the prominent players in the U.S. long term care market include:
- Brookdale Senior Living, Inc
- Sunrise Senior Living, LLC
- Kindred Healthcare
- Amedisys, Inc
- Genesis Healthcare, Inc
- Capital Senior Living Corporation
- Diversicare Healthcare Services, Inc
- Home Instead, Inc
- Senior Care Center
- Atria’s Senior Living
Order a free sample PDF of the U.S. Long Term Care Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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