Long Term Care Market Poised to Garner Maximum Revenues by 2023
Long term care (LTC) service contains a variety of services provided by nursing homes, day care centres, home health agencies and from family or friends. Long term care service comprises a broad range of personal care, healthcare and supportive care services. It is required for geriatrics people and adult who are unable to take self care due to injury, cognitive or mental disability and chronic illness. Long term care service provides support to people in regain quality of life and in improving an optimal level of physical functioning of life.
The global market for long term care can be segmented as follows:
Based on Services provided
Social work services
Mental health or counseling services
Skilled nursing or nursing services
Pharmacy or pharmacist services
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In the United States social work services are provided by nursing homes and home health agencies. In addition, Medicare certification is required for providing social work services in the United States. Whereas, mental health and counseling services are provided by nursing homes and residential care communities while very few adult care centers are offered this kind of services. Likewise, therapeutics services are offered by mostly all home health agencies and nursing homes in the U.S. Majority of the adult day service centers in the U.S. are offered only therapeutic services. Pharmacy and pharmacist services are offered by nursing home and residential care communities in the U.S. while fewer adult care centers provided this kind of service. Moreover, hospice services are offered mostly by residential care communities while a small percentage (5.6%, CDC 2013) of home health agencies offered hospice services.
The global market for long term care is witnessing a significant growth due to rapid increase of geriatric population worldwide. Moreover, increasing prevalence of chronic diseases also supported the market growth of global long term care. As an instance, people with 85 years of age or above are expected to reach 17.9 million by 2050 in the U.S. stated by U.S. Census Bureau in the year 2012. Moreover, extensive government support is the major factor for the market growth of long term cares in developed nations such the U.S. and U.K. For instance, Medicare and Medicaid is a national social insurance programme governed by the U.S. federal government which pays the major portion of long term care cost of an individual (CDC report 2013). Centre for Disease Control and Prevention (CDC) also published that the long term care service cost of the U.S. in the year 2013 was around USD 210.9 billion.
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15 million people in the U.S. used long term care service in 2000 and it is expected to increase and reach 27 million by 2050 stated by Centre for Disease Control and Prevention. This is due to growth in older adult population, because long term care services increases with increase in age. Two third of the individual who has crossed 65 years of age need long term care for the rest of life in the U.S. stated by Centre for Disease Control and Prevention in 2013.
North America and Europe are observed to be the largest long term care market due to growing geriatric population and extensive government support for long term care. Moreover, Asia – Pacific is considered as an emerging market due to strong economic growth forecasted in some Asian countries such as India, China, Japan and Malaysia.
Some of the major market players contributing in the global market share of long term care includes AARP Long Term Care, American General Life (AIG), Lincoln Financial Group, New York Life Insurance Company, State Farm Insurance, Thrivent For Lutherans and others.