Long Term Care Market Size by Service Type (Home Healthcare Services, Community Based Services {Adult Day Care, Continuing Care Retirement Communities (CCRC)}, Facility Based Care Services), By Age Group (65 to 74, 75 to 84, 85 and Older), By Gender (Male

"Long Term Care Market Size by Service Type (Home Healthcare Services, Community Based Services {Adult Day Care, Continuing Care Retirement Communities (CCRC)}, Facility Based Care Services), By Age Group (65 to 74, 75 to 84, 85 and Older), By Gender (Male, Female), By Payer (Public, Private, Out-of-Pocket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The long term care market is estimated to register robust growth by 2027 owing to growing medical and technological advancements that have enabled accurate diagnosis, treatment, and even remote support for patients. Moreover, the expanding global geriatric population is expected to further promote market outlook over the forecast period.Long term care refers to various healthcare services provided to individuals, generally the elderly, who are incapable of performing day-to-day activities on their own. Recently, surging incidences of COVID-19 cases across many long term care facilities and nursing homes due to the lack of necessary resources, technologies, and personal protective equipment, has spurred the requirement for adequate investment in a safe long term care system. Additionally, to cater to the mounting demand for technological innovation in long term care, industry players are actively employing profitable strategies, thereby improving the overall business scenario. For instance, in August 2021, Honor Technology, Inc., a leading senior care network and technology platform, announced the acquisition of Home Instead, Inc., an Omaha-based senior care services provider. The deal combined Home Instead’s personalized home care network with Honor’s leading home care technology and operations platform with the goal of transforming the professional caregiver and client experience and revolutionizing care for older individuals.The long term care market has been bifurcated based on payer, service type, gender, age group, and region. In terms of service type, the market has further been segmented into facility based care services, home healthcare services, community based services, and others. The home healthcare services sub-segment held a considerable market share in 2020 and is projected to reach a valuation of more than USD 490 billion by the end of 2027 owing to favorable government initiatives. Moreover, escalating preference for affordable home healthcare services is likely to boost segmental expansion over the coming years.On the basis of age group, the market has been categorized into 65 to 74, 75 to 84, and 85 and older. In 2020, the long term care market from the 65 to 74 sub-segment was valued at over USD 328 billion and is speculated to grow at around 7.3% CAGR through the assessment period. The rapidly aging population and surging prevalence of chronic & disabling conditions among people aged 65 to 74 are estimated to foster market growth through 2027.With respect to gender, the market has been segregated into male and female. The female sub-segment held a dominant revenue share in the market in 2020 and is foreseen to exceed USD 966 billion in revenue by 2027. A substantial portion of the female population is suffering from chronic and disabling conditions, which is estimated to fuel segmental adoption over the review period.From the perspective of payer, the market has been divided into private, out-of-pocket, and public. The out-of-pocket sub-segment recorded a notable revenue share in the market in 2020 and is set to be worth more than USD 491 billion by the end of 2027. Rising influx of private health insurers and increasing preference for private LTC insurance services are likely to facilitate segmental growth over 2021-2027.On the regional spectrum, the Latin America long term care market was valued at more than USD 41 billion in 2020 and is expected to witness significant growth over the study timeframe. High prevalence of chronic conditions and growing adoption of long term care services across LATAM are slated to propel regional market growth in the future. "