SAN FRANCISCO, July 19, 2016 /PRNewswire/ -- The global Long Term Care (LTC) market is expected to reach $1,109 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to boom owing to the increasing awareness of people about the different home healthcare facilities, the increasing medical coverage for home healthcare, and the increasing aging population.
In October 2015, there were around 12 million people receiving home healthcare and the number is expected to increase dramatically. Moreover, according to the U.S. Census Bureau, the population aged 65 and older is expected to reach 84 million by 2050 as against 43.1 million in 2012. Moreover, there has been a shift to in-home care from long term care. The nursing homes have shrunk by 350 over the past six years, while the in-home nursing programs have doubled.
In 2015, the home healthcare dominated the market owing to the increasing awareness regarding home healthcare facilities, the cost savings offered by them as compared to hospital stays or nursing homes, and proactive health monitoring. Home healthcare is booming in the developing countries owing to the increasing need for geriatric care, double income households, and social changes. India has many home healthcare startups such as Health Care at Home, Zoctr, Vatsalya, Care24, Zozz, Life Circle Health Services, Healers at Home, and the Nightingales.
The hospice care is the fastest growing market owing to the increasing incidence rates of Alzheimer's and dementia and an increase in the post-hospital care. Moreover, the coverage offered by both the Medicaid and private insurers has relieved the residents from the out-of-pocket payments that have to be borne by them. According to the Hospice Association of America, Medicaid pays USD 601 per day for the inpatient hospice care and USD 789 for 24-hour home care. Moreover, in August 2013, the Palliative Care and Hospice Education and Training Act provided a grant of USD 50 million for the training of doctors and allocating awards for educators in the field.
Service Outlook (Revenue, USD Billion, 2013 - 2024)
Assisted Living Facilities
Regional Outlook (Revenue, USD Billion, 2013 - 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.