The U.S. long term care market size is expected to reach USD 737.1 billion by 2026

NEW YORK, June 17, 2019 /PRNewswire/ -- U.S. Long Term Care Market Size, Share & Trends Analysis Report By Service (Hospice, Home Healthcare, Nursing Care, Assisted Living Facilities), Competitive Landscape, And Segment Forecasts, 2019 - 2026

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The U.S. long term care market size is expected to reach USD 737.1 billion by 2026., registering a 7.5% CAGR during the forecast period. The market is expected to be driven by rising incidence of chronic disorders in U.S., which can be attributed to a large aging population and unhealthy lifestyle. Rising prevalence of dementia, Alzheimer's, heart disorders, respiratory diseases, and mental disorders is likely to increase the burden on LTC settings over the coming years.

According to the population projection report published by the U.S. Census Bureau in 2016, the population of millennials in U.S. is expected to surpass the population of baby boomers by 2019. As of 2016, millennials were categorized as the population aged 20 to 35 years and baby boomers were those aged between 52 and 72 years. In 2016, the population of millennials was 71 million and that of baby boomers was around 74 million. While the former will rise to 73 million in 2019, the latter will drop to 72 million. Generation X, the population group aged between 36 and 51 years, is anticipated to surpass the boomers by 2028.

Technological developments are a key characteristic of the U.S. LTC market. In order to enhance patient quality of life, LTC facilities such as hospices have started installing wireless video-conferencing devices. These devices enable patients to access the internet from their rooms and facilitate easy communication with friends and family. These computer-based technologies have helped enhance communication between hospice nurses and caregivers and enabled them to make decisions and provide real-time solutions or "coaching tips".

Further key findings from the study suggest:
• The home healthcare segment dominated the market in terms of revenue in 2018. This can be attributed to presence of a large number of facilities, high cost of services, and availability of reimbursements for home healthcare in the country
• The hospices segment is projected to exhibit the fastest growth during the forecast period due to increasing incidence rate of Alzheimer's and dementia and surge in post-hospital care
• The U.S. long term care (LTC) market has been witnessing several mergers and acquisitions, resulting in the integration of various services and maximizing revenue. For instance, in March 2017, Brookdale and its affiliates of Blackstone Real Estate Advisors VIII L.P. formed a venture called the Blackstone Venture, which acquired 64 senior housing communities for USD 1.1 billion
• Key players operating in the market are Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria Senior Living Group; Senior Care Centers of America; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Home Instead Senior Care, Inc.; Capital Senior Living Corporation; and Diversicare Healthcare Services, Inc.

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