Long-term Care Market: Introduction
- Long-term care encompasses a range of care levels or settings such as adult day care, nursing home, hospices, and home health care. Various factors and aspects have shaped the demand dynamic in the global long-term care market. Broadly, health and functional status of individuals has played a key role in deciding the options they think are useful. This aside, the availability of resources is the key aspect defining their choices. Prominently, long-term care needs have been in large demand among the geriatric population, and services have become common in developed countries. In many cases, new demands have emerged in the long-term care market due to transitions in care settings and needs, thereby defining the preferences of target populations. Therefore, the market has evolved broadly on the back of expanding array of options that take into account of financing and coordination of care.
Key Drivers, Restrains, and Opportunities of Global Long-term Care Market
- The report offers a granular assessment of all possible factors that will have an impact on the growth trajectories of the global long-term care market. Various assessments offer investors and stakeholders insight on imminent investment avenues in different settings of long-term care. The study presents a careful scrutiny of the key factors affecting the transition of care and evaluates their role in the evolving landscape using well-established statistical tools.
- A large proportion of people entering the target population for long-term care services are either ill, disabled, or elderly. Hence, rapidly aging population is a key factor driving demand for long-term care. Increase in population with chronic conditions or illnesses also propels the demand for long-term care. Rise in number of individuals with hypertension, osteoporosis, osteoarthritis, and type 2 diabetes in developed nations have spurred the demand for adult day care.
- Governments in various developing and developed countries are adopting policies that aim to prolong the productive lifespan of the geriatric population. This has lent significant momentum to the growth of the global long-term care market. In the past few years, nursing homes have witnessed high preference among people who demand mental health and counseling services.
Long-term Care Market: Segmentation
- In terms of service type, the global long-term care market can be classified into home health care, hospice, nursing care, assisted living facilities, and other services
- Based on payer type, the global long-term care market can be divided into public, private, and out-of-pocket
North America to Capture Major Share of Global Long-term Care Market
- The report offers a critical assessment of the prevailing regulatory landscape in key markets. The study offers insights into the current size of prominent regional markets and drivers for future avenues. In terms of region, North America presents significant opportunities to providers of long-term care services, especially in the U.S. Governments in key regional markets also support the penetration of long-term care services by framing favorable policies such as national social insurance programs in the U.S. Meanwhile, Asia Pacific has also seen lucrative avenues in the past few years.
Key Players Operating in Global Long-term Care Market
The global long-term care market is highly consolidated due to the presence of small number of key players. Growth strategies adopted by leading players are likely to drive the global long-term care market.
Major players operating in the global long-term care market are:
- Amedisys, Inc.
- Atria Senior Living Group
- Brookdale Senior Living, Inc.
- Capital Senior Living
- Diversicare Healthcare Services, Inc.
- Extendicare, Inc.
- Genesis Healthcare Corp.
- Home Instead Senior Care, Inc.
- Kindred Healthcare, Inc.
- Senior Care Centers of America
- Sunrise Carlisle
- Other Prominent Players
Global Long-term Care Market: Research Scope
Global Long-term Care Market, by Service Type
- Home Health Care
- Nursing Care
- Assisted Living Facilities
- Other Services
Global Long-term Care Market, by Payer Type
Global Long-term Care Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.