North America long-term care is estimated to display a rapid CAGR of 6.8% during the forecast period (2021-2027). North America is likely to witness considerable growth in its geriatric population, general age-related disabilities, and the elderly patient population suffering from chronic diseases such as heart problems, Alzheimer’s, dementia, and mental stress. In addition, hospitalization also proves to be expensive and incurs unnecessary use of resources, which can be utilized by patients in critical conditions. Unnecessary hospitalization often results in higher expenditure and degrades the quality of life. Thus, increasing preference for nursing care such as home healthcare, nursing care facility, hospices, and assisted living facilities among baby boomers in the US is increasing. Thus, the long-term care market in North America is set to grow exponentially.
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Moreover, the US is the most developed country in the world, with a GDP growing at a very high rate. Also, currently, the US is ranked first in the global GDP ranking. Owing to this GDP growth rate and the highest GDP across the globe, the demand for long-term care is expected to rise as people are expected to become more stable financially. With the increasing demand for home healthcare, service providers are introducing innovative technologies and software to improve the quality of care. It is expected that hospice care will grow enormously in the forecast period due to the increasing prevalence of chronic diseases and the need for 24-hour medical attention. According to the National Hospice and Palliative Care Organization (NHPCO), in 2017, around 1.49 million Medicare beneficiaries received hospice care for one day or more. Approximately 48.2% of these beneficiaries were receiving hospice care at the time of their death.
Market Coverage
· Market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segment Covered- by Service Type and Point of Care
· Countries Covered- US and Canada
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominates the market in base year?
Which segment and region will project fastest growth in the market?
How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
· Who is the leader in the market?
· How players are addressing challenges to sustain growth?
· Where is the investment opportunity?
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A full Report of North America Long-Term Care Market is Available at: https://www.omrglobal.com/industry-reports/north-american-long-term-care-market
Global Long-Term Care Market Report Segment
By Type
Medical Services
· In-House Therapy
· Skilled Nursing
· Others
Assisted Living Services
By Point of Care
· Homecare
· Hospitals (Rehabilitation Center)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
