Healthcare market research firm Kalorama Information has published its third report on the long term care industry, “Long Term Care Market: Nursing Homes, Home Care, Hospice Care and Assisted Living,” which includes industry predictions as well as historical data on market size, trends, patient statistics, revenues and more. This latest report, published in June 2010, estimated the U.S. long term care industry in 2010 at $258 billion.
A related report on MarketWire notes that in Kalorama’s most recent study, assisted living and home care have experienced the highest rate of growth, and the market as a whole is predicted to grow at a rate of 5-6% annually over the next five years. One key driver for this rapid growth is life expectancy, estimated by the Centers for Disease Control Vital Signs to be 78.2 years. In 1900, life expectancy was 47 years, a figure which rose to 76 years in the 20th century.
Kalorama says this sole figure isn’t a good overall picture of aging, however, because the average life expectancy for men (76 years) and women (80 years) differs. Because women typically live longer, more elderly women are likely to become widowed and require outside assistance with activities of daily living.
Kalorama advises that the long-term care providers who offer a continuum of care have the greatest potential in this changing market. As a patient’s needs increase over time, those providers able to seamlessly transition an individual from home care, to assisted living and eventually to skilled nursing care without much disruption will appeal to families.
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