10-Aug-2022 | Zion Market Research
The global long term acute care market size was worth around USD 2.8 trillion in 2021 and is predicted to grow to around USD 4.6 trillion by 2028 with a compound annual growth rate (CAGR) of roughly 6.85% between 2022 and 2028.
Long term acute care (LTAC) treatment centers are specialty clinics intended for providing medical care to patients who require prolonged, special, and intense treatment. The duration may vary between 20 to 30 days depending on the patient's requirements. LTAC is driven by two main concepts: maximum resource utility and customized or specialized care as compared to other hospitals, nursing, or medical facilities.
Once critically ill patients are discharged from the intensive care unit (ICU), they are supposed to be shifted to long term acute care facilities as they do not require intensive care but they will need continuous monitoring and medicine administration in the following few days, under the observation of nursing staff or doctors. Just like special burn units, maternity clinics utilize their resources towards treating their patients, long term acute care centers also direct their resources toward treating a small list of diseases thus improving care quality and the chance of patient recovery becomes higher. All LTAC centers will most likely be equipped with technologies that make them stand apart from their competitors. For instance, Emory Health Clinic provides family support groups for their previous and current patients. LTAC facilities have to obtain their licenses like every other hospital to function with all legal authorities.
Every patient who is admitted to a long term acute care unit has to be first diagnosed with an in-house physician followed by regular visits during fixed intervals. On other days, nursing staff and assistants are required to monitor a patient regularly alerting the responsible authority in case of any abnormalities. In Cleveland Clinic’s LTACH Connected Care Program, physician assistants or nursing practitioners visit the patients every day of the week giving them valuable information about patients' health. The medical care team at this unit comprises neurologists, cardiologists, pulmonologists, palliative medicine physicians, and infectious disease specialists.
Covid-19 had a positive impact on the global market majorly driven by the high demand for long term acute care units for Covid-19-infected patients who showed severe and life-threatening symptoms. By May 2020, the mortality rate amongst ICU patients was as high as 41% which was reduced later due to changes in therapeutic medicines and treatment plans.
The global long term acute care market cap is expected to grow because of the opening of multiple facilities with state-of-the-art and advanced technologies to treat patients that are severely ill or are fighting life-threatening diseases. In the United States, there are over 400 registered long-term acute care facilities treating up to 3,75,000 patients. The global market growth may also be attributed to the rising number of medical cases requiring prolonged acute medical care driven by the increasing number of cancer patients and the geriatric population. In India, more than 1.3 million people were diagnosed with cancer in the year 2020. Since cancer treatment requires specially skilled nursing staff and doctors along with long exposures to medical treatments, it is one of the leading reasons for the increase in the number of LTAC patients which will grow in the future as the disease spreads.
The high cost of treatment may restrict the global market growth. The growing demand for postoperative care is expected to provide global market expansion opportunities. The lack of sufficient skilled staff is projected to challenge global market growth.
The global long term acute care market is segmented by facility medical care, type, service, and region.
Based on medical care, the global market segments are short-term stabilization, emergency care, acute care surgery, trauma care, and others. Emergency care led the segment in 2021 with over 7.25% of the global market share. Healthcare professionals handling cardiovascular cases, infections, injuries, burn, and wound trauma cases play a significant role in the segmental growth.
Based on facility type, the global market is divided into specialized hospitals, general acute care hospitals, rehabilitation hospitals, and psychiatric hospitals. With the growing research in the psychiatric field, the number of psychiatric hospitals has also been rising considerably. As of December 2021, there were around 575 registered psychiatric hospitals in the USA.
Based on service, the global market segments are neonatal intensive care unit (NICU), intensive care unit (ICU), coronary care unit (CCU), and others. ICU dominates the segment owing to the increasing number of ICU admission. As per estimates, over 5 million people are admitted under intensive care every year, in the USA.
North America is projected to generate the highest revenues in the global long term acute care market owing to increased cases of long-term and critical illnesses. In 2019, more than 1.75 million people were diagnosed with cancer and around 6,00,000 people died because of the disease in the same year. There are more than 16.9 million cancer survivors in this region as of 2019. The regional growth may also be aided by the presence of large-income group families that can afford the high cost of long term care. Medical facilities in the region provide financial aid to patients with sponsorships.
Europe is anticipated to grow significantly because of excellent government support for research & development for improving LTAC facilities in the region. The region is witnessing a high rate of strategic decisions by companies aiding regional expansion.
The global long term acute care market is dominated by players like Fresenius Medical Care AG & Co. KGaA, TH Medical (Tenet Healthcare Corporation), Ascension, Asklepios Kliniken GmbH& Co. KGaA, Ramsay Health Care, IHH Healthcare Berhad, Universal Health Services, Inc., Mediclinic International, Community Health Systems, Inc., Lifepoint Health, Inc., and Ardent Health Services.
Browse the full “Global Long Term Acute Care Market By Facility Type (Specialized Hospitals, General Acute Care Hospitals, Rehabilitation Hospitals, and Psychiatric Hospitals), By Medical Care (Short-term Stabilization, Emergency Care, Trauma Care, Acute Care Surgery, and Others), By Service (Neonatal Intensive Care Unit (NICU), Intensive Care Unit (ICU), Coronary Care Unit (CCU), and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/global-long-term-acute-care-market
The global long term acute care market is segmented as follows:
By Facility Type
By Medical Care
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