by The Long Term Care Market is estimated to be valued at US$ 1,162.21 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Long term care services provide medical and non-medical care to people with chronic illnesses or disabilities. This includes nursing homes, assisted living facilities, adult day cares and home healthcare. These services help with daily activities like bathing, dressing, eating, using the bathroom and more. Long term care can be needed temporarily, such as during rehabilitation after a hospital stay, or on an ongoing basis for chronic conditions like Alzheimer’s or strokes.
Market Dynamics:
Changing family structures – Traditionally, families took care of elderly and sick members. However, with more women joining the workforce and families moving farther apart due to urbanization, caring for loved ones has become difficult. This is increasing demand for long term care facilities and home healthcare services.
Increasing aging population – The growing elderly population, especially those aged 80 and above who are more prone to chronic conditions, is the key driver driving the long term care market growth. Chronic diseases requiring long term care are also on the rise.
Segment Analysis
The long term care market is dominated by the nursing care facilities segment which held around 47% share of the overall market in 2023. This is because nursing care facilities provide 24/7 care to patients requiring medical supervision including those recovering from surgeries or chronic illnesses. With rising elderly population globally, the need for assisted living facilities and home healthcare is also growing rapidly.
PEST Analysis
Political: Regulations regarding quality of care and safety measures in long term care centers are getting stronger globally which is encouraging operators to improve infrastructure and hire more trained professionals.
Economic: Rising income levels and focus on nuclear families is driving demand for long term care services. However, high costs remain a challenge for affordability.
Social: With increasing life expectancy, the number of elderly population requiring long term care is growing fast. This is the key driver propelling the market.
Technological: Adoption of digital health tools for remote patient monitoring, medication management and care coordination is improving efficiency and outcomes.
Key Takeaways
The global Long Term Care Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period of 2023 to 2030, due to rising elderly population globally. The market size for 2023 is estimated at US$ 1,162.21 Bn.
North America dominated the global market in 2023 with over 35% share owing to early adoption of long term care insurance and services in countries like the US and Canada. Asia Pacific is projected to be the fastest growing region on back of rapidly expanding elderly demographic in China and India along with improving economic conditions supporting demand generation.
Key players operating in the long term care market are Brookdale Senior Living Inc., Sunrise Senior Living, LLC, Kindred Healthcare, LLC, Genesis Healthcare, Home Instead, Inc., Senior Care Center, Capital Senior Living Corporation, and Diversicare Healthcare Services, Inc. among others. The market is observing high mergers and acquisitions as large players look to expand service offerings and geographical reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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