The global 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 involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of chronic illness or disability. These services assist people who are unable to perform essential activities of daily living such as bathing, dressing, eating, using the bathroom, etc. on their own. Long term care aims to improve the quality of life for people who are unable to take care of themselves.
Market key trends:
The increasing prevalence of chronic diseases like diabetes, cancer, heart diseases, etc. that require long term care is a key trend driving the growth of the market. Rising healthcare costs associated with aging populations and the growing need for home healthcare and assisted living services across the world are likely to boost market growth over the forecast period.
SWOT Analysis
Strength: The long term care market has high demand due to aging population and increasing prevalence of chronic diseases. It provides medical as well as personal care facilities for senior adults.
Weakness: It requires high initial investment for setting up facilities. There is also shortage of trained workforce which impacts the overall quality of care.
Opportunity: Growth in elderly population worldwide offers significant opportunity to expand services. Technological advancements in healthcare can help improve care delivery.
Threats: Economic downturn may impact the spending power of customers. Stringent regulatory policies pose operational challenges for market players.
Key Takeaways
The global Long Term Care Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing aging population globally. Advancements in medical technology and rising lifestyle diseases will further drive the demand.
Regional analysis
North America dominates the long term care market currently due to presence of major players and higher healthcare spending. Asia Pacific is expected to grow at fastest pace owing to rising geriatric population and improving access to healthcare in emerging countries. China and India offer immense growth potential.
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 highly fragmented with many global as well as regional companies offering variety of care services. Major players are focusing on adopting new technologies and expanding into developing markets to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
