According to Coherent Market Insights, the global long term care market size is estimated to be valued at USD 1,162.21 billion in 2023 and is expected to surpass USD 1,607.83 billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030.
The global long term care market is witnessing significant growth owing to rise in geriatric population across the globe and increasing prevalence of chronic diseases among the aging population. As per data by the World Health Organization (WHO), the population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015.
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The rising geriatric population is more prone to disabilities and needs support in their daily activities. This is fueling the demand for long term care services globally. Increasing life expectancy also contributes to the growth of long term care market. For instance, in the U.S., demand for skilled nursing facilities and in-home care has prompted providers to expand services and incorporate telehealth and remote patient monitoring, reducing hospital visits and healthcare costs.
Market Trends
Growing preference for home healthcare over nursing homes is one of the major trends being witnessed in the global long term care market. The COVID-19 pandemic further boosted the demand for home healthcare as care centers and nursing homes reported high rates of virus transmission. Home healthcare provides independence and comfort to aging population while also being a cost-effective alternative.
Long Term Care Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2022 |
$1,162.21 billion |
|
Estimated Value by 2030 |
$1,607.83 billion |
|
Growth Rate |
Poised to grow at a CAGR of 4.7% |
|
Historical Data |
2017–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Services |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Rise in burden of chronic diseases • Growing geriatric (aging) population |
|
Restraints & Challenges |
• Stringent rules and regulations • Lack of skilled human resources |
Growing adoption of digital health solutions for remote patient
monitoring and care is another emerging trend in the market. Technologies such
as wireless sensors, telehealth platforms, and remote patient monitoring
devices are enabling effective and quality care for long term care patients
without physical visits. This is positively impacting the market growth. Market Opportunities The global geriatric population is increasing at an unprecedented
rate. As per the WHO, the number of people aged 65 years and above is expected
to double from 703 million in 2019 to 1.5 billion by 2050. With age, people
become more prone to chronic diseases and disability which increases the need
for long term care services. Home healthcare and nursing care services help
aged people to continue living independently and safely at home instead of
moving to nursing homes or assisted living facilities. This rising geriatric
demographic represents a massive market opportunity for home healthcare and
nursing care service providers over the next decade. Immediate
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There is an increasing shift towards home and community based long
term care services as they are more cost effective and preferred by patients
and families. Staying at home allows better quality of life for aged people as
compared to institutional care. Many governments are also promoting home and
community based services over institutionalization through favorable policies
and reimbursement structures. This transition from institutional to home and
community care is expected to be a key driving factor for the long term care
market. Large nursing homes and assisted living facilities players are also
focusing on acquisition of home healthcare companies to fulfil the rising
demand and strengthen their service portfolio. Key Market Takeaways Long term care market is anticipated to witness a CAGR of 4.7%
during the forecast period, owing to rising global geriatric population and
their increasing medical needs. On the basis of service, home healthcare segment is expected to hold
a dominant position, accounting for over 35% market share in 2030. This is
owing to rising preference for aging in place and cost effectiveness of home
services. On the basis of region, North America is expected to hold a dominant
position over the forecast period. This is due to high elderly population and
early adoption of home healthcare technologies in countries like the U.S. and
Canada. Competitor Insights - Brookdale
Senior Living. These players are focusing on organic and inorganic growth
strategies like service expansion, partnerships and acquisitions to strengthen
their market position. Market players need to adopt customer-centric approach
and focus on non-medical services to fulfil the comprehensive needs of the aged
population. Ask For
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Detailed Segmentation: By Services: By Geography:
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