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The long term care market caters to the needs of individuals who require daily assistance to perform personal care, health care or activities such as bathing, dressing, meal preparation, and other activities. The need arises due to age, physical or mental disabilities, chronic illnesses or cognitive impairments. Services include both medical as well as non-medical care and are largely provided at home, community, assisted living or nursing home facilities. Technological advancements are revolutionizing long term care through telehealth solutions, remote patient monitoring devices, and artificial intelligence. Advanced technologies are enabling independent living and improving quality of life for patients.
The global long term care market is estimated to be valued at US$ 720.02 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Advancements in technology and increasing geriatric population serve as the key drivers for the long term care market. Technological solutions facilitate remote patient monitoring and management, allowing elderly patients to stay independent for longer. This also reduces healthcare costs significantly. Furthermore, the rising number of elderly patients worldwide suffering from chronic conditions is escalating the demand for long term care facilities and services. According to World Health Organization, the global population aged 60 years and older is growing at a rate of about 3% per year. By 2050, the number of older persons in the world is projected to be more than double its size in 2017, growing from 962 million to 2.1 billion. The growing geriatric population base is expected to favorably impact market growth over the forecast period.
Segment Analysis
The long term care market is primarily segmented into home healthcare, hospice, nursing home, and assisted living facility. Among these the nursing home segment dominates the market with over 45% share owing to increasing elderly population suffering from chronic diseases and disabilities that require round the clock care and medical attention. Assisted living facilities are expected to grow at the fastest pace during the forecast period due to increasing availability of assisted living centers with modern amenities which provide a homely environment for senior citizens who need periodic assistance with daily activities.
PEST Analysis
Political: Rising healthcare expenditure by governments across regions and favorable regulations regarding long term care insurance will boost market growth.
Economic: Rapidly aging population and rising per capita income are driving demand for long term and healthcare services.
Social: Increasing preference for home healthcare over nursing homes and assisted living among seniors will favor market growth.
Technological: Adoption of digital health technologies, online platforms, and remote monitoring devices are supporting delivery of long term care enabling independent living of elderly.
Key Takeaways
The global long term care market is expected to witness high growth over the forecast period driven by rapid aging population worldwide. The global long term care market is estimated to be valued at US$ 720.02 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
Regionally, North America leads and accounts for over 35% share owing to increasing senior citizen population in countries like US and Canada. Asia Pacific is expected to emerge as the fastest growing regional market on account of rising burden of chronic diseases, growing medtech industry, and improving healthcare infrastructure in emerging economies like China and India.
Key players operating in the long term care market are Major players in the market are also focusing on strategic collaborations to enhance service delivery network and expand geographical footprints to harness new opportunities. Long term care providers are investing in digital health offerings and remote patient monitoring solutions to improve patient outcomes, lower costs and address growing demand for home and community based services from patients who prefer receiving care within the comforts of their home.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
