Published Date : 07 Feb 2023
The global long term care market size was evaluated at USD 1.01 trillion in 2022 and is predicted to hit around USD 1.8 trillion by 2030 with a CAGR of 6.4% from 2022 to 2030.
Long term care covers both the medical and non-medical needs of people. It refers to the care provided to people with a chronic illness or disability. It protects people who cannot care for themselves for long periods. It focuses on individualized and coordinated services. It maximizes patients' quality of life.
Long term care aims to meet patients' needs over some time. It also includes activities of daily living like getting ready, feeding, using the washroom, meal preparation, functional transfers, and safe restroom use. It requires the expertise of skilled practitioners to provide care to older populations. It can be provided at home, in assisted living facilities, community, or in nursing homes. People of any age can need it. However, long term care is needed more for the senior population. It can be provided formally or informally. It is needed by people who need around-the-clock supervised care. They need professional health services, personal care, and services such as meals, laundry, and housekeeping. It incorporates a wide range of clinical services.
The rising life expectancy majorly drives the long term care (LTC) market. The increasing geriatric population significantly contributes to market growth across the globe. In line with this, the unmet needs of the senior population positively influence market growth worldwide. Furthermore, providing personal care at home creates a positive outlook for the market. Apart from this, an increase in the population of older individuals catalyzes market growth. Governments are highly pressured to provide the senior population with long term care services. Governments are reforming healthcare systems to provide affordable care to the senior population. All these factors are expected to fuel the market's growth during the forecast period. The increasing prevalence of chronic diseases propels the market growth. The older population suffers from general age-related disabilities and chronic diseases such as cancer, heart problems, diabetes, dementia, Alzheimer's, and mental stress. Hospitalization for these conditions can be expensive.
Patients in critical situations utilize long term care. It provides specialized care needed by the older population. The rising awareness about the availability of long term care services strengthens the market growth. The pandemic impacted long term services in most countries. Nursing homes were most affected by the pandemic. There was a shortage of nursing staff. The rapid adoption of various new technologies and strategic initiatives significantly contributes to market growth across the globe. The rapid adoption of telephonic consultation during the COVID-19 pandemic created lucrative opportunities in the market. Long term care is expected to witness tremendous growth during the forecast period. Rapid technological advancements in healthcare delivery are another key factor driving market growth. Durable medical devices were used for care management. The launch of advanced, user-friendly products and services such as mhealth apps, telemedicine, and internet-enabled home monitoring is expected to drive market growth.
Long Term Care Market Scope
|Market Size in 2022||USD 1.01 Trillion|
|Market Size by 2030||USD 1.8 Trillion|
|Growth Rate From 2022 to 2030||CAGR of 6.4%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the services, Nursing care dominated the market and accounted for the largest revenue share. This is due to the increasing preference for nursing care by the senior population. There is a high demand from developing countries. Factors such as the rising geriatric population and growing prevalence of chronic diseases, such as heart problems, Alzheimer's disease, & cancer, significantly contribute to the market growth across the globe. Home healthcare is highly demanded by people older than 65 years. It is also demanded by people who want long term care for their parents within their home, mothers of newborns mentally challenged people and those recently discharged from hospitals. The surging demand for personalized long term care at homecare settings positively influences market growth. Rising healthcare expenditure has raised the demand for home healthcare. The market players are introducing newer technologies and software. Hospice is expected to witness a promising CAGR in the coming years due to the increasing prevalence of chronic diseases. The rising requirement for 24 hour-medical attention catalyzes the segment's growth.
Based on the region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. This is due to the increasing prevalence of chronic conditions and the rising geriatric population. The launch of long term care centers significantly contributes to regional market growth. In line with this, favorable government policies and improving reimbursement frameworks positively influence market growth. The factors such as heavy government investments and the implementation of rules and regulations catalyze market growth.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the increasing incidence of chronic illnesses such as heart disease, diabetes, and respiratory ailments. The widespread availability of long term care facilities significantly contributes to market growth across the region. Asia Pacific is anticipated to have lucrative market growth in the coming years. Latin America is expected to have major potential for growth. This is due to the increasing aging population. Brazil offers a low cost of care and has a better market scenario.
Market Driver: The increasing elderly population
The long term care global market growth is primarily driven by the increasing elderly population. In line with this, the rising expenditure on healthcare across geographies positively influences market growth. Furthermore, extending life expectancy has also surged the demand for long term care services. There is high demand for long term healthcare facilities. Moreover, the rising prevalence of chronic diseases, particularly among elders, is catalyzing market growth significantly.
Governments across various countries are taking steps to spread awareness about long term care facilities. Apart from this, the high demand for long term care services, especially in developed economies among the senior population, propels market growth. Besides, the integration of novel healthcare IT modalities is expected to drive market growth. The advancements in novel technologies create a positive outlook for the market. The increasing prevalence of chronic ailments along with disabilities boots the market growth.
Market Opportunity: Integration of modern technologies
Rapid technological advancements offer numerous opportunities for market growth. In line with this, the market players are focusing on integrating advanced technologies, such as artificial intelligence and wireless connectivity, in-home care, and mobility assistive devices. This is expected to drive industry growth. The increasing demand for long term care services in homecare settings propels market growth. Long term care services offer greater convenience to patients.
Market Restraint: High cost
The cost of long term care services is very expensive, especially in developing countries. This is expected to restrict the long term care market growth. Furthermore, there is a lack of appropriate policies by national regulatory authorities, which further hampers the long term care market growth.
Market Challenge: Low awareness about long term care
There's a low level of awareness among people about the availability of long term care services. There is poor awareness in developing economies. All these factors challenge the market progression. The lack of awareness about long term care in these countries impedes industry growth. This low level of awareness is due to the high cost of long term care and the lack of initiatives from the government's side.
Market Key Players:
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