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| Long Term Care Market |
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 refers to services that meet medical and non-medical needs of
people with chronic illnesses or disabilities. These services help for daily
living and are provided by skilled professionals in home care, assisted living,
or nursing home facilities. Long term care is needed by both elderly population
and younger adults with disabilities or chronic illnesses.
Market key trends:
Increasing adoption of telehealth is one of the major trends being witnessed in
the long term care market. Telehealth offers virtual visits to patients in long
term care facilities enabling them to consult doctors and nurses without
leaving their rooms. It reduces health risks associated with transporting
patients and prevents spread of infections. Telehealth improves access to
quality care, offers convenience and lowers health costs greatly benefitting
patients, providers and payers in the long term care market.
Segment Analysis
The long term care market is segmented based on type of expenditure, service,
and residency. Based on type of expenditure, long term care insurance is
expected to dominate over out-of-pocket spending segment due to high medical
inflation and increasing life expectancy which is encouraging people to opt for
long term care insurance.
Key Takeaways
The global long term care market is expected to witness high growth, exhibiting
a CAGR of 4.7% over the forecast period, due to increasing ageing population
and prevalence of chronic diseases.
Regional analysis
North America dominated the global Long
Term Care Market Share in 2023, accounting for around 35% of the global
market share. Factors such as rising geriatric population and expanding
healthcare infrastructure are driving the growth of the region. Asia Pacific is
expected to witness the fastest growth over the forecast period owing to improving
healthcare infrastructure and growing medical tourism in the region.
Key players
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. Brookdale Senior Living
Inc. and Sunrise Senior Living, LLC are expected to dominate the market over
the forecast period owing to their widespread service portfolio and global
presence.
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