Long-term Care Market to Grow at 6.72% CAGR through 2029

Growing prevalence of chronic diseases and growing technological advancements are driving the growth of the Global Long-term Care Market through 2029.

According to TechSci Research report, “Long-term Care Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the Global Long-term Care Market stood at USD 1.03 Trillion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 6.72% through 2029. This can be ascribed to the rise in the global geriatric population and increase in life expectancy impels the need for LTC services or long-term care services across the globe.

Additionally, growing demand for personal care at home to avoid unnecessary hospitalization thus preventing the patients from its high cost and from the degrading quality of life is the major factor driving the growth of the Global Long-term Care market during the forecast period.

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The rising healthcare expenditure, coupled with the changing dynamics of the healthcare landscape, has significantly impacted the way patients receive care. In response to these challenges, home healthcare has emerged as the de facto choice for many patients in need of attention. This trend is not only driven by the increasing need for personalized care in the comfort of one's own home but also by the cost-effectiveness and convenience it offers.

Looking ahead, the Global Long-term Care market is poised for substantial growth in the forecast period. The continuous rise in demand for home healthcare services is prompting healthcare providers to actively introduce newer technologies and software solutions. These innovations are aimed at enhancing the quality of long-term care services, ensuring better patient outcomes, and improving overall efficiency.

This growing emphasis on technology-driven solutions is not only reshaping the Long-term Care market but also creating new opportunities for healthcare providers, software developers, and technology companies. As the demand for home healthcare continues to increase, the Long-term Care market is expected to witness sustained growth, driven by the integration of advanced technologies and the ongoing commitment to enhancing the quality of care provided to patients in need. The rising demand for home healthcare services, fueled by the need for personalized care and cost-effectiveness, is reshaping the healthcare landscape. With the introduction of innovative technologies and software solutions, the Long-term Care market is poised for significant growth, offering immense potential for healthcare providers and technology companies to meet the evolving needs of patients and deliver high-quality long-term care services.

However, it is important to note that the lack of skilled human resources for handling medical care can potentially slow down the growth of the Global Long-term Care market in the forecast period. Additionally, the stringent regulations surrounding the development of new devices may pose challenges and restrict the growth of the global Long-term Care market. Similarly, lower remunerations and the high cost associated with long-term care services may also hinder the market's growth during the forecast period.

The Global Long-term Care Market is segmented into service, payer, regional distribution, and company.

Based on payer, the global long-term care market is primarily dominated by the public sector due to several reasons. Firstly, long-term care involves services that are often essential in nature and thus fall under the public sector's responsibility for welfare provision. Secondly, the high costs associated with long-term care, such as hospital stays, nursing homes, and home health agencies, can be prohibitive for many individuals, necessitating public funding and support. Lastly, the public sector is better equipped to ensure the accessibility and quality of long-term care services through regulation and standardization, further reinforcing its dominance in this market.

Based on region, the North American region spearheads the global long-term care market due to several factors. A significant one is the rapidly aging population in this region, which drives the demand for long-term care services. Additionally, advancements in healthcare technology, high healthcare expenditure, and the presence of well-established healthcare infrastructure contribute to this leadership. There's also an increased awareness of the benefits of these services, and robust insurance coverage schemes which make long-term care more accessible and affordable for the inhabitants of North America.

Major companies operating in Global Long-term Care Market are:

• Brookdale Senior Living Inc.
• Sunrise Senior Living (Red Fox Holding Corporation)
• Kindred Healthcare (Knight Health Holdings, LLC)
• Genesis Healthcare Inc.
• Extendicare Inc.
• Capital Senior Living Corporation
• Diversicare Healthcare Services, Inc.
• Home Instead, Inc.
• Senior Care Centers, LLC
• Atria Senior Living, Inc 

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“North America is expected to dominate in Global Long-term Care market on account due to increasing availability of long-term care centers along with growing prevalence of chronic diseases such as heart disease, diabetes, and respiratory problems across the region. Similarly, improving reimbursement framework, and favorable government policies will further drive the growth of Global Long-term Care market during the forecast period. Also, presence of several profit & nonprofit players Competitors in these markets is expected to create lucrative growth of Global Long-term Care market during the forecast period. Furthermore, adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions are expected to create lucrative opportunities for market growth of Global Long-term Care market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Long Term Care Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Service (Home healthcare, Hospice & Palliative Care, Nursing care, Assisted living facilities, Others), By Payer (Public, Private, Out of Pocket), By Region and Competition”, has evaluated the future growth potential of Global Long-term Care Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Long-term Care Market.

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