|
Forecast Period
|
2025-2029
|
|
Market Size (2023)
|
USD 1.03 Trillion
|
|
Market Size (2029)
|
USD 1.51 Trillion
|
|
CAGR (2024-2029)
|
6.72%
|
|
Fastest Growing Segment
|
Home Healthcare
|
|
Largest Market
|
North America
|
Market Overview
Global Long-term
Care Market was valued at USD 1.03 Trillion in 2023 and is anticipated to
project impressive growth in the forecast period with a CAGR of 6.72% through
2029. This can be ascribed to the growing aging population are more susceptible
for communicable and non-communicable diseases which needs home healthcare
services along with growing acceptance of services such as home-based
diagnosis, long term care services. Similarly, growing demand for technological
advanced product such as mobile applications, wearables, trackers, smart alarms
are anticipated to drive the growth of Global Long-term Care market over the
years. Also, innovations such as telemedicine, remote monitoring systems, and assistive devices are transforming the delivery of long-term care. These innovations not only improve efficiency but also enhance patient outcomes, thereby influencing the demand for long-term care market. There is a growing preference among older adults to receive care in their own homes rather than in institutional settings. This preference is driving the expansion of home care services, including home health aides, personal care attendants, and skilled nursing care provided in home settings.
Key Market Drivers
Growing
Prevalence of Chronic Diseases
The growing
prevalence of chronic diseases has a significant influence on the growth of the
global long-term care market. Chronic
diseases often require ongoing management, specialized care, and assistance
with daily activities. As the prevalence of chronic diseases rises, there is a
greater demand for long-term care services to support individuals with these
conditions. Long-term care facilities, home healthcare agencies, and caregivers
play a crucial role in providing the necessary support and services to
individuals with chronic diseases. Individuals with chronic diseases may
require ongoing medical supervision, medication management, rehabilitation, and
assistance with activities of daily living, which are often provided by
long-term care providers. Many chronic diseases require specialized care, such
as dementia care, palliative care, or post-stroke rehabilitation. Long-term
care providers, including nursing homes, assisted living facilities, and home
healthcare agencies, offer specialized services tailored to the specific needs
of individuals with chronic conditions. The growing prevalence of chronic
diseases drives the demand for these specialized care services, leading to the
expansion of the long-term care market.
The increasing
prevalence of chronic diseases necessitates additional support for caregivers,
including respite care, counseling, training, and access to professional
services. This support may be provided through long-term care facilities or
home healthcare agencies, contributing to the growth of the long-term care
market. The management of chronic diseases often requires a coordinated
approach that integrates healthcare and long-term care services. As the
prevalence of chronic diseases grows, there is a greater emphasis on care
continuity and care coordination across different settings, such as hospitals,
primary care clinics, and long-term care facilities. This integration drives
the collaboration between healthcare and long-term care providers, leading to
the expansion of the long-term care market.
Growing
Technological advancements
Technological
advancements play a crucial role in driving the growth of the global long-term
care market. Technological innovations enable remote monitoring of patients'
health conditions and the delivery of care through telehealth platforms. Remote
monitoring devices, wearable sensors, and mobile applications allow healthcare
providers to track vital signs, medication adherence, and disease progression
from a distance. Telehealth consultations provide access to healthcare
professionals without the need for in-person visits. These technologies improve
access to care, enhance patient convenience, and facilitate early intervention,
which are particularly beneficial for individuals receiving long-term care.
Assistive technologies, such as mobility aids, communication devices, and smart
home systems, enhance independence and safety for individuals receiving
long-term care. These technologies help with activities of daily living (ADLs),
such as bathing, dressing, eating, and mobility. They also include fall
detection systems, automated medication dispensers, and voice e-controlled
devices that assist in managing healthcare needs. The integration of assistive
technologies into long-term care services improves quality of life, promotes
aging in place, and reduces the need for institutional care.
Electronic
health records streamline the documentation, storage, and sharing of patient
health information among healthcare providers. EHR systems in long-term care
facilities enable seamless communication and care coordination between
different healthcare professionals involved in a patient's care, including
physicians, nurses, therapists, and caregivers. EHRs improve information
accuracy, reduce paperwork, and facilitate the exchange of critical health
data, ensuring continuity and quality of care for individuals in long-term care
settings. Technology has revolutionized medication management in long-term care
settings. Automated medication dispensers and electronic medication
administration records (eMARs) improve medication safety, adherence, and
tracking. These systems help prevent medication errors, ensure timely
administration, and provide real-time alerts for missed doses or drug
interactions. By enhancing medication management, technology contributes to
better health outcomes and reduces the risk of adverse events in long-term
care.
Robotic devices
and artificial intelligence (AI) are increasingly being utilized in long-term
care settings. Robots can assist with lifting and transferring individuals,
reducing the physical strain on caregivers. AI algorithms can analyze large
datasets and provide insights for personalized care plans, predictive
analytics, and early detection of health deterioration. Additionally,
AI-powered chatbots and virtual assistants offer 24/7 support, answering basic
health-related queries and providing information to patients and their
families. The integration of data analytics and population health management
tools enables long-term care providers to analyse large datasets, identify
trends, and proactively manage the health of their populations. By leveraging
big data, predictive analytics, and machine learning algorithms, healthcare
organizations can optimize care delivery, identify high-risk individuals, and
implement preventive interventions. These technologies drive efficiency,
improve care outcomes, and reduce healthcare costs in the long-term care
sector.
Government
Initiatives & Policies
Government
initiatives and policies have a significant impact on driving the growth of the
global long-term care market. Governments play a crucial role in providing financial support and
investment in the long-term care sector. They allocate budgets and funds to
enhance the availability and accessibility of long-term care services.
Increased funding enables the expansion of infrastructure, the recruitment and
training of healthcare professionals, and the development of innovative care
models. Government investment stimulates market growth and ensures that
long-term care services are adequately resourced.
These policies
aim to ensure quality standards, patient safety, and equitable access to care.
Regulatory frameworks define licensing requirements for long-term care
facilities, establish standards for care delivery, and promote transparency and
accountability in the sector. By setting clear guidelines and regulations,
governments create an environment that supports the growth and development of
the long-term care market. Many governments recognize the preference of
individuals to age in place, receiving care and support in their own homes
rather than in institutional settings. Government initiatives promote
home-based care and community-based services, including home healthcare, home
modifications, and caregiver support programs. By supporting aging in place,
governments drive the growth of the global long-term care market by encouraging the
development of home care agencies, technology-enabled services, and
community-based care models. Governments often invest in research and
development initiatives in the long-term care sector. These initiatives aim to
address emerging challenges, promote innovation, and enhance the evidence base
for effective care models. By supporting research and development, governments
drive advancements in long-term care practices, technologies, and service
delivery, fostering market growth and improving the quality of care.
Rising Awareness
& Demand for Person-Centered Care
Person-centered
care prioritizes the individual's preferences, needs, values, and goals,
promoting their active participation in decision-making and care planning. As
awareness about the benefits of person-centered care increases, there is a
growing demand for long-term care services that embrace this philosophy.
Individuals and their families seek providers who prioritize their autonomy,
dignity, and well-being. This demand drives the growth of the long-term care
market by encouraging the development of care models and services that focus on
individualized care and engagement. As individuals and families become more
aware of the positive impact of person-centered care, they actively seek
providers who prioritize these principles. Long-term care providers that adopt
person-centered care models and practices attract more clients and contribute
to market growth. The aging population, particularly the baby boomer
generation, has different expectations and preferences regarding long-term
care. Many individuals desire personalized care that respects their
individuality and allows them to maintain their independence and sense of
identity. This preference drives the demand for person-centered care services
that focus on building relationships, fostering choice, and promoting a
person's social, emotional, and spiritual well-being.
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Key Market Challenges
Lack of Skilled
Workforce
The global
demand for long-term care is facing a decline, primarily due to a critical
shortage of skilled workforce in the healthcare sector. Long-term care
services, which often require specialized skills and a dedicated caregiving
workforce, are grappling with a shortage of trained professionals, including
nurses, aides, and other healthcare practitioners. This scarcity of skilled
personnel hinders the effective delivery of long-term care services, impacting
the quality and accessibility of care on a global scale.
The lack of a
skilled workforce is particularly pronounced in regions experiencing
demographic shifts, where an aging population increases the demand for
long-term care services. The complex and demanding nature of caregiving roles
requires specialized training, and the shortage of skilled workers poses
challenges in meeting the growing needs of individuals requiring long-term
care. The global long-term care market response underscores the urgent need for strategic
workforce planning, training programs, and policy initiatives to address the
shortage of skilled personnel in the long-term care sector. Stakeholders within
the healthcare industry are exploring innovative solutions, including
technology integration and educational incentives, to attract and retain a skilled
workforce, ensuring that long-term care services can meet the evolving demands
of a changing demographic landscape.
Rising Costs of
Providing Long-Term Care
The global
demand for long-term care is witnessing a decrease, largely influenced by the
escalating costs associated with providing these services worldwide. The
complexities of long-term care, including personalized medical attention,
ongoing monitoring, and comprehensive support for individuals with chronic
conditions or disabilities, contribute to the rising expenses in the healthcare
sector. The demand for long-term care services is closely intertwined with
economic considerations, as the increasing costs make these services less
accessible to a broader population.
Healthcare
providers, insurers, and individuals seeking long-term care are grappling with
the financial implications of these escalating costs, leading to a reassessment
of priorities and care options. The global market response underscores the need
for innovative financial models, cost-effective care delivery strategies, and
policy initiatives to address the economic challenges associated with long-term
care. As stakeholders explore avenues for sustainability and affordability,
finding a balance between quality care and cost-effectiveness becomes
imperative for the long-term care sector to meet the diverse and growing needs
of individuals requiring extended healthcare services.
Key Market Trends
Increased Demand
for Home Healthcare Services
The global
demand for long-term care is witnessing a notable upswing, propelled by the
increased demand for home healthcare services worldwide. The growing preference
for home-based care solutions is driven by various factors, including an aging
population, advancements in medical technology, and the desire for personalized
and comfortable care environments. As individuals seek to age in place and
manage chronic conditions from the comfort of their homes, the demand for
long-term care services has become increasingly synonymous with the rise in home
healthcare.
Long-term care
encompasses a range of services, from assistance with daily activities to
complex medical interventions, and its demand is escalating in tandem with the
broader trend of healthcare decentralization. Home healthcare services play a
pivotal role in meeting this demand, providing a range of care options tailored
to individuals' specific needs. The global market response underscores the
transformative shift in healthcare delivery, with long-term care services
evolving to align with the preferences and requirements of individuals and
their families. As the demand for home healthcare services continues to rise,
the need for comprehensive and adaptable long-term care solutions on a global
scale becomes increasingly crucial.
Rise of Telehealth
The global
demand for long-term care is experiencing a significant surge, largely
attributed to the rise of telehealth services that are transforming the
healthcare landscape worldwide. Telehealth, encompassing virtual consultations,
remote monitoring, and digital health platforms, has become a pivotal component
in the delivery of long-term care. This paradigm shift in healthcare delivery
is driven by factors such as technological advancements, increased
connectivity, and the need for accessible and convenient healthcare options.
Telehealth has
proven instrumental in extending long-term care services to individuals in
their homes, facilitating remote consultations with healthcare professionals,
and enabling continuous monitoring of patients with chronic conditions. The
demand for long-term care is closely intertwined with the expansion of
telehealth, as it offers a scalable and efficient means to provide ongoing
medical support, manage chronic illnesses, and enhance overall patient
outcomes.
The global
market response reflects the transformative impact of telehealth on long-term
care, with stakeholders recognizing the potential for increased accessibility,
improved patient engagement, and cost-effective solutions. As telehealth
continues to shape the future of healthcare delivery, the demand for long-term
care is set to escalate, marking a dynamic shift in how healthcare services are
accessed and delivered on a global scale.
Segmental Insights
Service
Insights
Based
on service, the home healthcare segment dominated the Global Long-term Care Market in 2023. This is largely due to the convenience and
comfort it provides to patients, allowing them to receive care within their
familiar environments. The proliferation of advanced technologies in home
healthcare is also contributing to its increasing dominance in the market.
However, other sectors like Hospice & Palliative Care, Nursing care, assisted
living facilities, and others still play significant roles.
Payer
Insights
Based
on the Payer segment, in the landscape of healthcare services, the public
sector dominated the market in 2023. Public sector plays a significant and influential role. Governments across the globe
are putting their attention and resources into the provision of high-quality,
easily accessible, and affordable long-term care services. This concerted
effort is primarily fuelled by two key factors, the increasing number of
elderly individuals in society and the escalating prevalence of chronic
diseases. These factors highlight the crucial societal importance of long-term
care and accentuate the pressing need for robust and comprehensive public
policies that not only ensure the accessibility of these services but also
guarantee their uncompromising quality. By addressing these challenges head-on,
the public sector is actively striving to meet the evolving healthcare needs of
individuals and communities alike, while also reinforcing the fundamental
principle of equitable and inclusive care for all.
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Regional Insights
The North
America region is currently dominates in the Global Long-term Care Market,
primarily driven by the rapidly aging population and the comprehensive
long-term care infrastructure in countries such as the United States and
Canada. The presence of favorable government policies, including financial
support for long-term care services and initiatives to improve accessibility,
has further propelled the growth of the long-term care market in this region. Additionally,
the availability of advanced healthcare facilities, state-of-the-art medical
technologies, and a highly skilled workforce have played a significant role in
meeting the increasing demand for long-term care services. With ongoing
research and development efforts, as well as collaborations between healthcare
providers and technology companies, the North American region is poised to
maintain its leading position in the Global Long-term Care Market for the
foreseeable future.
Recent Developments
- In September 2023, Singlife Collaboration announced two strategic partnerships with the Agency for Integrated Care
(AIC) and Homage. These collaborations are designed to empower customers by enhancing
their comprehension of the intricacies associated with long-term care. These
partnerships are key components of Singlife Care Collab, a recently launched
hub for health services. Singlife Care Collab aims to provide Singlife
customers and their families with convenient access to preventive care,
long-term care, and a range of services from reputable healthcare providers.
- In May
2023, Omega Healthcare completed the acquisition of 18 skilled nursing home
facilities in West Virginia for a total of USD 233 million. This strategic move
serves to enhance Omega Healthcare's capabilities and ensure seamless
operations.
Key Market Players
- 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.
|
By Service
|
By Payer
|
By Region
|
|
|
- Home healthcare
- Hospice & Palliative Care
- Nursing care
- Assisted living facilities
- Others
|
- Public
- Private
- Out of Pocket
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
|
|
|
|
|
Report Scope:
In this report, the
Global Long-term Care Market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
- Long-term
Care Market, By Service:
o Home healthcare
o Hospice & Palliative Care
o Nursing care
o Assisted living facilities
o Others
- Long-term
Care Market, By Payer:
o Public
o Private
o Out of Pocket
- Long-term
Care Market, By Region:
o
North America
§ United
States
§ Canada
§ Mexico
o
Europe
§ France
§ United
Kingdom
§ Italy
§ Germany
§ Spain
o
Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South
Korea
o
South America
§ Brazil
§ Argentina
§ Colombia
o
Middle East & Africa
§ South
Africa
§ Saudi
Arabia
§ UAE
Competitive
Landscape
Company
Profiles: Detailed analysis of the major companies present
in the Global Long-term Care Market.
Available
Customizations:
Global Long-term
Care market report with the given market data, Tech Sci Research offers
customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed
analysis and profiling of additional market players (up to five).
Global Long-term
Care Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]