Burlingame, Dec. 11, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global long term care market was valued at US$ 1,162.21 Billion in 2023 and is forecast to reach a value of US$ 1,607.83 Billion by 2030 at a CAGR of 4.7% between 2023 and 2030.
Market Dynamics:
The long term care market is being driven by the increasing aging population. With advancements in healthcare, people are living longer, leading to a rise in the number of elderly individuals requiring long term care services. This has created a demand for long term care facilities and services to cater to the needs of the elderly population. Additionally, the increasing prevalence of chronic diseases among the aging population is also contributing to the growth of the market. Chronic conditions such as Alzheimer's disease, Parkinson's disease, and cardiovascular diseases require long term care and support, further boosting market growth.
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Furthermore, government initiatives and favorable reimbursement policies are also driving the market. Governments across various countries are implementing programs and policies to ensure affordable and accessible long term care services for the elderly population. For instance, the Affordable Care Act in the United States provides provisions for long term care services, making it more accessible and affordable for the elderly.
Market Trends:
One of the key trends in the long term care market is the increasing adoption of home-based care. With advancements in technology, healthcare services can now be delivered at the comfort of patients' homes. Home-based care allows individuals to receive necessary medical and non-medical support without having to stay in a care facility. This trend is particularly attractive for patients who prefer to age in place and maintain their independence.
Another trend in the market is the integration of technology in long term care services. Adoption of electronic health records, telemedicine, assistive technologies, and remote monitoring systems are revolutionizing the way long term care is provided. These technologies enhance patient outcomes, improve efficiency, and reduce healthcare costs. Key stakeholders in the market are increasingly investing in and integrating these technologies into their service offerings to stay competitive and meet the evolving needs of the aging population.
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Market Opportunities:
Increasing demand for home healthcare services:
The rising preference for home healthcare services is creating a significant market opportunity in the long-term care market. As individuals age, they often prefer to receive care in the comfort of their own homes to retain a sense of independence and familiarity. Home healthcare services provide medical care, assistance with daily activities, and emotional support in a home setting. This allows individuals to receive personalized care without having to move into a nursing care facility or assisted living facility. In addition, advancements in technology and the availability of telemedicine have made it easier for healthcare professionals to provide care remotely, further driving the demand for home healthcare services.
Growing need for nursing care facilities:
Nursing care facilities are expected to hold a dominant position in the long-term care market, presenting a significant market opportunity. The aging population and the increasing prevalence of chronic diseases have led to a rising demand for nursing care services. Nursing care facilities offer round-the-clock medical care, assistance with daily activities, and a safe and supportive environment for individuals who are unable to care for themselves at home. These facilities are equipped with qualified healthcare professionals and specialized equipment to provide the necessary care and support to individuals with complex medical needs.
Market Takeaways:
Key Market Takeaways: The long-term care market is anticipated to witness a CAGR of 4.7% during the forecast period 2023-2030, owing to the increasing demand for long-term care services driven by the aging population and the prevalence of chronic diseases.
On the basis of services, the nursing care segment is expected to hold a dominant position, owing to the high demand for specialized medical care.
North America is expected to dominate the market, primarily due to the well-developed healthcare infrastructure and the presence of key players in the region.
Key players operating in the long-term care market include 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. These key players play a crucial role in providing quality care and support to individuals in need. Their expertise and experience in the long-term care market contribute to the growth and development of the industry.
Read complete market research report,"Long Term Care Market, By Services, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Recent Developments:
In March 2023, Florida Health Care Association (FHCA) introduced long term care quality dashboard to provide transparent data on quality care in nursing centers. The FHCA aims to promote transparency and accuracy in sharing information about the quality care offered in Florida's nursing centers.
In September 2022, RedSail Technologies introduced Axys by Integra, a cloud-based pharmacy management solution designed for long-term care facilities.
Detailed Segmentation:
- Global Long Term Care Market, By Services:
- Home Healthcare
- Hospice
- Nursing Care
- Assisted Living Facilities
- Others
- Global Long Term Care Market, By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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