Long Term Care Market Size to Worth Around US$ 1,720.2 BN by 2029
The long term care market size estimated at US$ 1047.85 billion in 2021 and is predicted to worth around US$ 1,720.20 billion by 2029. It is registered at a CAGR of 6.4% from 2021 to 2030.
There are numerous factors that are significantly contributing to the growth of the global long term care market such as rising disabilities among the geriatric population, rapidly aging baby boomers population, lack of adequate number of skilled nursing staffs, and surging prevalence of numerous orthopedic diseases. According to the United Nations, the geriatric population across the globe is estimated to reach 2 billion by 2050. The improved access to the healthcare facilities and advancements in the healthcare technologies has increased the life expectancy among the population, which fuels the number of disabled population.
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The growing number of disable persons is exponentially driving the growth of the global long term care market. The surging adoption of the latest healthcare IT technologies is expected to drive the demand for the long term care services among the consumers. The rising healthcare expenditure and the ongoing technological advancements in the medical and diagnostic devices is expected to have a positive impact on the market growth in the forthcoming years. The surging prevalence of various chronic diseases such as stroke, dementia, COPD, hypertension, and cardiovascular diseases among the global population is significantly boosting the demand for the long term care services.
- On the basis of service, the global long term care market was dominated by the nursing care segment that accounted for a market share of 35% in 2020. This growth is attributed to the rapidly aging population and easy availability of nursing care facilities especially in the developed and developing nations across the globe. The increased awareness regarding the nursing care facilities, availability of skilled and experienced nursing staffs in nursing care, and the personalized care services offered by them are some of the prominent factors that has driven the growth of the nursing care long term care market.
- By service, the hospice segment is expected to exhibit the highest CAGR of 8.5% during the forecast period. The surging prevalence of dementia and Alzheimer’s is expected to drive the growth of the hospice segment in the forthcoming period. Moreover, the increasing collaboration of the hospice service providers with the different healthcare organizations to offer health care services in different care settings is expected to propel the growth of the hospice segment.
- North America was the leading long term care market with a market share of 45% in 2020. The increased prevalence of chronic diseases, rapidly increasing geriatric population, high healthcare expenditure, and favorable reimbursement policies are the most prominent factors that has driven the growth of the North America long term care market. Approximately 60% of the long term care funds are provided by the Medicaid in US under the provisions of the Affordable care Act. The presence of several top market players in the region are significantly driving the growth of the North America long term care market.
- Asia Pacific is projected to exhibit highest growth rate during the forecast period. Asia Pacific region is witnessing an increasing cases of chronic diseases such as cancer, diabetes, cardiovascular diseases, COPD, orthopedic disorders, and dementia. Furthermore, the rising cases of accidents in the region is contributing to the growing number of disabilities among the population. According to the United Nations, around 80% of the global old age population will be living in the low and middle income nations by 2050. The rising healthcare expenditure and growing access to the advanced healthcare facilities is expected to foster the Asia Pacific long term care market growth in the upcoming future.
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Future of Long Term Care Market
The rising integration of the automation and novel technologies like wireless connectivity and Ai in the various devices such as home care devices and mobility assistive devices is expected to enhance the long term care services. The rising demand for the home healthcare long term care services owing to its high conveniences is also expected to shape the future of the global long term care market in the foreseeable future.
COVID-19 Impact Analysis:
- The COVID-19 had negatively impacted the growth of the nursing care services in 2020 as a high number of COVID cases reported in the nursing care facilities. It is estimated that around 42% of the total COVID-19 cases in US emerged in the nursing home facilities.
Key Developments in the Marketplace:
- In November 2019, the Amedisys completed the acquisition of Asana Hospice,a hospice care provider in the U.S.
Some of the prominent players in the global long term care market include:
- Amedisys Inc.
- Brookdale Senior Living
- Sunrise Carlisle LP
- Home Instead Senior Care Inc.
- Atria Senior Living Group
- Senior Care Centers of America
- Extendicare Inc.
- Diversicare Healthcare Services Inc.
- Kindred Healthcare Inc.
- Capital Senior Living
Segments Covered in the Report
- Home Healthcare
- Nursing Care
- Assisted Living Facilities
- North America
- Latin America
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