The long term care market size is predicted to surpass around US$ 1.92 trillion by 2032 from valued at US$ 1.03 trillion in 2022, growing at a CAGR of 6.50% from 2023 to 2032.
The long term care market is predicted to rise as the global geriatric population opts for long term care services, particularly in developed economies. The use of new healthcare information technologies in these services will increase demand for long term care. The long term care market will expand in the next years as a result of ongoing developments and the implementation of novel technologies.
On the other hand, the constraints such as the high cost of long term care services and a lack of knowledge in developing economies may hinder the growth of long term care market. The market potential is boosted by the growing elderly population and the rising frequency of chronic illnesses and impairments in emerging countries.
However, in the emerging countries, a lack of awareness of long term care could stifle the industry’s growth. Because of the high cost of long term care and the lack of national policies by national regulatory authorities, there is a lack of knowledge in the market.
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| Report Coverage | Details |
| Market Size in 2023 | USD 1.09 Trillion |
| Growth Rate From 2023 to 2032 | CAGR of 6.50% |
| Revenue Projection by 2032 | USD 1.92 Trillion |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Service, Region |
| Companies Mentioned | 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 |
Market Dynamics
Drivers
Growing geriatric population
Every country across the globe is seeing population growth, as well as an increase in the number of people aged 65 and up. By 2030, one in every six persons around the world will be 60 years old. The number of people aged 60 and up will rise from 1 billion in 2020 to 1.4 billion by 2050. The percentage of old age people had increased over a period of time. Because elderly people tend to congregate in a few areas within each country, a small number of regions will experience a variety of unique social and economic issues as a result of population ageing. Thus, this also have impact on the market growth in such regions. As a result, the growing geriatric population is driving the market growth.
Restraints
High cost of long term care services
The long term care services cannot be afforded by everyone. The long term care services are for the old age people. This kind of people is mostly retired from their workplace or jobs. The cost of long term care service is high, and cannot be afforded by elderly people. This cost includes the charges of caregiver, transportation costs, and maintenance costs of caregivers. As a result, the high cost of long term care services is the restricting factor for the growth of long term care service market during the forecast period.
Opportunities
Rising prevalence of diabetes and cancer
According to World Health Organization (WHO), around 500 million people are suffering from diabetes. The rate of cancer has increased since a decade. The diabetes and cancer patients need utmost care. The people who are alone or does not live with their family or friends, require proper care. If this illness is not cured on time, it can also result in death of that individual. The proper diet and medication is required during the time of these diseases. Thus, the rising prevalence of diabetes and cancer is creating lucrative opportunities for the growth of long term care market during the forecast period.
Challenges
Lack of awareness
The long term care services are not popular in the developing regions such as Asia-Pacific and South Africa. The concept of old age home is very trendy in these regions, but no one is aware about the long term care services. One of the primary reasons for death of old age people are lack of long term care services in these regions. Thus, the lack of awareness is the huge challenge for the growth of long term care market.
Regional Snapshot
North America is the largest segment for long term care market in terms of region. Government of the North America encourage the adoption of long term care services by enacting favorable laws, such as U.S. national social insurance schemes.
Asia-Pacific region is the fastest growing region in the long term care market. several variables are responsible for the growth of long term care market in Asia-Pacific region, including a large target population, expensive healthcare, and long term care expenditure, and increase of chronic illnesses across the region.
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Report Highlights
Segments Covered in the Report
By Services
By Geography
Table of Content
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Long Term Care Market
5.1. COVID-19 Landscape: Long Term Care Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Long Term Care Market, By Services
8.1. Long Term Care Market, by Services Type, 2023-2032
8.1.1. Product Offering
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Hospice
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Nursing Care
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Assisted Living Facilities
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Long Term Care Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Services (2020-2032)
9.1.2. U.S.
9.1.3. Rest of North America
9.1.3.1. Market Revenue and Forecast, by Services (2020-2032)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Services (2020-2032)
9.2.2. UK
9.2.2.1. Market Revenue and Forecast, by Services (2020-2032)
9.2.3. France
9.2.3.1. Market Revenue and Forecast, by Services (2020-2032)
9.2.4. Rest of Europe
9.2.4.1. Market Revenue and Forecast, by Services (2020-2032)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Services (2020-2032)
9.3.2. India
9.3.2.1. Market Revenue and Forecast, by Services (2020-2032)
9.3.3. China
9.3.3.1. Market Revenue and Forecast, by Services (2020-2032)
9.3.4. Japan
9.3.4.1. Market Revenue and Forecast, by Services (2020-2032)
9.3.5. Rest of APAC
9.3.5.1. Market Revenue and Forecast, by Services (2020-2032)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Services (2020-2032)
9.4.2. GCC
9.4.2.1. Market Revenue and Forecast, by Services (2020-2032)
9.4.3. North Africa
9.4.3.1. Market Revenue and Forecast, by Services (2020-2032)
9.4.4. South Africa
9.4.4.1. Market Revenue and Forecast, by Services (2020-2032)
9.4.5. Rest of MEA
9.4.5.1. Market Revenue and Forecast, by Services (2020-2032)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Services (2020-2032)
9.5.2. Brazil
9.5.2.1. Market Revenue and Forecast, by Services (2020-2032)
9.5.3. Rest of LATAM
9.5.3.1. Market Revenue and Forecast, by Services (2020-2032)
Chapter 10. Company Profiles
10.1. Amedisys Inc.
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Brookdale Senior Living
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Sunrise Carlisle LP
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Home Instead Senior Care Inc.
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Atria Senior Living Group
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Senior Care Centers of America
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Extendicare Inc.
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Diversicare Healthcare Services Inc.
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
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