Long-Term Care Market Size, Share, Opportunities, And Trends By Type Of Service (Home Healthcare, Nursing Care, Assisted Living Facilities, Hospice Care, Adult Day Care Services, Others), By Service Provider (Public Providers, Private Providers, Non-Profit Organizations, Others), By Age Group (Elderly, Adults, Pediatric), And By Geography - Forecasts From 2023 To 2028

The long-term care market is evaluated at US$1,050.102 billion for the year 2021 growing at a CAGR of 7.12% reaching the market size of US$1,699.203 billion by the year 2028.

The long-term care market is a vital area of the healthcare business, committed to providing comprehensive and specialised support to persons with chronic diseases, impairments, or those in need of prolonged care and assistance with everyday tasks. Long-term care is provided in a variety of settings, such as nursing homes, assisted living facilities, home health agencies, and community-based programmes. Global demand for long-term care services is increasing due to an ageing population and an increase in chronic health issues. The market's emphasis is on fostering independence, improving quality of life, and guaranteeing the physical, emotional, and social well-being of those who need long-term care. The long-term care market is seeing substantial growth and innovation as healthcare systems adjust to suit these changing requirements.

Prevalence of Chronic Diseases and Disabilities Enhances the Long-Term Care Market Growth

The prevalence of chronic diseases and disabilities has been a major growth driver in the long-term care market. Chronic health issues such as cardiovascular disease, diabetes, arthritis, and respiratory ailments are becoming more common as the world's population ages. These illnesses frequently need continuing medical treatment as well as support with everyday tasks, resulting in a greater demand for long-term care services. Furthermore, the growth in impairments as a result of accidents, injuries, and age-related disorders has increased the demand for specialised care and assistance. Long-term care facilities and services are critical in the management of chronic illnesses and disabilities, as well as in increasing patients' quality of life and maintaining their long-term health and well-being.

Growing Awareness and Demand for Long-Term Care Services in  Long-Term Care Market

Growing awareness and demand for long-term care services are being fueled by rising healthcare costs and an ageing population. According to a World Health Organisation (WHO) estimate, the worldwide population of people aged 60 and over is anticipated to nearly quadruple by 2050. Due to this demographic transition, there is a greater awareness of the need for long-term care to address age-related health concerns. Furthermore, according to an AARP survey, three out of every four Americans aged 50 and up prefer to get long-term care at home. As a result, there is a growing need for home-based care services and community-based long-term care programmes, which is contributing to the long-term care market's growth.

Advancements in Medical Technology and Treatment Modalities Boost the Long-Term Care Market.

Medical technology and treatment modalities advancements have transformed the long-term care market. Healthcare innovation has resulted in better diagnostic tools, more effective drugs, and sophisticated medical gadgets. Wearable health monitoring technologies, for example, offer remote patient monitoring, improving the quality of care for those with chronic illnesses. Furthermore, telehealth services enable healthcare specialists to conduct virtual consultations and personalised treatment regimens, making long-term care services more accessible. Furthermore, regenerative medicine and rehabilitation therapy have demonstrated encouraging results in terms of improving patients' functional outcomes and fostering independent living. These technological innovations have had a favourable influence on the long-term care environment, resulting in improved patient outcomes and raising the level of care offered in long-term care settings.

North America is the Market Leader in the Long-Term Care Market.

North America is regarded as the most important region in the long-term care market. A well-established healthcare system, supporting government policies, and a higher prevalence of chronic illnesses and disabilities among the ageing population all contribute to the region's leadership position. Furthermore, there is a greater awareness and acceptance of long-term care services in North America, with a diverse variety of institutions and programmes committed to providing comprehensive and specialised assistance to persons in need of long-term care. The availability of superior medical technologies and an increasing number of long-term care providers add to North America's dominance in the long-term care market.

Rising Need for Specialized Care for Alzheimer's and Dementia in Long-Term Care Market.

The growing need for specialised Alzheimer's and dementia care has become a major component in the long-term care market. According to the World Health Organisation (WHO), roughly 50 million individuals globally had dementia in 2020, with that figure anticipated to quadruple by 2050. As the world's population ages, so does the frequency of Alzheimer's disease and other kinds of dementia, demanding specialised care and support services. Long-term care facilities with skilled staff and specific programmes are critical in dealing with the unique issues that these cognitive impairments present. To address the rising requirements of afflicted persons and their families, the long-term care market is expanding to fulfil the need for specialised dementia care.

Key Developments:

• In November 2021, Signature HealthCARE and Genesis HealthCare collaborated to establish formal networks and build on pre-existing programs. This will facilitate greater collaboration during a pandemic and beyond
• In June 2023, Atria Management Company, a leading manager of senior living communities across the country, today announced a partnership with Amazon Alexa Smart Properties and the national deployment of Amazon's Echo Show 8 devices across its senior living brands, including Coterie, Atria Signature, Atria Senior Living, and Holiday by Atria. Atria is the first senior living firm to execute large-scale, countrywide Alexa Smart Properties deployments to allow smart home automation and automated resident involvement.
• In March 2022, Extendicare Inc. announced that it has entered into agreements for the ownership, operation, and redevelopment of long-term care homes in Ontario and Manitoba with Revera Inc. and its affiliates ("Revera") and Axium Infrastructure Inc. and its affiliates ("Axium"), a Canadian investment firm with a strong and enduring commitment to long-term care.

Company Products:

• Independent Living: Atria Senior Living provides independent living choices for seniors who want a carefree lifestyle with access to a variety of facilities and social events.
• Memory Care: Sunrise Senior Living offers memory care programmes for those suffering from Alzheimer's disease, dementia, or other memory-related disorders. These programmes provide a secure and organised environment that is tailored to the specific requirements of people with cognitive impairments.
• Skilled Nursing Care: Genesis Healthcare provides specialised nursing care services, including 24-hour medical care and assistance for those who have complicated medical requirements or are recuperating from surgery or illness.
• Assisted Living: Brookdale provides assisted living services, which include personalised care and support for seniors who may need assistance with everyday tasks but want to keep their independence.

Key Segment:

• By Type Of Service
  • Home Healthcare
  • Nursing Care
  • Assisted Living Facilities
  • Hospice Care
  • Adult Day Care Services
  • Others       
• By Service Provider
  • Public Providers
  • Private Providers
  • Non-Profit Organizations
  • Others
• By Age Group
  • Elderly
  • Adults
  • Pediatric
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain   
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others