The global Long-term Care Market size is expected to reach USD 1.74 trillion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.62% from 2023 to 2030. The market is expected to grow primarily owing to the rising prevalence of target diseases, especially Alzheimer’s and dementia, among the aging population. In addition to this, increasing awareness about different long-term care (LTC) facilities and increasing medical coverage for home healthcare are likely to benefit the market growth.
Changing healthcare scenarios has created new requirements in the market that define target group preferences. As a result, the market has expanded with a wide range of options to address financing and healthcare coordination. Furthermore, an increase in life expectancy necessitates the use of LTC services. The geriatric unmet requirements are also a factor in market expansion. Unnecessary hospitalization is prevented with the provision of at-home services, reducing healthcare expenditure and economic burden.
Due to the COVID-19 pandemic, clinical visits have become more difficult and hence home healthcare services & devices became an efficient alternative for patients. Nonetheless, there was a shortage of few home healthcare products as well leading to higher costs affecting the market growth. Nursing care and assisted living facilities were severely impacted during the pandemic due to a high patient pool, a shortage of healthcare professionals and supplies, high mortality, and a reduced admission rate.
Related Press Release@ Long-term Care Market Report
Long-term Care Market Report Highlights
- In terms of services, nursing care had the largest share in 2022 due to the large number of facilities that provide LTC services, medical support, and 24-hour support
- The home healthcare segment accounted for the second-largest share in the service segment in 2022 due to increased awareness of such facilities, associated cost savings compared to hospitalization and active health monitoring
- The hospice and palliative care services segment is expected to grow rapidly during the forecast period due to the increased incidence of Alzheimer's disease and dementia and increased post-hospitalization services. In addition, compensation provided by public and private insurance companies freed residents from the out-of-pocket costs they had to pay.
- The pandemic has hit the entire healthcare system, but the care facilities of the younger and older generations' in-home care programs suffered significantly
- North America dominated the market in 2022. This is primarily due to advanced health infrastructure, awareness of the benefits of home health services, an increasing elderly population, and government support. About 13% of people in the United States are 65 or older, and it is estimated that by 2050, one in six Americans will be at least 65 years old.
- Market players are also undertaking several strategic initiatives such as service portfolio expansion, partnership agreements, and mergers & acquisitions to increase their market shares. For instance, In July 2021, HCA Healthcare completed a USD400 million contract to acquire a majority interest in Brookdale Senior Living's home health and hospice businesses, as the hospital chain seeks to expand into the home health industry.
