Long-Term Care Market Projected to Grow at 7.2% CAGR, Crossing US$ 2168.1 Billion by 2032 | Market.us Research

New York, April 18, 2023 (GLOBE NEWSWIRE) — The increasing demand for the long-term care market, driven by changing demographics and an aging population, is expected to propel the long-term care market to exceed USD 2168.1 billion by 2032 from USD 1100.7 Billion in 2022. This market is estimated to reach a CARG of 7.2% between 2022 to 2032. The long-term care market refers to the many products and services offered to help people who have disabilities, and chronic illnesses which require support and care. This market provides services such as home health care, assisted living facilities, hospice care, and nursing homes. The driving factors for this market are the aging population, modern medical technology, and changing attitudes toward healthcare and aging.

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Key Takeaway:

• By service, in 2022, the long-term care market was dominated by the nursing care segment due to its increased demand in developing countries.
• By payer outlook, the public segment dominated the largest market share in payer outlook analysis and accounted for the largest revenue share 44% in the long-term care market in 2022.
• In 2022, North America dominated the market with the highest revenue share of 49.27%.
• APAC is anticipated to have the highest CAGR among all the regions.
• APAC is expected to grow at a greater pace owing to its rapidly growing aging population, demand for healthcare services, etc.

Factors affecting the growth of the long-term care industry

There are several factors that can have an impact on the growth of the long-term care industry. Some of these factors include:

• Aging Population: Aging population is one of the key factors for the growth of the long-term care market. Because as the population ages the demand for long-term care services also increases.
• Workforce Shortage: In this industry, there is a shortage of qualified healthcare workers such as home health aides personal care assistants, and nurses. This shortage may expect to continue in coming years, which could limit the industry’s growth.
• Government Regulations and Policies: Government policies and regulations may impact the growth of the long-term care industry such as Medicaid and Medicare reimbursement rates. Government rules also impacted the industry’s ability to provide services and care.
• Consumer Preferences: The choices of consumers for long-term care services may have an impact on the industry’s expansion. The market must change to accommodate consumer expectations for more individualized, higher-quality treatment.
• Technological Advancements: The effectiveness and efficiency of long-term care services can be increased because of technological developments like telemedicine and remote monitoring. The industry’s growth may be impacted by the adoption of new technology.

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Market Growth

The long-term care market has steadily risen in recent years and is anticipated to do so in the coming years. The key factors for the growth of this market are the aging population, increasing healthcare costs, rising prevalence of chronic diseases. Due to the COVID-19 pandemic, the importance of long-term care was increased and investment in this sector is also increasing. Governments also focus on improving the quality and access to care.

Regional Analysis

North America is estimated to be the most dominant market in the long-term care market, with the largest market share 49.27% in 2022 because of high healthcare spending, sophisticated healthcare infrastructure, and an aging population. In the U.S. and Canada, there are public and private long-term care facilities available such as home care organizations, nursing homes, etc.

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Scope of the Report

Market Drivers

The aging population is a major driver of the long-term care market because it increases the likelihood that people may develop chronic illnesses and impairments that call for continued support and care as they get older. The ability to live longer with chronic illnesses and impairments thanks to advances in medical technology has raised the need for long-term care services. The number of people living alone has increased as a result of changes in demographics and lifestyles, which has increased the demand for long-term care services. Government rules and policies also have an impact on the long-term care market by establishing standards for quality, regulating the sector, and providing funds.

Market Restraints

Long-term care also has some restraints in the global market which affect the growth of the long-term care market. The LTC market heavily relies on skilled healthcare workers which can make it difficult for long-term care providers to deliver quality care. The cost of long-term care services can high for many individuals and families. Many insurance plans like Medicare and Medicaid have limited coverage for long-term care services which can make it tricky for individuals to access the care they need.

Market Opportunities

The aging population is one of the key factors in the growing demand for the long-term care market because as the population age, there is an increase in the demand for long-term care services.

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Report Segmentation of the Long-Term Care Market

 Service Insight

The nursing care segment is the most lucrative in the global long-term care market, with a projected CAGR of 8.5%. The total revenue share of nursing care services in the long-term care market is 35.2% in 2022. Nursing care is increasing in developing countries due to the increasing aging population, and the prevalence of chronic diseases such as cancer, heart problems, etc. Nursing care is designed to help individuals who are unable to do their daily activities due to their age, illness, etc. So, the medical care provided by licensed nurses to individuals.

Payer Outlook Insight

The public segment dominates the long-term care market with the largest share of 44% in 2022. The public sector provides funds for long-term care in the form of Medicare in Canada and Medicaid in the US. In some countries, the public payer outlook is designed the providing care and support to low-income and unprotected populations which may not be able to afford private care.

Recent Development of the Long-Term Care Market

• In November 2021- Brookdale Senior Living Inc., one of the largest operators of senior living communities in the U.S., announced that it had sold its home health and hospice business to HCA Healthcare.
• In December 2021- Amedisys Inc., a leading home healthcare and hospice services provider announced that it had acquired Contessa Health, a specializes in providing hospital-level care in patient’s homes.

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Market Segmentation

Based on Service

• Home Healthcare
• Hospice & Palliative Care
• Nursing Care
• Assisted Living Facilities
• Other Services

Based on Payer Outlook

• Public
• Private
• Out of Pocket

By Geography

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

Major players are continuously focusing on providing specialized services to the people or focusing on a specific market segment or demographic area. The factors affecting the long-term care market are reputation, geographic reach, cost, and quality care. The demand for these services is increasing day by day so, the competition among providers is also rising and leading to development, investment, and innovation in the sector.

Some of the major players include:

• Brookdale Senior Living Inc.
• Sunrise Carlisle LP
• Atria Senior Living Group
• Extendicare Inc.
• Capital Senior Living
• Diversicare Healthcare Services Inc.
• Kindred Healthcare Inc.
• Genesis Healthcare Corp.
• Senior Care Centers of America
• Home Instead Senior Care Inc.
• Amedisys Inc.
• Other Key Players

Related Reports:

• Long term care devices market size was valued at USD 141.4 billion in 2018 and is expected to grow at a CAGR of 8.5% over the forecast period
• Long-term care software market was valued at US$ 1,833 million in 2018 and is projected to increase significantly at a CAGR of 12.5% from 2019 to 2028.
• Long-term acute care market size was valued at over USD 300 billion in 2022 and is poised to depict more than 6.5% CAGR from 2023 to 2032
• Point of care diagnostics market size is expected to be worth around USD 85.8 million by 2032 from USD 40.9 million in 2022, growing at a CAGR of 7.95% during the forecast period from 2022 to 2032.
• Medical Crutches Market size is expected to be worth around USD USD 1,205.8 Mn by 2032 from USD 695.9 Mn in 2022, growing at a CAGR of 5.8% during the forecast period from 2022 to 2032.
• Thermometer Market size is expected to be worth around USD 3.14 Bn by 2032 from USD 1.39 Bn in 2022, growing at a CAGR of 8.7% during the forecast period from 2022 to 2032.

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