The Long Term Care market is estimated to be valued at US$ 1,162.21 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Long term care includes a wide range of personal care, medical care, social services and other support services that help meet both the medical and non-medical needs of people who have limitations in daily living because of a chronic illness or disability. These services can be provided at home, in the community, or in various types of facilities, including nursing homes and assisted living facilities. Long term care aims to improve quality of life and address disabilities and limitations.
Market Dynamics:
Rising geriatric population globally is expected to drive growth of the long term care market. According to World Health Organization (WHO), the geriatric population is growing rapidly across regions. Globally, the number of people aged 60 years and older is expected to grow from 900 million in 2015 to 2 billion in 2050. This substantial increase in aging population will increase the prevalence of chronic diseases, thereby driving the demand for long term care.
Another key factor expected to aid the market growth is growing incidence of dementia. Dementia mainly includes conditions such as Alzheimer's disease, vascular dementia, dementia with Lewy bodies and fronto-temporal dementia. Dementia currently poses a major health and social challenge worldwide, with numbers ever increasing as the population ages. As per WHO, around 50 million people worldwide have dementia currently and there are nearly 10 million new cases every year. Thus, rising cases of dementia will further propel the long term care market growth over the forecast period.
SWOT Analysis
Strength: The long term care market provides support services to senior citizens and disabled individuals, helping them age with dignity. It offers companionship, supervision, medical care and assistance with everyday activities. It has highly skilled professionals to take care of residents' changing medical and personal care needs. Many facilities provide around-the-clock support.
Weakness: Long term care facilities are expensive, putting them out of reach for many individuals. Staff shortages are also common, affecting the quality of care. Regulations can vary significantly between jurisdictions.
Opportunity: Rising life expectancy and aging baby boomers are driving long term care needs upwards. There is scope to develop innovative remote care models using technologies. Partnerships with insurance providers can help make services more affordable.
Threats: Economic slowdowns may curb spending on long term care. Regulations can impose added costs. Stigma around living in care facilities still persists in some societies.
Key Takeaways
The global Long Term Care Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing life expectancy and the rising elderly population globally who require long term supervision and medical care. By 2030, the number of Americans over 65 is projected to grow to over 78 million.
Regional analysis: North America currently dominates the long term care market, accounting for around 45% revenue share in 2023. However, Asia Pacific is projected to grow at the fastest pace due to rapid aging populations in China and India. China in particular is expected to face a shortfall of over 10 million long term care jobs by 2050 to support its elderly.
Key players: Key players operating in the long term care market are Brookdale Senior Living Inc., Sunrise Senior Living, LLC, Kindred Healthcare, LLC, Genesis Healthcare, Home Instead, Inc., Senior Care Center, Capital Senior Living Corporation, and Diversicare Healthcare Services, Inc. among others. These companies offer a broad range of long term care options customized to individual needs from independent living to nursing home facilities.
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