Long Term Care Market to Grow at Highest Pace Owing to Increasing...

Long Term Care Market to Grow at Highest Pace Owing to Increasing Population of Elderly People Worldwide

Posted 2024-12-13 09:09:20

The long term care market provides a wide range of facilities and services to meet both medical as well as non-medical needs of people with disabilities and chronic illness, especially elderly people who are unable to independently perform the basic activities of daily living. The market offers assisted living facilities, nursing homes, hospice and home healthcare services. With rising life expectancy and declining birth rates, the number of elderly people is increasing rapidly worldwide which is increasing the demand for long term care services.

The global long term care market was valued at US$ 1,114.3 Bn in 2022 and is forecast to reach a value of US$ 1,607.83 Bn by 2030 at a CAGR of 4.7% between 2023 and 2030

Key Takeaways
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. The rising population of elderly people globally is creating strong demand for long term care services. According to the United Nations, there were 703 million people aged 65 years or over in the world in 2019 and it is projected to double to 1.5 billion in 2050. Technological advancements such as use of biosensors and telehealth solutions are helping improve the quality of long term care services and enable remote monitoring of patients.

Market Trends
Growing focus on in-home care: With rising healthcare costs, there is higher preference for in-home care services over institutional Long Term Care Market Trends. This is expected to drive growth of the in-home care segment.
Consolidation of players: Large players in the market are pursuing strategic acquisition strategies to strengthen their service portfolio and geographic presence globally. This is leading to increasing consolidation in the market.

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