Long-term Care Market To Reach USD 2.1 Trillion By 2032 | DataHorizzon Research
The long-term care market size was valued at USD 1.2 Trillion in 2023 and is expected to reach a market size of USD 2.1 Trillion by 2032 at a CAGR of 6.6%.
Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) --
The rise in the aging population is expected to propel the need for long-term care services
The long-term care market is witnessing significant growth driven by several key factors. One primary driver is the rapid aging of the global population, with the United Nations projecting that the proportion of older individuals will increase from 10% in 2022 to 16% by 2050. This demographic shift fuels a heightened demand for long-term care services, as older individuals often require assistance with daily activities and medical needs.
Furthermore, the increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders, and neurological conditions is contributing to the expansion of the long-term care market. These conditions frequently require ongoing care and support, further driving demand for long-term care services.
Technological advancements are also pivotal in driving market growth. Integrating digital health solutions, including remote monitoring devices, telehealth services, and electronic health records, facilitates more efficient and effective care delivery. These technologies enable better coordination among healthcare providers, improved patient outcomes, and reduced healthcare costs. Moreover, the development of assistive devices and smart home technologies is enhancing the quality of life for long-term care recipients, allowing them to maintain a greater level of independence while receiving necessary support.
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Segmentation Overview:
The long-term market has been segmented into service, payer, and region.
A public payer is the leading segment
The long-term care market's payer segment is divided into public, private, and out-of-pocket payers. Public payers, which include government-funded programs such as Medicaid and Medicare, are expected to hold a substantial share of the segment.
Assisted living facilities will remain influential throughout the forecast period.
The long-term care market, categorized by services, is segmented into home healthcare, hospice, nursing care, and assisted living facilities. Assisted living facilities are anticipated to command a substantial share of the service segment. This is attributed to their provision of comprehensive services, including housing, personal care assistance, and healthcare support. These facilities cater to an expanding demographic of elderly individuals who necessitate aid with daily activities but do not require the intensive medical attention provided in nursing homes.
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Long-term Care Market Report Highlights:
The long-term care market growth is anticipated at a CAGR of 6.6% by 2032.
Growing dependency on external medical care in the aging population is projected to drive the industry growth.
North America is the leading region for long-term care industry and is expected to retain a leading position in the forecast period.
Some prominent players in the long-term care market report include Brookdale Senior Living, Sunrise Senior Living, Atria Senior Living, Kindred Healthcare, Genesis HealthCare, Life Care Centers of America, Capital Senior Living, Five Star Senior Living, Erickson Living, Holiday Retirement, Ascension Living, Senior Lifestyle Corporation, and others.
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