The global long term care market size reached US$
1,018 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,461 Billion by 2028, exhibiting a growth rate (CAGR) of
6% during 2023-2028.
Long term care (LTC) assists individuals with functional or cognitive limitations in performing activities of daily living (ADLs), which include walking, grooming, bathing, dressing, eating, using the toilet, and moving around. It comprises conventional health services, such as the management of chronic geriatric conditions, rehabilitation, palliation, promotion, and preventative services. It is provided in private homes, adult day-care settings, residential care/assisted living facilities and nursing homes. At present, there is a rise in the geriatric population with diabetes, arthritis, pulmonary disease, age-related hearing loss, and cognitive illnesses like dementia and Alzheimer’s. As a result, the demand for LTC is escalating across the globe.
Long Term Care Market Trends:
At present, LTC facilities provide care to people with chronic conditions and multiple co-morbidities. This, coupled with the increasing number of children with down syndrome, cerebral palsy, and other developmental disorders, represents one of the key factors propelling the growth of the market. Besides this, younger adults are considerably at the risk of losing functional capacity on account of a rise in road accidents. Consequently, there is a rise in the demand for LTC as it offers continuity of care after discharge from a hospital, which is physician-directed care provided by licensed nurses and practitioners. Moreover, the increasing number of hospitalizations on account of the coronavirus disease (COVID-19) outbreak is positively influencing the market. Apart from this, LTC firms are utilizing safety technologies, such as nonslip footwear, hip protectors, wander management systems and call systems, for assistance. This, along with the rising awareness about the benefits of LTC insurance, is projected to strengthen the growth of the market in the forecasted period.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global long term care market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, gender and payer.
Breakup by Service:
- Home Healthcare
- Nursing Care
- Assisted Living Facilities
Breakup by Gender:
Breakup by Payer:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amedisys Inc., Atria Senior Living Inc. (Wickshire Senior Living), Brookdale Senior Living Inc., Diversicare Healthcare Services Inc., Extendicare Inc., Genesis HealthCare, Home Instead Inc. (Honor Technology Inc.), Kindred Healthcare (LifePoint Health Inc.), LHC Group Inc. (UnitedHealth Group Incorporated), Sonida Senior Living Corporation, Sunrise Senior Living (Revera Inc.) and Trinity Health.
|Base Year of the Analysis
||Service, Gender, Payer, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amedisys Inc., Atria Senior Living Inc. (Wickshire Senior Living), Brookdale Senior Living Inc., Diversicare Healthcare Services Inc., Extendicare Inc., Genesis HealthCare, Home Instead Inc. (Honor Technology Inc.), Kindred Healthcare (LifePoint Health Inc.), LHC Group Inc. (UnitedHealth Group Incorporated), Sonida Senior Living Corporation, Sunrise Senior Living (Revera Inc.) and Trinity Health
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