South Korea Long Term Care Market

Market Overview:

South Korea long term care market size reached US$ 20.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.00% during 2024-2032. The rising number of children with cerebral palsy, down syndrome, and other developmental disorders is primarily augmenting the market growth across the country.

Long-term care (LTC) serves individuals facing functional or cognitive limitations in carrying out activities of daily living (ADLs), encompassing tasks like walking, grooming, bathing, dressing, eating, using the toilet, and mobility. LTC comprises a spectrum of health services, including the management of chronic geriatric conditions, rehabilitation, palliative care, as well as preventive services. It is delivered in various settings such as private homes, adult day-care facilities, residential care or assisted living facilities, and nursing homes. Currently, there is a growing elderly population grappling with conditions like diabetes, arthritis, pulmonary disease, age-related hearing loss, and cognitive disorders such as dementia and Alzheimer’s. Consequently, there is an increasing demand for long-term care services throughout the country.

South Korea Long Term Care Market Trends:

The South Korea long-term care market has emerged as a critical component in the nation's healthcare landscape, addressing the needs of individuals experiencing functional or cognitive limitations in their daily lives. LTC extends support for activities of daily living (ADLs), including walking, grooming, bathing, dressing, eating, using the toilet, and mobility. Additionally, this comprehensive care approach encompasses traditional health services such as managing chronic geriatric conditions, rehabilitation, palliative care, and preventive services. Long-term care in South Korea is provided across diverse settings to cater to the varied needs of the aging population. These settings include private homes, adult day-care facilities, residential care or assisted living facilities, and nursing homes. Moreover, the escalating demand for long-term care in South Korea is witnessing a notable increase due to the rising geriatric population facing conditions like diabetes, arthritis, pulmonary disease, age-related hearing loss, dementia, and Alzheimer's. As the demographic landscape shifts towards an aging society, the significance of long-term care in supporting the health and well-being of the elderly becomes increasingly apparent. The South Korea long-term care market is characterized by its commitment to addressing the evolving healthcare needs of the elderly population. It reflects the nation's dedication to providing comprehensive and quality care services, which is expected to fuel the regional market in the coming years.

South Korea Long Term Care Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on service, gender, and payer.

Service Insights:

• Home Healthcare
• Hospice
• Nursing Care
• Assisted Living Facilities
• Others
   

The report has provided a detailed breakup and analysis of the market based on the service. This includes home healthcare, hospice, nursing care, assisted living facilities, and others.

Gender Insights:

• Male
• Female
   

A detailed breakup and analysis of the market based on the gender have also been provided in the report. This includes male and female.

Payer Insights:

• Public
• Private
• Out-of-Pocket
   

The report has provided a detailed breakup and analysis of the market based on the payer. This includes public, private, and out-of-pocket.

Regional Insights:

• Seoul Capital Area
• Yeongam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Long Term Care Market Report Coverage:

Key Questions Answered in This Report:

• How has the South Korea long term care market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea long term care market?
• What is the breakup of the South Korea long term care market on the basis of service?
• What is the breakup of the South Korea long term care market on the basis of gender?
• What is the breakup of the South Korea long term care market on the basis of payer?
• What are the various stages in the value chain of the South Korea long term care market?
• What are the key driving factors and challenges in the South Korea long term care?
• What is the structure of the South Korea long term care market and who are the key players?
• What is the degree of competition in the South Korea long term care market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea long term care market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea long term care market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea long term care industry and its attractiveness.
• A competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.