Long-Term Care Market Size, Share & Trends Analysis Report By Service (Nursing Care, Hospice, Assisted Living Facilities, Home Healthcare), By Payer (Public, Private, Out-of-Pocket), By Region, And Segment Forecasts, 2024 - 2030
Long-Term Care Market Size, Share & Trends Analysis Report By Service (Nursing Care, Hospice, Assisted Living Facilities, Home Healthcare), By Payer (Public, Private, Out-of-Pocket), By Region, And Segment Forecasts, 2024 - 2030
Long-Term Care Market Growth & Trends
The global long-term care market size is expected to reach USD 1.74 trillion by 2030, based on a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.68% from 2024 to 2030. The growth of the market can be attributed to the rising prevalence of target diseases, especially Alzheimer’s and Dementia, and high unmet demand in low and middle-income countries (LMIC). Long-term care (LTC) provides specialized care for the elderly.The increasing awareness about LTC centers and their advantages over hospitals is expected to propel market growth. Almost all types of LTC services provide therapeutic services. Moreover, growing government initiatives to increase the adoption of and awareness about LTC are expected to drive the growth of the market over the forecast period.
For instance, in the U.S., government initiatives, such as Federal Long Term Care Insurance Program (FLTCIP), help seniors avail of LTC services and pay for these services. Moreover, the LTC insurance pilot project was started in 15 cities and regions in China with the support of the Ministry of Human Resources and Social Security. In 2020, additional 14 cities and regions were added to the project.The market is expected to benefit from the growing adoption of various new technologies and strategic initiatives. Telehealth technologies can enable LTC providers to avoid emergency admissions of their residents and provide medical aid by analysis of real-time patient data by doctors. Advancements in data science and artificialintelligence (AI) are also contributing to improving the quality of care in Long-term care (LTC) centers.
For instance, predictive AI can assist in recommending the best care solution based on previous data available with the service provider. Hence, developing sophisticated devices in LTC is expected to propel market growth during the forecast period.The COVID-19 pandemic has negatively impacted the market as elderly people were more vulnerable to the adverse effects of the virus, and their services reported several challenges globally. According to the article published in PubMed Central in June 2020, European Economic Area (EEA)/European Union (EU) countries reported around 37% to 66% of deaths related to COVID-19 in all total deaths in May 2020. With the increasing adoption of telehealth services and the adoption of advanced technologies, the market is expected to reach pre-pandemic levels.
Long-Term Care Market Report Highlights
Based on the services, the nursing care segment held the largest market share in 2023, which can be attributed to the preference for care by the elderly and high demand from developing countries
The hospice segment is anticipated to witness lucrative growth over the forecast period due to the increasing prevalence of chronic diseases and the rising need for 24-hour medical attention
The public payer segment dominated the market in 2023 owing to the growing public spending for LTC, majorly in the LMIC’s
North America held the largest revenue share in 2023 on account of supportive government initiatives and a high preference for LTC
The global market is fragmented owing to the presence of several profit & nonprofit players. These players undertake strategic initiatives, such as service portfolio expansion, partnership agreements, and mergers & acquisitions to increase their industry shares
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Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.1.1. Segment Definitions
1.1.1.1. Service Segment
1.1.1.2. Payer Segment
1.2. Regional Scope
1.3. Estimates and Forecast Timeline
1.4. Objectives
1.4.1. Objective - 1
1.4.2. Objective – 2
1.5. Research Methodology
1.6. Information Procurement
1.6.1. Purchased Database
1.6.2. GVR’s Internal Database
1.6.3. Secondary Sources
1.6.4. Primary Research
1.7. Information or Data Analysis
1.7.1. Data Analysis Models
1.8. Market Formulation & Validation
1.9. Model Details
1.9.1. Commodity Flow Analysis
1.10. List of Primary Sources
1.11. List of Abbreviations
Chapter 2. Long-term Care Market: Executive Summary
2.1. Market Snapshot
2.2. Services and Payer Snapshots
2.3. Competitive Landscape Snapshot
Chapter 3. Long-term Care Market Variables, Trends, & Scope
3.1. Market Segmentation and Scope
3.2. Market Lineage Outlook
3.2.1. Parent Market Outlook
3.2.2. Related/Ancillary Market Outlook
3.3. Market Dynamics
3.4. Market Drivers Analysis
3.4.1. Growing geriatric population
3.4.2. Growing prevalence of neurological disorders
3.4.3. Favorable long term care insurance plans
3.4.4. Increasing government involvement in therapeutic and vaccination in LTC facilities
3.5. Market Restraint Analysis
3.5.1. Lack of skilled human resources
3.5.2. Stringent regulations
3.5.3. Lower remunerations
3.6. Long-term Care Market Analysis Tools
3.6.1. Industry Analysis – Porter’s
3.6.1.1. Supplier Power
3.6.1.2. Buyer Power
3.6.1.3. Substitution Threat
3.6.1.4. Threat of New Entrant
3.6.1.5. Competitive Rivalry
3.6.2. PESTLE Analysis
3.6.2.1. Political Landscape
3.6.2.2. Technological Landscape
3.6.2.3. Economic Landscape
3.6.3. Pricing Analysis
Chapter 4. Long-term Care: Service Estimates & Trend Analysis
4.1. Service Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. Global Long-term Care Market by Service Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 For The Following
4.4.1. Home Healthcare
4.4.1.1. Market Estimates and Forecasts 2018 to 2030 (USD Billion)
4.4.2. Hospice
4.4.2.1. Market Estimates and Forecasts 2018 to 2030 (USD Billion)
4.4.3. Nursing Care
4.4.3.1. Market Estimates and Forecasts 2018 to 2030 (USD Billion)
4.4.4. Assisted Living Facilities
4.4.4.1. Market Estimates and Forecasts 2018 to 2030 (USD Billion)
4.4.5. Others
4.4.5.1. Market Estimates and Forecasts 2018 to 2030 (USD Billion)