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 6.62% during the forecast period. 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.
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Long-Term Care Market Report
Report Attribute Details
Market size value in 2023 — USD 1.11 trillion
Revenue forecast in 2030 — USD 1.74 trillion
Growth rate — CAGR of 6.62% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030
Report updated — August 2023
Long-term Care Market Report Highlights
- Based on the services, the nursing care segment held the largest market share in 2022, 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-hourmedical attention
- The public payer segment dominated the market in 2022 owing to the growing public spending for LTC, majorly in the LMIC’s
- North America held the largest revenue share in 2022 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 undertakestrategic initiatives, such as service portfolio expansion, partnership agreements, and mergers & acquisitions to increase their industry shares
Question: What's the scale of the long-term care market?
Answer: The global long-term care market was measured at approximately USD 1.05 trillion in 2022 and is anticipated to reach around USD 1.11 trillion in 2023.
Question: How is the long-term care market poised to progress?
Answer: The global long-term care market is set to advance with a compound annual growth rate of 6.62% from 2023 to 2030. This trajectory aims to position the market's value at USD 1.74 trillion by 2030.
