NEW
YORK, May 15, 2024 /PRNewswire/ -- The
global long-term care market size is
estimated to grow by USD 398.4 bn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of over 3.33% during the forecast
period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Application (Nursing
care and assisted living facilities, Home healthcare, and Hospice),
Type (Government, Public and private players, Out of the pocket,
and Private insurance), and Geography (North America, Europe, APAC,
South America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Sunrise Senior Living
LLC, Wickshire Senior Living, Extendicare Canada Inc., Sonida
Senior Living Corp., Diversicare Healthcare Services Inc., Kindred
Health Holdings LLC, Genesis Healthcare Inc., Life Care Centers of
America Inc., Honor Technology Inc., Amedisys Inc., FCP Live In,
CareOne Management LLC, Illumifin Corp., Brookdale Senior Living
Inc., Abri Health Care Services LLC, SeniorLiving.org, and Revera
Inc.
|
Key Market Trends Fueling Growth
The long-term care market is experiencing significant growth due
to increased life expectancy, unmet needs of the elderly
population, and rising prevalence of chronic diseases such as
cancer, Alzheimer's, and dementia. Governments and healthcare
systems are responding by expanding healthcare domains, including
diagnostics, treatment, and post-treatment services. This expansion
presents challenges, as the demand for long-term care services
increases, leading to the development of sophisticated
infrastructure, medical equipment, and skilled nursing staff. The
nursing home sector, assisted living facilities, and home
healthcare are key areas of focus, with an emphasis on patient
safety, quality of care, and stringent regulations. Technological
advancements, including durable medical devices, internet-enabled
monitoring, telemedicine, and mobile health apps, are also
transforming long-term care delivery.
Market Challenges
* Long-term care market faces numerous challenges in
addressing the needs of geriatric populations and those with
chronic illnesses
* Scarcity of primary care physicians and caretakers, particularly
in geriatrics, exacerbated by a shortage of adequately trained
nurses for long-term care sites
* Trend of nurses pursuing management roles leading to a lack of
competent nursing staff
* Culture of working in isolation within the industry hinders
prioritization of patient care
* Chronic diseases and multimorbidity prevalent among geriatric
population, necessitating comprehensive care
* Long-term care facilities offer essential services for managing
chronic illnesses, including physical and mental health conditions,
medication management, and basic health services
* Older population, including those with disabilities, require
competent nursing staff to address unique needs
* Government funding and commercial insurers play crucial roles in
targeting demographic of sick, disabled, and chronically ill
individuals
* Home healthcare and hospice care are alternative options for
those who prefer care in their own homes
* Personal care services, such as dressing and assistance with
daily living activities, are essential components of long-term
care
* Informal caregivers, including unpaid family members, partners,
friends, and neighbors, often play significant roles in caring for
older adults
* Mental health counseling services vital for addressing emotional
and psychological needs of residents and caregivers
* Technological advancements and software solutions integrated into
long-term care facilities to improve efficiency and quality of
care
* Staffing shortages, patient-oriented care, and leveraging
technological innovations required to address challenges in
long-term care market.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This long-term care market report extensively covers market
segmentation by
- Application
- 1.1 Nursing care and assisted living facilities
- 1.2 Home healthcare
- 1.3 Hospice
- Type
- 2.1 Government
- 2.2 Public and private players
- 2.3 Out of the pocket
- 2.4 Private insurance
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Nursing care and assisted living
facilities- The long-term care market is segmented by
application into various categories, including nursing care for the
sick, disabled, and elderly population with chronic ailments such
as osteoporosis, hypertension, and diabetes. Commercial insurers
play a significant role in this sector, providing coverage for
counseling services, mental health, and hospice care. Nursing care,
which includes skilled nursing facilities and hospice services, is
a major component of the long-term care market, catering to
individuals with complex medical needs and significant assistance
requirements for activities of daily living. Healthcare providers
offer nursing care services in institutions, adhering to stringent
regulations to ensure quality of care and patient safety.
Technologies and software, including durable medical devices like
walkers and wheelchairs, safety blankets, internet-enabled
monitoring, telemedicine, and mobile health apps, are increasingly
utilized to enhance healthcare delivery. The elderly population,
with a high prevalence of chronic diseases such as cancer,
Alzheimer's, and dementia, and mental stress, often requires
hospitalization and palliative care. Governments and healthcare
systems worldwide are addressing the unmet needs of this
demographic by investing in emerging alternatives to nursing homes,
such as assisted living facilities and home healthcare services.
The chronic disease prevalence, particularly heart problems, drives
the demand for nursing care services, making it the second-largest
segment of the global long-term care market.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
Research Analysis
The Long-Term Care (LTC) market caters to the unique healthcare
needs of the geriatric population, who often grapple with chronic
diseases such as cancer, heart problems, Alzheimer's, and Dementia.
This population requires extensive care, including nursing homes,
assisted living facilities, adult daycare, and home healthcare
services. The LTC market addresses the unmet needs of this
demographic, providing formal professional care as well as informal
caregiver support. Chronic illnesses and multimorbidity necessitate
long-term medication management, basic health services, and
assistance with activities of daily living like dressing.
Governments and healthcare systems worldwide recognize the
importance of addressing the chronic disease prevalence in the
elderly population and are investing in LTC solutions to improve
overall quality of life.
Market Research Overview
The Long-Term Care (LTC) market refers to a range of services
and supports designed to meet both the medical and non-medical care
needs of individuals who have chronic illnesses or disabilities.
These services aim to help individuals maintain their independence
and improve their quality of life. The LTC market includes various
types of care settings such as nursing homes, assisted living
facilities, and home health care. The demand for LTC services is
increasing due to an aging population and the rising prevalence of
chronic conditions. The market is also driven by government
initiatives and private insurance coverage. The LTC industry is
expected to grow significantly in the coming years due to these
factors. The caregivers in this sector provide essential services
such as assistance with daily living activities, medication
management, and medical care. They also offer social and emotional
support to help individuals live comfortably and safely. The LTC
market is a critical sector that plays a vital role in ensuring the
health and well-being of individuals with chronic conditions and
disabilities.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Nursing Care And Assisted Living Facilities
- Home Healthcare
- Hospice
- Type
-
- Government
- Public And Private Players
- Out Of The Pocket
- Private Insurance
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio