Long-Term Care Market Size to grow by USD 398.4 billion between 2023-2027
According to a research report “ Long-Term Care Market” by 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)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 398.4 billion, at a CAGR of 3.33% during the forecast period. The aging population, due to the natural decline in immunity, is predisposed to various acute diseases such as hypertension, heart diseases, diabetes, chronic obstructive pulmonary disease (COPD), osteoarthritis, malignant neoplasms, dementia, and cerebrovascular diseases. To mitigate the prevalence of these conditions, long-term care services have gained significant popularity among the geriatric demographic. These services encompass a range of products, solutions, and care models, including home healthcare services, assisted living care, and home-based diagnosis. The geriatric population is particularly susceptible to both communicable and non-communicable diseases, making home healthcare services an increasingly preferred option. Furthermore, the geriatric population faces a higher risk of lifestyle diseases, such as cardiovascular diseases and diabetes, further emphasizing the importance of accessible long-term care solutions..
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By Application, the Nursing care and assisted living facilities segment is projected to dominate the market size in 2024
Nursing homes provide institutional care for individuals recuperating from acute illnesses or managing chronic medical conditions, necessitating skilled nursing care and assistance with activities of daily living. These facilities, which can be privately or publicly owned, have achieved significant market penetration and maintain high occupancy rates, making them the second-largest segment in the global long-term care market. However, monthly costs for nursing services are higher than those for assisted living due to the extensive personal care and constant medical attention required. Keywords: long-term care market, nursing homes, institutional care, chronic medical needs, skilled nursing care, activities of daily living, market penetration, occupancy rates, monthly costs, assisted living.
By Type, Government segment is expected to hold the largest market size for the year 2024
In the realm of long-term care services, governments assume a significant role as providers of last resort for citizens lacking the means to finance necessary care. The government's focus shifts towards financing traditional responsibilities, ensuring access to care for those financially incapable. This dynamic underscores the importance of long-term care planning in retirement, encouraging individuals to evaluate available alternatives. Concurrently, governments should collaborate with the private sector, employers, and insurers to bridge critical gaps in long-term care coverage. For instance, in India, healthcare expenditure reached 2.5% of the GDP, highlighting the necessity for comprehensive long-term care solutions.
North America is forecasted to hold the largest market size by region in 2024
The long-term care market in North America is experiencing significant growth due to the expanding aging population, increasing adoption of long-term care services, and heightened public awareness. The United States leads this region, characterized by high consumption rates and disposable income. The presence of numerous long-term care facilities, rehabilitation centers, home healthcare services, adult day cares, hospice services, and nursing homes in the US increases the market's potential for growth compared to regions like APAC and Europe. These extensive offerings cater to a diverse range of care requirements, further bolstering market expansion.
The Long-Term Care Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The long-term care market is a significant and growing sector of the healthcare industry, driven by the increasing prevalence of chronic diseases such as heart problems, dementia, Alzheimer's, and cancer among the elderly population. According to the World Health Organization, chronic diseases account for 71% of all deaths and 60% of the global burden of disease in people over 60 years old. Governments and healthcare systems are struggling to meet the unmet needs of this population, which often requires complex care for multimorbidity, mental illnesses, and physical illnesses. Long-term care services include hospices, nursing homes, adult day care, informal caregivers, formal professionals, and basic health services such as dressing and medication management. The long-term care market is diverse, with various types of care settings, including Assisted Living Facilities, Nursing Care, Home Healthcare, and Geriatric Population-specific services. The demand for long-term care is expected to increase as the population ages, and governments and healthcare systems must adapt to meet the needs of this growing population. Chronic diseases such as heart problems, dementia, Alzheimer's, and cancer require specialized care, and the long-term care market must adapt to meet these needs. The market is expected to grow significantly in the coming years, with a focus on improving quality of care, affordability, and accessibility for all.
Market Research Overview
The long-term care market encompasses a range of services and facilities designed to address the unique healthcare needs of the elderly population, particularly those with chronic diseases such as heart problems, cancer, dementia, Alzheimer's, diabetes, hypertension, osteoporosis, and other chronic ailments. Palliative care is a crucial component of long-term care, providing comfort and relief from mental and physical symptoms for patients with serious illnesses. Emerging alternatives to traditional long-term care include mobile health apps, telemedicine, and internet-enabled monitoring, which offer convenience and flexibility for patients and their caregivers. Stringent regulations ensure patient safety and quality of care in nursing homes, where competent nursing staff provide round-the-clock care for disabled and sick individuals. Governments and healthcare systems are increasingly investing in long-term care to meet the unmet needs of an aging population, with commercial insurers and government funding playing key roles in financing care. Safety blankets like wheelchairs, walkers, and durable medical devices are essential for maintaining independence and improving healthcare delivery technology. The target demographic for long-term care includes older adults with multimorbidity, mental illnesses, and physical illnesses, as well as informal caregivers, formal professionals, and neighbors, friends, and partners providing personal care. Adult daycare, assisted living facilities, nursing care, hospices, and home healthcare are among the various long-term care options available to meet the diverse needs of this growing population.
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