Latest News- Long-Term Care (Ltc) Market: Government is expected to lead the Type segment during 2024-2028

The Long-Term Care (Ltc) Market is being driven by Growing demand for long-term care from aging population

The Long-Term Care (Ltc) Market is expected to grow at a CAGR of 3.21% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 394.8 billion. In the healthcare sector, there is a significant transition occurring towards patient-centric service provision. This shift is marked by various developments, including the emergence of new vendors, the introduction of advanced treatment modalities, enhancements in infrastructure, and the availability of proficient healthcare professionals. The expanding patient base and escalating healthcare expenditures, driven by diagnostic services, hospital treatments, and post-hospitalization care, are fueling the expansion of healthcare domains. Consequently, the demand for long-term care services is surging. In response, vendors are investing in sophisticated laboratories, state-of-the-art patient facilities, and advanced medical equipment to cater to this burgeoning market. However, this growth presents challenges for the global long-term care market, particularly in terms of adapting to evolving patient needs and ensuring cost-effective solutions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Government
  • Public and private players
  • Out of the pocket
  • Private insurance
• Application
  • Nursing care and assisted living facilities
  • Home healthcare
  • Hospice
• End-User
  • Elderly (65+)
  • Younger Adults with Disabilities
  • Chronic Illness Patients
  • Dementia/Alzheimer’s Patients
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for long-term care from aging population
• Increase in healthcare budgets by governments
• Growing demand to prevent infections and ensure patient safety

However, the market also witnesses some limitations, which are as follows:

• Lack of skilled nursing staff for long-term care
• Poor infrastructure for long-term care
• Fraud associated with long-term care

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Market Scope in Long-Term Care (Ltc) Market Research Report

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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

According to Technavio's market research, the global long-term care market is a segment of the broader specialized consumer services market. This market encompasses the revenue generated by providers of various consumer services, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's analysis calculates the size of the global specialized consumer services market based on the revenues of these specialized service providers. The report excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines, leisure facilities, restaurants, and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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