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  • Long Term Care Market Growth Analysis | 2023-2028

    Long Term Care Market Growth Analysis | 2023-2028

    Long Term Care Market Growth Analysis | 2023-2028
    Report code - SRHL226 Delivery - 2 Weeks
    Long Term Care Market Size, Share, Trends, Forecast, & Growth Analysis - 2023-202 See more...

    Market Insights

    The long term care market was estimated at USD 903.33 billion in 2022 and is likely to grow at a CAGR of 6.89% during 2023-2028 to reach USD 1351.85 billion in 2028.

    Long-Term-Care-Market-Insights

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    What is long term care?

    Long term care is defined as a service aimed at meeting personal care or a person’s health care need for a long or short period. Long-term care services help the person to live his/her independently and safely when they are unable to do their daily routine activities on their own. These services are provided by various facilities at different places as per the individual’s needs.

    Covid-19 Impact

    The COVID-19 outbreak affected the elderly people living in long-term care facilities with a high impact on morbidity and mortality. The need for infection prevention and control measures increased to mitigate the impact of COVID-19 in long-term care facilities.

    Long Term Care Market Report Highlights

    Market Size in 2022

    USD 903.33 billion

    Market Size in 2028

    USD 1351.85 billion

    Market Growth (2023-2028)

    6.89% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major players in the global market are-

    • Brookdale Senior Living Solutions (The U.S)
    • Sunrise Senior Living, LLC (The U.S)
    • Capital Senior Living Corporation (The U.S)
    • Extendicare Inc. (Canada)
    • Diversicare Healthcare (The U.S)
    • Amedisys Home Health and Hospice Care (The U.S)
    • Senior Care Centers (The U.S)
    • Lincare Holdings Inc. (The U.S)
    • Atria Senior Living Inc. (The U.S)
    • Home Instead Senior Care (The U.S)

    Market Dynamics

    The prime factors that are contributing to the growth of the global market are-

    • The increasing elderly population coupled with increased spending on healthcare across geographies.
    • Extending life expectancy is also likely to result in increased demand for long-term healthcare facilities during the review period.
    • The growing prevalence of chronic diseases particularly among elders is expected to contribute to the market growth significantly.
    • Increasing awareness about long-term care facilities in developing economies is anticipated to create lucrative opportunities for the market players.

    Long-Term-Care-Market-Dynamics

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    Segment Analysis

    By Service Type

    The global market has been divided into home healthcare services, facility-based care services, community-based services, and others.

    The community-based services segment accounted for the largest share of more than 30% in 2022. Increasing demand for adult daycare facilities is likely to fuel the product demand at a significant rate during the forecast period.

    Regional Insights

    The market in North America dominated the market with a revenue share of more than 45% in 2022 due to the increasing geriatric population and the presence of various long-term healthcare facilities.

    The market in the Asia-Pacific region is projected to register a healthy growth rate during the forecast period, on account of the rising awareness among consumers and increasing government support.

    Long-Term-Care-Market-Regional-Insights

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    Critical Questions answered in the report -

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the global market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The long term care market is segmented into the following categories.

    By Service Type

    • Home healthcare services
    • Facility-based care services
    • Community-based services
    • Other

    By Gender Type

    • Male
    • Female

    By Payer Type

    • Public
    • Private
    • Out-of-Pocket

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Long-Term-Care-Market-Segmentation

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    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Long Term Care Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Long term care is defined as a service aimed at meeting personal care or a persons health care need for a long or short period. Long term care services help the person to live his/her independently and safely when they are unable to do their daily routine activities on their own. These services are provided by various facilities at different places as per the individuals needs.

    The long term care market was estimated at USD 903.33 billion in 2022.

    The long term care market is likely to reach USD 1351.85 billion in 2028.

    The long term care market is expected to grow at a CAGR of 6.89% during the forecast period.

    Some of the major players in the market are- Brookdale Senior Living Solutions (The U.S), Sunrise Senior Living, LLC (The U.S), Capital Senior Living Corporation (The U.S), Extendicare Inc. (Canada), Diversicare Healthcare (The U.S), Amedisys Home Health and Hospice Care (The U.S), Senior Care Centers (The U.S), Lincare Holdings Inc. (The U.S), Atria Senior Living Inc. (The U.S), Home Instead Senior Care (The U.S).

    North America dominated the market with a revenue share of more than 45% in 2022.

    The prime factor that is contributing to the growth of the market is the increasing elderly population coupled with increased spending on healthcare across geographies. Extending life expectancy is also likely to result in increased demand for long term healthcare facilities during the review period. The growing prevalence of chronic diseases particularly among elders is expected to contribute to the market growth significantly. Increasing awareness about long term care facilities in developing economies is anticipated to create lucrative opportunities for the market players.