Long Term Care Market Growth Analysis | 2023-2028

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.

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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.

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.

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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.

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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)

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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?

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.