Long-Term Care Services Market to Reach USD 2.21 Trillion by 2032, Driven by Aging Population and Rising Chronic Diseases: Reports and Data

The long-term care services market has witnessed significant growth in recent years, with its size reaching USD 1.2 trillion in 2022 and projected to reach USD 2.21 trillion by 2032, registering a revenue CAGR of 7% during the forecast period. This growth is being driven primarily by the aging population, rising prevalence of chronic diseases, and increasing demand for long-term care services. Elderly people require intensive care and support to maintain their health and independence, leading to a higher demand for long-term care services. The prevalence of chronic diseases like cancer, diabetes, and heart disorders among the aging population is also contributing to this demand.

Governments worldwide are taking steps to increase access to long-term care services and encourage the development of innovative care models, resulting in an additional factor contributing to market growth.

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Some of the major companies in the global long-term care services market are:

• Kindred Healthcare, LLC
• Brookdale Senior Living Solutions
• Encompass Health Corporation
• Extendicare Inc.
• Gentiva Health Services, Inc.
• Atria Senior Living Group
• Home Instead Senior Care, Inc.
• Sunrise Senior Living, LLC
• ResCare, Inc.
• Senior Care Centers of America
• LHC Group, Inc.

Technological advancements in healthcare, such as remote monitoring and telemedicine, are driving the expansion of the long-term care services market. Patients are increasingly choosing home-based care services due to their personalized and comfortable care environment. As a result, the market for long-term care services is projected to continue growing in the coming years, with the development of new care models and technologies, such as remote patient monitoring and telehealth.

Additionally, rising private investment and M&A activity are contributing to market revenue growth. Private equity firms and other investors are investing more in the long-term care services market due to the rising demand for these services and the potential for high returns. As businesses seek to expand their service reach and geographic coverage, M&A activity in the market is also increasing.

Segments Covered in the Report

The long-term care services market is segmented based on service outlook and payer outlook. Under the service outlook segment, the market is classified into home healthcare, hospice and palliative care, nursing care, assisted living facilities, and others. Home healthcare services are expected to drive market revenue growth due to the rising demand for personalized care in the comfort of one's own home. The hospice and palliative care segment is projected to grow as well, as the need for end-of-life care services increases with the aging population. The nursing care segment is also expected to experience significant growth as a result of the increasing prevalence of chronic diseases.

The assisted living facilities segment is expected to grow due to the rising demand for assisted living services for elderly individuals who require daily living assistance but do not require the intensive care provided in nursing homes. The others segment includes adult daycare centers, respite care, and other long-term care services.

In terms of the payer outlook segment, the market is classified into public, private, and out-of-pocket. Public payers, such as Medicare and Medicaid, are expected to remain the largest payers for long-term care services due to government efforts to provide access to healthcare services for all individuals, including the elderly and those with disabilities. Private payers, including private health insurance and long-term care insurance, are expected to play a significant role in driving market growth due to increasing private investment and M&A activity in the long-term care services market.

Finally, the out-of-pocket segment includes payments made by individuals and their families for long-term care services. The out-of-pocket segment is expected to remain significant as individuals continue to pay for long-term care services not covered by public or private payers. With the aging population and rising prevalence of chronic diseases, the demand for long-term care services is expected to continue to grow, making it a promising market for investors and service providers alike.

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Strategic development:

• Several companies in the healthcare industry have announced strategic partnerships and launched new programs in recent years to provide better care and services to seniors.
• Brookdale Senior Living Solutions partnered with HCA Healthcare in 2021 to provide specialized care for seniors with complex medical conditions. Extendicare Inc. partnered with Telemedicine Clinic in 2020 to provide telemedicine services to residents in their long-term care homes. These partnerships aim to improve access to medical care and reduce hospital admissions for long-term care residents.
• Kindred Healthcare, LLC partnered with Yuma Regional Medical Center in 2020 to provide long-term acute care hospital services to patients in the Yuma, Arizona area. This partnership aims to improve patient outcomes and reduce hospital readmissions. Encompass Health Corporation partnered with CareSouth Homecare Professionals in 2020 to expand their home health services in the southeastern U.S. and improve patient outcomes.
• Atria Senior Living Group partnered with K4Connect in 2020 to provide technology solutions for senior living communities, enhancing residents' quality of life and ability to connect with family and friends. Brookdale Senior Living Solutions launched Optimum Life in 2021, a new senior living community concept that focuses on holistic wellness to provide a higher quality of life for residents.
• Extendicare Inc. launched Extendicare Assist in 2021, a new virtual care program that provides residents in long-term care homes with access to virtual medical consultations and follow-up appointments. This program reduces the need for in-person visits and improves access to medical care. Encompass Health Corporation launched Rehab Without Walls in 2021, a new stroke rehabilitation program that provides in-home rehabilitation services to stroke patients, improving their ability to recover and return to their daily lives.
• Gentiva Health Services, Inc. launched Good to Go in 2020, a new hospice care program that provides specialized care for patients with life-limiting illnesses and their families, improving quality of life and reducing hospital readmissions. Atria Senior Living Group launched Life Guidance in 2020, a new memory care program aimed at enhancing the quality of life for residents with memory impairments.

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