Long Term Care Market 2023: Industry Trends, Analysis and Forecast Report 2028

IMARC Group's report titled "Long Term Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global long term care market size reached US$ 1,018 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,461 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.

For an in-depth analysis, you can refer sample copy of the report : https://www.imarcgroup.com/long-term-care-market/requestsample

Factors Affecting the Growth of the Long-Term Care Industry:

• Aging Population:

One of the primary drivers of the long-term care market is the global demographic shift towards an aging population. The baby boomer generation is entering its senior years, contributing to a substantial increase in the elderly demographic. Longer life expectancy and improved healthcare have resulted in more seniors requiring long-term care services. This demographic trend necessitates a broader spectrum of long-term care options, including skilled nursing facilities, assisted living, and in-home care, to cater to the diverse healthcare needs of seniors. As the aging population continues to grow, there is a rise in demand for these services, driving the expansion and innovation within the long-term care sector.

• Prevalence of Chronic Diseases:

The rising prevalence of chronic diseases and disabilities is a significant driver of the long-term care market. Conditions such as Alzheimer's disease, diabetes, cardiovascular disorders, and mobility limitations often require ongoing care and support. Long-term care services play a crucial role in providing specialized care for individuals with chronic health conditions, offering rehabilitation, medication management, and assistance with daily activities. As these chronic diseases become more prevalent, there has been a rise in demand for long-term care services tailored to managing and addressing these conditions, driving the growth of the market.

• Shift Toward Home and Community-Based Care:

There is a notable shift in preference toward home and community-based care options over traditional institutional care settings. Many individuals, especially seniors, prefer to receive care in the comfort of their homes or within familiar community environments. This shift is driven by a desire for independence, personalization of care, and cost-effectiveness. Long-term care providers are adapting to this trend by offering a wider range of services that enable individuals to age in place or receive care within their communities. This change in care delivery models aligns with the evolving healthcare landscape and consumer preferences, contributing to the growth and diversification of the long-term care market.

Leading Companies Operating in the Global Long Term Care Industry:

• Amedisys Inc.
• Atria Senior Living Inc. (Wickshire Senior Living)
• Brookdale Senior Living Inc.
• Diversicare Healthcare Services Inc.
• Extendicare Inc.
• Genesis HealthCare
• Home Instead Inc. (Honor Technology Inc.)
• Kindred Healthcare (LifePoint Health Inc.)
• LHC Group Inc. (UnitedHealth Group Incorporated)
• Sonida Senior Living Corporation
• Sunrise Senior Living (Revera Inc.)
• Trinity Health

Long Term Care Market Report Segmentation:

By Service:

• Home Healthcare
• Hospice
• Nursing Care
• Assisted Living Facilities
• Others

Nursing care represented the leading segment due to the critical role it plays in providing comprehensive medical care, rehabilitation, and support to individuals with complex healthcare needs in long-term care settings.

By Gender:

• Male
• Female

Based on the gender, the market has been bifurcated male and female.

By Payer:

• Public
• Private
• Out-of-Pocket

Based on the payer, the market has been categorized into public, private, and out-of-pocket.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the long-term care market is attributed to its well-established healthcare infrastructure, a substantial aging population, and robust government support and funding for long-term care services.

Global Long Term Care Market Trends:

The global long term care market is primarily driven by the aging global population, particularly the baby boomer generation, as it increases the demand for long-term care services and facilities. Apart from this, the rising prevalence of chronic diseases and disabilities that necessitate extended healthcare and support is positively influencing market growth. Additionally, the rapid shift toward home and community-based care options, driven by both patient preference and cost-effectiveness, is propelling market growth.

Furthermore, advancements in healthcare technologies and telemedicine are enhancing the delivery of long-term care services, making them more accessible and efficient. These drivers collectively underscore the increasing importance of the long-term care market in meeting the evolving healthcare needs of aging populations, making it a vital focus for market research and consulting services in the healthcare sector.

Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

This release was published on openPR.