Strong Growth of Long Term Care Market Size Report, Share, Revenue, and Growth Rate Forecasted to 2031 | Sunrise Senior Living, LLC, Kindred Healthcare, LLC, Genesis Healthcare

The Long Term Care Market size is calculated at USD 1,114.3 billion in 2022 and is expected to reach around USD 1,607.83 billion by 2030, growing at a solid CAGR of 4.7% from 2023 to 2030.

Market Overview:

Long term care involves a variety of services designed to meet a person's health or personal care needs during a short or long period of time. These services help support individuals who need assistance with daily activities like bathing, dressing, eating, etc. due to illness, disability or cognitive impairment.

Market Dynamics:

Long term care market is expected to witness significant growth over the forecast period owing to rising geriatric population globally and increasing prevalence of chronic diseases. As per the United Nations estimations, the global geriatric population is expected to reach 1.5 billion by 2050, which is expected to further drive the demand for long term care services. Additionally, rising out-of-pocket healthcare spending is also fueling the market growth. For instance, according to National Investment Center data, the out-of-pocket spending on long term care is projected to grow from $36 billion in 2020 to over $46 billion by 2030.

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List of TOP Players in Market Report are: -

◘ Brookdale Senior Living Inc.
◘ Sunrise Senior Living LLC
◘ Kindred Healthcare LLC
◘ Genesis Healthcare
◘ Home Instead Inc.
◘ Senior Care Center
◘ Capital Senior Living Corporation
◘ Diversicare Healthcare Services Inc. among others.

Note: Major Players are sorted in no particular order.

Market Detailed Segmentation:

By Services: Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities, and Others

Population Aging is Driving Demand in Long Term Care Market

Long Term Care Market has been witnessing significant growth in demand due to aging population globally. People are living longer with improved lifestyle and medical facilities. The number of those aged 65 and above has risen dramatically over the past few decades and is projected to keep growing exponentially in the coming years. This aging population is more prone to chronic diseases, disabilities and loss of independence which calls for long term or post-acute care. As more and more seniors will require some form of long-term care in their later years, it is inevitable that this customer segment will continue expanding in size providing tailwinds to the overall long term care market.

Rising Healthcare Costs Pose Operational Challenges

While population aging is fueling demand, soaring healthcare costs have emerged as a major restrain for players in this space. Providing long term and post-acute care involves substantial capital and operational expenditure which is becoming difficult for individuals as well as facilities to afford. High costs associated with medical supplies, equipment, clinician wages, property expenses etc. have been putting pressure on operating margins. Tight regulatory compliance adds to operating difficulties. Reimbursements have not kept pace with actual costs in many countries placing financial burden on facilities. This cost crunch may limit the ability of seniors to access quality long term care they need as demand-supply imbalance widens.

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Digital Transformation Offers New Growth Avenues

Advent of digital technologies is opening up opportunities for key participants in long term care market to enhance service delivery and tap into new customer segments. Remote patient monitoring systems, telehealth solutions, AI-powered care coordination and predictive analytics can help overcome challenges of rising costs and resource crunch. These digital tools promote independent living, prevent hospital readmissions and improve health outcomes reducing overall healthcare burden. They allow seniors to age-in-place for longer with quality care. This digital transformation is disrupting traditional long term care models creating a favorable ground for cost-efficient, technology-driven care models to penetrate mainstream and drive future industry growth.

Shift Towards Home and Community Based Care is a Significant Trend

A discernible trend observed globally is the preference for home and community based long term care over institutional facilities like nursing homes. Both patients and governments are showing increasing inclination towards this model as it provides a more person-centered, flexible and affordable option. Community based settings enhance quality of life for seniors allowing them to stay engaged with their social circle for as long as possible. Many countries are undertaking policy reforms to shift program funding from institutions to home and community based services expanding the scope of this trend. This changing customer preference will support non-medical service providers to complement clinical long term care and substantially influence future direction of this industry.

Furthermore, the years considered for the study are as follows:

Historical data - 2016-2022
The base year for estimation - is 2022
Estimated Year - 2024
Forecast period** - 2024 to 2031

This Long Term Care Market Research/Analysis Report Contains Answers to your following Questions:

◈What are the current global trends in the Long Term Care market, and will the market experience an increase or decrease in demand in the upcoming years?

◈ What is the expected demand for various product types within the Long Term Care market, and what are the emerging Market applications and trends?

◈ What are the projections for the global Long Term Care Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?

◈ How will strategic developments shape the Market trajectory in the medium to long term?

◈ What factors contribute to the final price of Long Term Care , and what are the raw materials used in its manufacturing?

◈ What is the market's growth potential, particularly with the increasing adoption of Long Term Care in mining?

◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?

◈ What recent Market trends can be leveraged to create additional revenue streams?

◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Long Term Care Market?

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Summarized Extracts from TOC of Market Study

Chapter 1 Long Term Care Introduction and Market Overview

1.1 Objectives of the Study

1.2 Overview of Long Term Care

1.3 Scope of The Study

1.3.1 Key Market Segments

1.3.2 Players Covered

1.3.3 COVID-19's impact on the Long Term Care industry

1.4 Methodology of The Study

1.5 Research Data Source

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Market, by Type

Chapter 5 Market, by Application

Chapter 6 Market Analysis by Regions

Chapter 7 North America Market Analysis by Countries

Chapter 8 Europe Long Term Care Market Analysis by Countries

Chapter 9 Asia Pacific Long Term Care Market Analysis by Countries

Chapter 10 Middle East and Africa Long Term Care Market Analysis by Countries

Chapter 11 South America Long Term Care Market Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Market Forecast

Chapter 15 New Project Feasibility Analysis

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