Long-Term Care Market size is set to grow by USD 398.4 bn from 2023-2027, growing demand for long-term care from the aging population to boost the market growth, Technavio

NEW YORK, May 15, 2024 /PRNewswire/ -- The global long-term care market  size is estimated to grow by USD 398.4 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 3.33%  during the forecast period. 

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Key Market Trends Fueling Growth

The long-term care market is experiencing significant growth due to increased life expectancy, unmet needs of the elderly population, and rising prevalence of chronic diseases such as cancer, Alzheimer's, and dementia. Governments and healthcare systems are responding by expanding healthcare domains, including diagnostics, treatment, and post-treatment services. This expansion presents challenges, as the demand for long-term care services increases, leading to the development of sophisticated infrastructure, medical equipment, and skilled nursing staff. The nursing home sector, assisted living facilities, and home healthcare are key areas of focus, with an emphasis on patient safety, quality of care, and stringent regulations. Technological advancements, including durable medical devices, internet-enabled monitoring, telemedicine, and mobile health apps, are also transforming long-term care delivery. 

Market Challenges

 * Long-term care market faces numerous challenges in addressing the needs of geriatric populations and those with chronic illnesses
* Scarcity of primary care physicians and caretakers, particularly in geriatrics, exacerbated by a shortage of adequately trained nurses for long-term care sites
* Trend of nurses pursuing management roles leading to a lack of competent nursing staff
* Culture of working in isolation within the industry hinders prioritization of patient care
* Chronic diseases and multimorbidity prevalent among geriatric population, necessitating comprehensive care
* Long-term care facilities offer essential services for managing chronic illnesses, including physical and mental health conditions, medication management, and basic health services
* Older population, including those with disabilities, require competent nursing staff to address unique needs
* Government funding and commercial insurers play crucial roles in targeting demographic of sick, disabled, and chronically ill individuals
* Home healthcare and hospice care are alternative options for those who prefer care in their own homes
* Personal care services, such as dressing and assistance with daily living activities, are essential components of long-term care
* Informal caregivers, including unpaid family members, partners, friends, and neighbors, often play significant roles in caring for older adults
* Mental health counseling services vital for addressing emotional and psychological needs of residents and caregivers
* Technological advancements and software solutions integrated into long-term care facilities to improve efficiency and quality of care
* Staffing shortages, patient-oriented care, and leveraging technological innovations required to address challenges in long-term care market.

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Segment Overview 

This long-term care market report extensively covers market segmentation by

1. Application 
• 1.1 Nursing care and assisted living facilities
• 1.2 Home healthcare
• 1.3 Hospice
2. Type 
• 2.1 Government
• 2.2 Public and private players
• 2.3 Out of the pocket
• 2.4 Private insurance
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Nursing care and assisted living facilities-  The long-term care market is segmented by application into various categories, including nursing care for the sick, disabled, and elderly population with chronic ailments such as osteoporosis, hypertension, and diabetes. Commercial insurers play a significant role in this sector, providing coverage for counseling services, mental health, and hospice care. Nursing care, which includes skilled nursing facilities and hospice services, is a major component of the long-term care market, catering to individuals with complex medical needs and significant assistance requirements for activities of daily living. Healthcare providers offer nursing care services in institutions, adhering to stringent regulations to ensure quality of care and patient safety. Technologies and software, including durable medical devices like walkers and wheelchairs, safety blankets, internet-enabled monitoring, telemedicine, and mobile health apps, are increasingly utilized to enhance healthcare delivery. The elderly population, with a high prevalence of chronic diseases such as cancer, Alzheimer's, and dementia, and mental stress, often requires hospitalization and palliative care. Governments and healthcare systems worldwide are addressing the unmet needs of this demographic by investing in emerging alternatives to nursing homes, such as assisted living facilities and home healthcare services. The chronic disease prevalence, particularly heart problems, drives the demand for nursing care services, making it the second-largest segment of the global long-term care market.

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Research Analysis

The Long-Term Care (LTC) market caters to the unique healthcare needs of the geriatric population, who often grapple with chronic diseases such as cancer, heart problems, Alzheimer's, and Dementia. This population requires extensive care, including nursing homes, assisted living facilities, adult daycare, and home healthcare services. The LTC market addresses the unmet needs of this demographic, providing formal professional care as well as informal caregiver support. Chronic illnesses and multimorbidity necessitate long-term medication management, basic health services, and assistance with activities of daily living like dressing. Governments and healthcare systems worldwide recognize the importance of addressing the chronic disease prevalence in the elderly population and are investing in LTC solutions to improve overall quality of life.

Market Research Overview

The Long-Term Care (LTC) market refers to a range of services and supports designed to meet both the medical and non-medical care needs of individuals who have chronic illnesses or disabilities. These services aim to help individuals maintain their independence and improve their quality of life. The LTC market includes various types of care settings such as nursing homes, assisted living facilities, and home health care. The demand for LTC services is increasing due to an aging population and the rising prevalence of chronic conditions. The market is also driven by government initiatives and private insurance coverage. The LTC industry is expected to grow significantly in the coming years due to these factors. The caregivers in this sector provide essential services such as assistance with daily living activities, medication management, and medical care. They also offer social and emotional support to help individuals live comfortably and safely. The LTC market is a critical sector that plays a vital role in ensuring the health and well-being of individuals with chronic conditions and disabilities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Nursing Care And Assisted Living Facilities
• Home Healthcare
• Hospice
• Type
• Government
• Public And Private Players
• Out Of The Pocket
• Private Insurance
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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