LONG TERM CARE MARKET ANALYSIS

Long Term Care MarketSize and Trends

The global long term care market was valued at US$ 1,114.3 Bn in 2022 and is forecast to reach a value of US$ 1,607.83 Bn by 2030 at a CAGR of 4.7% between 2023 and 2030. The global long term care market is experiencing strong growth due to the growing burden of chronic diseases and growing geriatric (aging) population across the world. Moreover, increasing demand for long term care and increasing adoption of home healthcare is expected to boost the market growth. However, factors such as stringent rules and regulations and lack of skilled human resources are expected to hamper growth of the global long term care market.

Figure 1. Global Long Term Care Market Share (%), by Region, 2023

Figure 2. Global Long Term Care Market Share (%), by Services, 2023

Global Long Term Care Market Trends:

Preference for nursing home/care is a recent trend

Nursing home offers most extensive care a person can get outside a hospital. A nursing home/care is a place where elderly or disabled people can receive residential care. Several nursing homes are increasingly taking a more holistic approach to the long-term care. Thus, with the growing geriatric population and increasing number of nursing care facilities, the preference for nursing care is also increasing. This trend is expected to continue during the forecast period, driving the growth of the global long term care market.

Preference for home-based long-term care is another trend

Home-based long term care services are provided to older persons and persons with disabilities in their own homes and communities as an alternative to institutional (or nursing home) care. Home-based long-term care includes health, personal, and support services to help people stay at home and live as independently as possible. Long-term care is provided either in the home or at a family member's home. This trend is also expected to continue over the forecast period, driving the growth of the global long term care market.