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Long Term Care Market Size is Forecasted to Reach US$ 1,838.38 Billion by 2030

In 2022, the long term care market study by Precedence Research provides crucial information on market share, market size, growth rate analysis Y-O-Y  for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.

The global long term care market size is forecasted to reach from US$ 1047.85 billion in 2021 to US$ 1,838.38 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 6.4% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The long term care market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decision to sustain growth through the assessment period.

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The long term care market is predicted to rise as the global geriatric population opts for long term care services, particularly in developed economies. The use of new healthcare information technologies in these services will increase demand for long term care. The long term care market will expand in the next years as a result of ongoing developments and the implementation of novel technologies.

On the other hand, the constraints such as the high cost of long term care services and a lack of knowledge in developing economies may hinder the growth of long term care market. The market potential is boosted by the growing elderly population and the rising frequency of chronic illnesses and impairments in emerging countries.

However, in the emerging countries, a lack of awareness of long term care could stifle the industry’s growth. Because of the high cost of long term care and the lack of national policies by national regulatory authorities, there is a lack of knowledge in the market.

Scope of the Long Term Care Market

Report Coverage Details
Market Size in 2021 USD 1047.85 Billion
Growth Rate From 2021 to 2030 CAGR of 6.4%
Revenue Projection by 2030 USD 1,838.38 Billion
Largest Market North America
Fastest Growing Market Asia Pacific
Segments Covered Segments Covered

Competitive Landscape Analysis:

Some of the leading companies operating in the long term care market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Major companies operating in this report are

  • Amedisys Inc.
  • Brookdale Senior Living
  • Sunrise Carlisle LP
  • Home Instead Senior Care Inc.
  • Atria Senior Living Group
  • Senior Care Centers of America
  • Extendicare Inc.
  • Diversicare Healthcare Services Inc.
  • Kindred Healthcare Inc.
  • Capital Senior Living

Market Dynamics

Drivers

Growing geriatric population

Every country across the globe is seeing population growth, as well as an increase in the number of people aged 65 and up. By 2030, one in every six persons around the world will be 60 years old. The number of people aged 60 and up will rise from 1 billion in 2020 to 1.4 billion by 2050. The percentage of old age people had increased over a period of time. Because elderly people tend to congregate in a few areas within each country, a small number of regions will experience a variety of unique social and economic issues as a result of population ageing. Thus, this also have impact on the market growth in such regions. As a result, the growing geriatric population is driving the market growth.

Restraints

High cost of long term care services

The long term care services cannot be afforded by everyone. The long term care services are for the old age people. This kind of people is mostly retired from their workplace or jobs. The cost of long term care service is high, and cannot be afforded by elderly people. This cost includes the charges of caregiver, transportation costs, and maintenance costs of caregivers. As a result, the high cost of long term care services is the restricting factor for the growth of long term care service market during the forecast period.

Opportunities

Rising prevalence of diabetes and cancer

According to World Health Organization (WHO), around 500 million people are suffering from diabetes. The rate of cancer has increased since a decade. The diabetes and cancer patients need utmost care. The people who are alone or does not live with their family or friends, require proper care. If this illness is not cured on time, it can also result in death of that individual. The proper diet and medication is required during the time of these diseases. Thus, the rising prevalence of diabetes and cancer is creating lucrative opportunities for the growth of long term care market during the forecast period.

Challenges

Lack of awareness

The long term care services are not popular in the developing regions such as Asia-Pacific and South Africa. The concept of old age home is very trendy in these regions, but no one is aware about the long term care services. One of the primary reasons for death of old age people are lack of long term care services in these regions. Thus, the lack of awareness is the huge challenge for the growth of long term care market.

Regional Snapshot

North America is the largest segment for long term care market in terms of region. Government of the North America encourage the adoption of long term care services by enacting favorable laws, such as U.S. national social insurance schemes.

Asia-Pacific region is the fastest growing region in the long term care market. several variables are responsible for the growth of long term care market in Asia-Pacific region, including a large target population, expensive healthcare, and long term care expenditure, and increase of chronic illnesses across the region.

Report Highlights

  • Based on the services, the nursing care segment dominated the global long term care market in 2020 with highest market share.Due to growing ageing population there has been an increase in the need for nursing care in recent years. The rising need for better healthcare, as well as the rising incidence of diseases like cancer and diabetes, are some of the important reasons driving the nursing care segment growth.

Segments Covered in the Report

By Services

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

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global long term care market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for long term care are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Long Term Care Market 

5.1. COVID-19 Landscape: Long Term Care Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Long Term Care Market, By Services

8.1. Long Term Care Market, by Services Type, 2020-2027

8.1.1. Product Offering

8.1.1.1. Market Revenue and Forecast (2016-2027)

8.1.2. Hospice

8.1.2.1. Market Revenue and Forecast (2016-2027)

8.1.3. Nursing Care

8.1.3.1. Market Revenue and Forecast (2016-2027)

8.1.4. Assisted Living Facilities

8.1.4.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Long Term Care Market, Regional Estimates and Trend Forecast

9.1. North America

9.1.1. Market Revenue and Forecast, by Services (2016-2027)

9.1.2. U.S.

9.1.3. Rest of North America

9.1.3.1. Market Revenue and Forecast, by Services (2016-2027)

9.2. Europe

9.2.1. Market Revenue and Forecast, by Services (2016-2027)

9.2.2. UK

9.2.2.1. Market Revenue and Forecast, by Services (2016-2027)

9.2.3. France

9.2.3.1. Market Revenue and Forecast, by Services (2016-2027)

9.2.4. Rest of Europe

9.2.4.1. Market Revenue and Forecast, by Services (2016-2027)

9.3. APAC

9.3.1. Market Revenue and Forecast, by Services (2016-2027)

9.3.2. India

9.3.2.1. Market Revenue and Forecast, by Services (2016-2027)

9.3.3. China

9.3.3.1. Market Revenue and Forecast, by Services (2016-2027)

9.3.4. Japan

9.3.4.1. Market Revenue and Forecast, by Services (2016-2027)

9.3.5. Rest of APAC

9.3.5.1. Market Revenue and Forecast, by Services (2016-2027)

9.4. MEA

9.4.1. Market Revenue and Forecast, by Services (2016-2027)

9.4.2. GCC

9.4.2.1. Market Revenue and Forecast, by Services (2016-2027)

9.4.3. North Africa

9.4.3.1. Market Revenue and Forecast, by Services (2016-2027)

9.4.4. South Africa

9.4.4.1. Market Revenue and Forecast, by Services (2016-2027)

9.4.5. Rest of MEA

9.4.5.1. Market Revenue and Forecast, by Services (2016-2027)

9.5. Latin America

9.5.1. Market Revenue and Forecast, by Services (2016-2027)

9.5.2. Brazil

9.5.2.1. Market Revenue and Forecast, by Services (2016-2027)

9.5.3. Rest of LATAM

9.5.3.1. Market Revenue and Forecast, by Services (2016-2027)

Chapter 10. Company Profiles

10.1. Amedisys Inc.

10.1.1. Company Overview

10.1.2. Product Offerings

10.1.3. Financial Performance

10.1.4. Recent Initiatives

10.2. Brookdale Senior Living

10.2.1. Company Overview

10.2.2. Product Offerings

10.2.3. Financial Performance

10.2.4. Recent Initiatives

10.3. Sunrise Carlisle LP

10.3.1. Company Overview

10.3.2. Product Offerings

10.3.3. Financial Performance

10.3.4. Recent Initiatives

10.4. Home Instead Senior Care Inc.

10.4.1. Company Overview

10.4.2. Product Offerings

10.4.3. Financial Performance

10.4.4. Recent Initiatives

10.5. Atria Senior Living Group

10.5.1. Company Overview

10.5.2. Product Offerings

10.5.3. Financial Performance

10.5.4. Recent Initiatives

10.6. Senior Care Centers of America

10.6.1. Company Overview

10.6.2. Product Offerings

10.6.3. Financial Performance

10.6.4. Recent Initiatives

10.7. Extendicare Inc.

10.7.1. Company Overview

10.7.2. Product Offerings

10.7.3. Financial Performance

10.7.4. Recent Initiatives

10.8. Diversicare Healthcare Services Inc.

10.8.1. Company Overview

10.8.2. Product Offerings

10.8.3. Financial Performance

10.8.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research

11.2. Secondary Research

11.3. Assumptions

Chapter 12. Appendix

12.1. About Us

12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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