The
global Long-term Care Market size is
expected to reach USD 1.74 trillion by 2030, according to a new report by Grand
View Research, Inc. It is expected to expand at a CAGR of 6.62% from 2023 to
2030. The market is expected to grow primarily owing to the rising prevalence
of target diseases, especially Alzheimer’s and dementia, among the aging
population. In addition to this, increasing awareness about different long-term
care (LTC) facilities and increasing medical coverage for home healthcare are
likely to benefit the market growth.
Changing
healthcare scenarios has created new requirements in the market that define
target group preferences. As a result, the market has expanded with a wide
range of options to address financing and healthcare coordination. Furthermore,
an increase in life expectancy necessitates the use of LTC services. The
geriatric unmet requirements are also a factor in market expansion. Unnecessary
hospitalization is prevented with the provision of at-home services, reducing
healthcare expenditure and economic burden.
Due
to the COVID-19 pandemic, clinical visits have become more difficult and hence
home healthcare services & devices became an efficient alternative for
patients. Nonetheless, there was a shortage of few home healthcare products as
well leading to higher costs affecting the market growth. Nursing care and
assisted living facilities were severely impacted during the pandemic due to a
high patient pool, a shortage of healthcare professionals and supplies, high
mortality, and a reduced admission rate.
Related Press
Release@ Long-term
Care Market Report
Long-term Care Market Report Highlights
- In terms of
services, nursing care had the largest share in 2022 due to the large
number of facilities that provide LTC services, medical support, and
24-hour support
- The home
healthcare segment accounted for the second-largest share in the service
segment in 2022 due to increased awareness of such facilities, associated
cost savings compared to hospitalization and active health monitoring
- The hospice
and palliative care services segment is expected to grow rapidly during
the forecast period due to the increased incidence of Alzheimer's disease
and dementia and increased post-hospitalization services. In addition,
compensation provided by public and private insurance companies freed
residents from the out-of-pocket costs they had to pay.
- The pandemic
has hit the entire healthcare system, but the care facilities of the
younger and older generations' in-home care programs suffered
significantly
- North
America dominated the market in 2022. This is primarily due to advanced
health infrastructure, awareness of the benefits of home health services,
an increasing elderly population, and government support. About 13% of
people in the United States are 65 or older, and it is estimated that by
2050, one in six Americans will be at least 65 years old.
- Market
players are also undertaking several strategic initiatives such as service
portfolio expansion, partnership agreements, and mergers &
acquisitions to increase their market shares. For instance, In July 2021,
HCA Healthcare completed a USD400 million contract to acquire a majority
interest in Brookdale Senior Living's home health and hospice businesses,
as the hospital chain seeks to expand into the home health industry.
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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