Top Emerging Trends Of Long-term Care Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on January 29th, 2024

San Francisco, 29 January 2024: The Report Long-term Care MarketSize, Share & Trends Analysis Report By Service (Nursing Care, Hospice & Palliative Care), By Payer (Public, Private), By Region (North America, Latin America), And Segment Forecasts, 2023 - 2030

The global long-term care market size is expected to reach USD 1.74 trillion by 2030, based on a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.62% during the forecast period. The growth of the market can be attributed to the rising prevalence of target diseases, especially Alzheimer’s and Dementia, and high unmet demand in low and middle-income countries (LMIC). Long-term care (LTC) provides specialized care for the elderly.The increasing awareness about LTC centers and their advantages over hospitals is expected to propel market growth. Almost all types of LTC services provide therapeutic services. Moreover, growing government initiatives to increase the adoption of and awareness about LTC are expected to drive the growth of the market over the forecast period.

For instance, in the U.S., government initiatives, such as Federal Long Term Care Insurance Program (FLTCIP), help seniors avail of LTC services and pay for these services. Moreover, the LTC insurance pilot project was started in 15 cities and regions in China with the support of the Ministry of Human Resources and Social Security. In 2020, additional 14 cities and regions were added to the project.The market is expected to benefit from the growing adoption of various new technologies and strategic initiatives. Telehealth technologies can enable LTC providers to avoid emergency admissions of their residents and provide medical aid by analysis of real-time patient data by doctors. Advancements in data science and artificialintelligence (AI) are also contributing to improving the quality of care in Long-term care (LTC) centers.

For instance, predictive AI can assist in recommending the best care solution based on previous data available with the service provider. Hence, developing sophisticated devices in LTC is expected to propel market growth during the forecast period.The COVID-19 pandemic has negatively impacted the market as elderly people were more vulnerable to the adverse effects of the virus, and their services reported several challenges globally. According to the article published in PubMed Central in June 2020, European Economic Area (EEA)/European Union (EU) countries reported around 37% to 66% of deaths related to COVID-19 in all total deaths in May 2020. With the increasing adoption of telehealth services and the adoption of advanced technologies, the market is expected to reach pre-pandemic levels.

A rise in the global geriatric population majorly drives the long term care (LTC) market. Moreover, an increase in life expectancy impels the need for services. The unmet needs of older adults also contribute to the industry growth over the forecast period. According to the article published in the BMC Journal in December 2022, around 10.4% of the elderly population globally had unmet needs for healthcare, including LTC. With the provision of personal care at home, unnecessary hospitalization is avoided, thus preventing the patients from its high cost and degrading quality of life. An increase in the population of older individuals is a major concern in many countries globally.

For Requesting a Sample Copy of This Report, Please Visit @https://www.grandviewresearch.com/industry-analysis/long-term-care-services-market/request/rs1

This has increased the pressure on the governments of these countries to provide them with services. Governments of these countries are reforming their healthcare systems to provide the services needed by senior citizens at affordable prices. The U.S. government supports LTC for elders through Medicare and Medicaid systems. These factors are expected to fuel the growth of the market during the forecast period. Chronic disease prevalence is increasing at a significant pace globally. Along with general age-related disability, the elderly also suffer from chronic diseases, such as cancer, diabetes, Alzheimer’s, dementia, heart problems, and mental stress. Hospitalization for chronic diseases could be expensive and entail unnecessary use of resources, which patients in critical conditions can utilize.

Long-term Care Market Report Highlights

• Based on the services, the nursing care segment held the largest market share in 2022, which can be attributed to the preference for care by the elderly and high demand from developing countries
• The hospice segment is anticipated to witness lucrative growth over the forecast period due to the increasing prevalence of chronic diseases and the rising need for 24-hourmedical attention
• The public payer segment dominated the market in 2022 owing to the growing public spending for LTC, majorly in the LMIC’s
• North America held the largest revenue share in 2022 on account of supportive government initiatives and a high preference for LTC
• The global market is fragmented owing to the presence of several profit & nonprofit players. These players undertakestrategic initiatives, such as service portfolio expansion, partnership agreements, and mergers & acquisitions to increase their industry shares

Long-term care (LTC) provides specialized services required by the elderly, and increasing awareness about these centers, as well as their advantages over hospitals, is expected to impel market growth.Another key factor driving the industry's growth is technological advancement in healthcare delivery. Initially, durable medical devices, such as wheelchairs, walkers, and safety blankets, were predominantly used for care management. During the forecast period, the market wasled by the development of sophisticated, user-friendly products and services, such as internet-enabled home monitoring, telemedicine, and mobile health apps.The COVID-19 pandemic negatively impacted the industry as older people were more susceptible to the virus, and many nations reduced or banned activities in LTC centers.

COVID-19 long-term care market impact: 5.2% growth from 2020 to 2021

According to the Organisation for Economic Co-operation and Development (OECD) article published in December 2021, around 40% of COVID-19 deaths in the OECD nations were at Long-term care (LTC) facilities. In addition, the nursing home sector was most affected by the pandemic due to the shortage of nursing staff. The market benefitted from the high adoption of various new technologies and strategic initiatives. Telehealth technologies can enable LTC providers to avoid emergency admissions of their residents and provide medical aid by analysis of real-time patient data by doctors. Increased adoption of telephonic consultation with doctors by patients during the COVID-19 pandemic createdgrowth opportunities in the market.

Long-term Care Market Report Scope

The market is fragmented owing to the presence of several profit & nonprofit players. Competitors in these markets are increasing their share through a variety of marketing strategies, including new service launches, geographic expansions, partnerships, and mergers & acquisitions. For instance, in May 2023, Omega Healthcare acquired 18 skilled nursing home facilities in West Virginia for USD 233 million.

List of Key Players of Long-term Care Market

• Brookdale Senior Living, Inc.
• Knight Health Holdings, LLC (Kindred Healthcare, Inc.)
• Almost Family, Inc. (LHC Group, Inc.)
• Sunrise Carlisle, LP (Sunrise Senior Living, LLC)
• Atria Senior Living Group
• Extendicare, Inc.
• Sonida Senior Living (Capital Senior Living)
• Diversicare
• Genesis HealthCare
• Home Instead, Inc.
• Amedisys