The global long term care services market size was USD 1.2 Trillion in 2022 and is expected to register a revenue CAGR of 7% over the forecast period, according to the latest report by Reports and Data.
The growing population of elderly individuals has resulted in an increased demand for long-term care services as they require more comprehensive assistance and care to maintain their well-being and independence. Additionally, the higher prevalence of chronic diseases such as cancer, diabetes, and heart conditions among the aging population is driving the need for long-term care services. Furthermore, the expansion of public support and supportive laws is also a significant factor in the growing need for long-term care services. Governments worldwide are taking measures to ensure access to long-term care services and encourage innovative care models.
Advancements in medical technology, such as telemedicine and remote monitoring, are driving growth in the long-term care services market. Additionally, there is a growing demand for home healthcare services as patients prefer the personalized and comforting care provided in a home setting. This trend has led to the development of new care models and technologies, such as remote patient monitoring and telehealth, which are expected to contribute to the continued growth of the long-term care services market in the coming years.
In addition, the market revenue growth for long-term care services is being fueled by a rise in private investment and mergers and acquisitions (MA) activity. Private equity firms and other investors are increasing their investments in this market due to the growing demand for these services and the potential for profitable returns. Furthermore, businesses are seeking to expand their services and reach by pursuing MA opportunities, leading to an increase in activity.
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Some Key Highlights from the Report
- During the forecast period, the home healthcare segment is expected to generate the most revenue, primarily due to the rising demand for long-term care services. These services provide medical assistance and aid with daily activities to individuals who require continuous care. The prevalence of chronic diseases, the aging population, and the increasing need for personalized care have contributed to the growth of the long-term care market. As a result, the demand for home healthcare services has also increased, allowing individuals to receive ongoing care for chronic illnesses in the comfort of their homes.
- During the forecast period, the public segment is expected to contribute the largest share of revenue in the healthcare industry. This includes health insurance plans that are funded by federal or state governments, which primarily cater to the needs of elderly people, those with certain chronic ailments or disabilities. The two major government-backed healthcare schemes in the US are Medicare and Medicaid. Medicare is designed for individuals aged 65 or above and those with specific health conditions, while Medicaid is a collaborative initiative between the federal and state governments aimed at providing health insurance to individuals with limited income and resources. These factors are driving the growth of the public sector in healthcare revenue.
- It is projected that North America will have the largest revenue share in the long-term care services market over the coming years, with the United States being the dominant player due to its significant aging population and rising healthcare costs. To encourage the use of long-term care services, the government is promoting care at home or in community-based settings and reducing the length of hospital stays.
- Some of the prominent players profiled in the global long term care services market include Kindred Healthcare, LLC, Brookdale Senior Living Solutions, Encompass Health Corporation, Extendicare Inc., Gentiva Health Services, Inc., Atria Senior Living Group, Home Instead Senior Care, Inc., Sunrise Senior Living, LLC, ResCare, Inc., Senior Care Centers of America, and LHC Group, Inc.
- In 2021, Brookdale Senior Living Solutions and HCA Healthcare, one of the largest hospital systems in the United States, announced a strategic partnership with the aim of improving patient outcomes and the quality of care provided to elderly individuals with serious medical conditions
- In 2020, Kindred Healthcare, LLC and Yuma Regional Medical Center entered into a strategic agreement to provide long-term acute care hospital services to patients in the Yuma, Arizona area. The goal of this collaboration is to improve patient outcomes and reduce hospital readmissions.
- Extendicare Inc. and Telemedicine Clinic (TMC) joined forces in 2020 to provide telemedicine services to patients residing in long-term care facilities. The aim of this strategic partnership is to enhance access to medical care for long-term care residents and reduce the number of hospital admissions.
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For the purpose of this report, Reports and Data has segmented the global long term care services market on the basis of Service Outlook, Payer Outlook, and Regional Outlook:
Payer Outlook (Revenue, USD Trillion; 2022 - 2032)
- Public
- Private
- Out-of-Pocket
Service Outlook (Revenue, USD Trillion; 2022 - 2032)
- Home Healthcare
- Hospice Palliative Care
- Nursing Care
- Assisted Living Facilities
- Others
Regional Outlook (Revenue, USD Trillion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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