SkyQuest projects that the long-term care market will attain a USD 1.74 trillion value by 2030, with a CAGR of 6.62% over the forecast period (2023-2030). The global shift towards an aging population fuels demand for long-term care services, driving market growth. As life expectancy increases, more individuals require extended care, creating opportunities for facilities, in-home services, and technology solutions.
Westford,USA, Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, escalating prevalence of chronic diseases necessitates ongoing care. This trend fosters the expansion of long-term care options, including specialized facilities and telehealth services, to manage conditions like diabetes, cardiovascular diseases, and dementia.
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Pages - 260
Tables - 90
Figures – 76
Governments worldwide are implementing policies to address the growing long-term care needs. Financial incentives, regulatory frameworks, and public-private partnerships encourage investments in the sector, promoting innovation, affordability, and accessibility for diverse demographics.
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Prominent Players in the Long-Term Care Market
Brookdale Senior Living Inc.
Atria Senior Living Group
Sunrise Senior Living LLC
Genesis Healthcare Inc.
Senior Care Centers of America
Five Star Senior Living Inc.
Kindred Healthcare Inc.
Senior Lifestyle Corporation
Encompass Health Corporation
Capital Senior Living Corporation
Diversicare Healthcare Services Inc.
HCR ManorCare Inc.
Life Care Centers of America
National Healthcare Corporation
The Ensign Group, Inc.
The Evangelical Lutheran Good Samaritan Society
Hospice & Palliative CareSegment is Expected to Grow the Market Due to Increasing Recognition of Quality End-of-Life Care
Hospice & palliative care is a fast-growing segment due to increasing recognition of quality end-of-life care. With a focus on improving patients' comfort and dignity, this segment addresses critical gaps in terminal illness management. Collaborations between healthcare providers and hospice services enhance comprehensive patient support and family assistance.
North America dominates the market due to robust healthcare infrastructure, high healthcare spending, and a substantial aging population. Well-established long-term care facilities, insurance coverage, and advanced medical technologies contribute to the region's leadership, catering to diverse care needs across different age groups.
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Home Healthcare Segment is Expected to Dominate the Market Due to Preference for Personalized Care
Home healthcare emerges as a dominant segment, driven by the preference for personalized care in familiar settings. The convenience, reduced hospitalization costs, and technological advancements, such as remote monitoring, bolster its growth. Aging populations and post-operative patients contribute to sustained demand for home-based medical services.
Regional markets in the Asia Pacific is a fast-emerging segment driven by rapid urbanization, increasing chronic disease prevalence, and improving healthcare awareness. Rising middle-class population, government initiatives, and investments in healthcare drive growth. The region's evolving healthcare systems adapt to the demands of long-term care, offering significant expansion potential.
A comprehensive analysis of the major players in the long-term care market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Long-Term Care Market
In June 2023, Evergreen Living Communities announced a $30 million investment in expanding its senior living communities, incorporating green technologies and wellness-focused amenities.
In August 2023, GeriLife Solutions acquired TechCare Innovations, integrating TechCare's wearable monitoring devices into GeriLife's care management platform, enhancing remote patient tracking capabilities.
Key Questions Answered in Long-Term Care Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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