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Long term care offers assisted living options and home health services for elderly individuals who require assistance with activities of daily living. This includes services like personal and nursing care, rehabilitation, social care, counselling, and other services that help maintain quality of life for individuals requiring more extensive care. The increasing aging population globally has been driving demand for long term care services. With improved healthcare and lifestyle changes, average life expectancy has increased significantly leading to more individuals over 65 years requiring long term care. As per World Bank data, the population over 65 years will account for over 16% of the global population by 2050, up from 8% in 2010.
The global Long Term Care Market is estimated to be valued at US$ 720.02 million in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising Chronic Diseases: Long term care is increasingly required to manage chronic diseases that limit an individual’s ability to live independently. According to World Health Organization, chronic diseases like cancer, heart disease, stroke, diabetes and chronic respiratory diseases account for over 70% of all deaths globally. Managing these conditions require extensive long term care services. This is a key trend driving the growth of long term care market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the long term care market is low due to high capital requirements and regulatory barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are many options for long term care facilities and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for medical devices, pharmaceuticals, and other supplies used in long term care.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative options for long term care needs.
Competitive rivalry: The competitive rivalry in the long term care market is high due to the presence of many private and public players.
Key Takeaways
The global long term care market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for long term care is projected to reach $720.02 Mn in 2024.
Regional analysis: North America dominates the long term care market currently due to rising aging population. However, Asia Pacific is expected to witness fastest growth in the long term care market during the forecast period due to growing medical tourism and increasing income levels.
Key players: Major players in the long term care market are Brookdale Senior Living, Sunrise Senior Living, Atria Senior Living, Extendicare, and Gentiva Health Services. Key players operating in the long term care market are focusing on expanding their service offerings and facilities to cater to the growing demand.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
