Global demand for long term care market was valued at approximately USD 913.8 billion in 2019, and is expected to generate revenue of around USD 1,433.9 billion by end of 2026, growing at a CAGR of around 6.8% between 2020 and 2026.
The report covers forecast and analysis for the long-term care market on a global and regional level. The study provides historic data from 2016 to 2019 along with forecast from 2020 to 2026 based on revenue (USD Million). The study includes drivers and restraints for the long-term care market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the long-term care market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the long-term care market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the long-term care market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new indication launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the long-term care market on global and regional basis.
The study provides a crucial view on the long-term care by segmenting the market based on service and region. All the segments of long-term care market have been analyzed based on present and future trends and the market is estimated from 2016 to 2026.
The global demand for long term care market is driven by growing cases of disability, lack of skilled nursing staff, increasing prevalence of chronic diseases, aging baby boomers, and extended life expectancy. However, lack of awareness and high cost may act as restraining factors for the market growth in the coming years. Increasing collaboration and technological advancements are projected to bring new growth avenues for market players during the forecast timeframe.
The long-term care market has been divided into service and region. Based on service, global long-term care market is segmented into hospice, home healthcare, assisted living facilities, nursing care, and others. Market was dominated by nursing care service segment in 2019 and is projected to retain its dominance over the forecast timeframe. This is because nursing care is offered in large number of facilities.
North America held largest revenue share of the global long-term care market in 2018. This large share is attributed to high prevalence of lifestyle related disorders, government funding, growing awareness and presence of key players in this region. Europe was second leading regional market in terms of revenue. Availability of developed infrastructure, increasing geriatric population, and growing awareness are major factors that support market growth in this region. Asia Pacific region is projected to be rapidly growing regional market for long term care. Increasing chronic disease prevalence and geriatric population base, economic development, improvement of healthcare infrastructure, increasing disposable income and healthcare spending, growing awareness are major factors attributing to the swift growth in this region. Moderate growth is projected in Latin America region over the forecast period. Middle East and Africa will witness sluggish growth in the coming years.
Major players in long term care market are Brookdale Senior Living Solutions, Extendicare, Capital Senior Living, Home Instead, Sunrise Senior Living, Senior Care Centers, Diversicare, Atria Senior Living, Amedisys, and Lincare Holdings among others.
The report segment of global long-term care market as follows:
Global Long-Term Care Market: By Service
Global Long-Term Care Market: By Region