IMARC Group, a leading market research company, has recently releases report titled “Long Term Care Market Report by Service (Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities, and Others), Gender (Male, Female), Payer (Public, Private, Out-of-Pocket), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global long term care market share.
How Big Is the Long Term Care Market?
The global long term care market size reached US$ 1,079.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,748.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
Industry Overview of Long Term Care
Long-term care refers to a range of services and support provided to individuals who need assistance with daily activities and medical care over an extended period due to chronic illness, disability, or the aging process. It encompasses a variety of services, including skilled nursing care, personal care assistance, rehabilitation therapies, and hospice care. Long-term care is predominantly offered in residential care facilities or at home by trained caregivers and healthcare professionals. As life expectancies are extending, the need for reliable and comprehensive long-term care solutions is becoming paramount to ensure the well-being and quality of life for individuals requiring ongoing support.
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What are the growth prospects and trends in the long term care industry?
The escalating demand for long-term care services due to the aging population worldwide represents one of the key factors supporting the growth of the market. Besides this, the rising prevalence of age-related ailments, such as Alzheimer’s and Parkinson’s diseases, is propelling the growth of the market.
Moreover, the trend preferring long-term care in the comfort of homes is leading to an increase in home-based care services and technologies, including remote monitoring and telemedicine, enabling more cost-effective and personalized care options.
Furthermore, the growing occurrence of chronic conditions, such as diabetes, heart disease, and mobility impairments, require ongoing management and support, catalyzing the demand for long-term care facilities and skilled caregivers with expertise in managing these conditions.
Leading Companies Operating in the Global Long Term Care Industry:
- Amedisys Inc.
- Atria Senior Living Inc. (Wickshire Senior Living)
- Brookdale Senior Living Inc.
- Diversicare Healthcare Services Inc.
- Extendicare Inc.
- Genesis HealthCare
- Home Instead Inc. (Honor Technology Inc.)
- Kindred Healthcare (LifePoint Health Inc.)
- LHC Group Inc. (UnitedHealth Group Incorporated)
- Sonida Senior Living Corporation
- Sunrise Senior Living (Revera Inc.)
- Trinity Health
Long Term Care Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service:
- Home Healthcare
- Hospice
- Nursing Care
- Assisted Living Facilities
- Others
Breakup by Gender:
- Male
- Female
Breakup by Payer:
- Public
- Private
- Out-of-Pocket
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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