The global Long Term Care Market Growth Accelerated by Rising Geriatric Population


 Long term care products and services aim to meet both the medical and non-medical needs of older adults and younger patients with chronic illnesses or disabilities. These include assisted living facilities, home healthcare, hospice care, and nursing homes. Such services help support independence, improve quality of life, and allow seniors to age safely and comfortably.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising geriatric population is expected to significantly drive the growth of the long term care market over the forecast period. According to the United Nations, by 2050 approximately 16% of the world's population will be over 65 years old. The elderly population is most likely to require long term care as physical and cognitive abilities decline with age, increasing the demand for assisted living facilities, home care services, and nursing homes. This rapid growth of the senior population will continue to present substantial challenges and opportunities for long term care providers and policymakers seeking to address the needs of the aging demographic worldwide.


Segment Analysis
The global long term care market is segmented into home healthcare, hospice, nursing care, and assisted living facilities. The nursing care segment currently dominates the market due to high demand 

for long-term medical care and rehabilitation services for chronic diseases, disabilities, and terminal illness. Nursing homes offer supervision and assistance to senior citizens and people suffering from chronic medical conditions on a regular basis.

Key Takeaways
The global long term care market is expected to witness high growth. 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 2023-2030.

North America is currently the largest and fastest growing regional market for long term care due to the high demand for assisted living and home healthcare services in the United States and Canada. The number of baby boomers entering retirement age coupled with growing prevalence of chronic medical conditions has fueled the need for long term care in the region.

Key players operating in the long term care market are Brookdale Senior Living, Sunrise Senior Living, Atria Senior Living, Extendicare, and Gentiva Health Services. Major players are focusing on acquisitions and mergers to expand their service offerings and geographic presence. For instance, in 2019, BrightSpring Health acquired A+ Choice Home Care and Hospice to expand non-medical home care services across multiple states in the U.S. Technological advancements in home healthcare equipment and telehealth are expected to present new opportunities for players in the coming years.

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