NEW YORK, Oct. 17, 2023 /PRNewswire/ — The long-term care market size is expected to grow by USD 398.4 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of over 3.33% during the forecast period. The growing demand for long-term care from the aging population is notably driving the long-term care market. However, factors such as a lack of skilled nursing staff for long-term care may impede market growth. The market is segmented by application (nursing care and assisted living facilities, home healthcare, and hospice), type (government, public and private players, out of the pocket, and private insurance), and geography (North America, Europe, APAC, South America, and Middle East and Africa) Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The FREE sample report is available in PDF format
Key Segment Analysis
The market share growth by the nursing home and assisted living facilities segment will be significant for the market growth during the forecast period. Nursing homes provide institutional care to patients who need significant help with their daily activities like bathing, using the restroom, and transferring. Thus, nursing homes have a high occupancy rate and benefit from their early market penetration, representing the second largest market segment for LTC globally. Most assisted living facilities provide staff members and licensed medical professionals on duty for 24 hours, whereas assisted living facilities frequently have living quarters that resemble apartments. However, these apartments might not permit residents to have kitchens in their residences due to safety concerns. To know additional highlights and key points on various market segments and their impact in coming years, View the FREE PDF Sample Report.
Geographical Market Analysis
North America is estimated to contribute 35% to the growth of the global market during the forecast period. The aging population, increasing utilization of long-term care services, and rising public awareness are the key factors driving the growth of the North American long-term care (LTC) market. In addition, this region has high disposable income and high public awareness, so the utilization rate of various nursing care services is high. Developed countries in North America, such as the US and Canada, have experienced advances in healthcare infrastructure in recent years. Additionally, the increasing number of hospitals and availability of qualified medical professionals are accelerating the market growth in the region. Thus, such factors will propel the market growth during the forecast period.
Company Insights
The long-term care market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:
Sunrise Senior Living LLC, Wickshire Senior Living, Extendicare Canada Inc., Sonida Senior Living Corp., Diversicare Healthcare Services Inc., Kindred Health Holdings LLC, Genesis Healthcare Inc., Life Care Centers of America Inc., Honor Technology Inc., Amedisys Inc., FCP Live In, CareOne Management LLC, Illumifin Corp., Brookdale Senior Living Inc., Abri Health Care Services LLC, SeniorLiving.org, and Revera Inc.
View FREE PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
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ToC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
