Zion Market Research has published a new report titled “Long-Term Care Market by Service (Hospice, Home Healthcare, Assisted Living Facilities, Nursing care, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026”. According to the report, 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.
Long-term care includes an assortment of services planned to meet a person’s wellbeing or individual care requirements during a long or short span of time. Such services help individuals live as self-sufficiently and securely as possible once they can no longer accomplish everyday actions on their own.
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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.
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The report segment of global long-term care market as follows:
Global Long-Term Care Market: Service
- Hospice
- Home Healthcare
- Assisted Living Facilities
- Nursing Care
- Others
Global Long-Term Care Market: By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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