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Long-Term Care Market shows 6–8% CAGR growth backed by digital transformation in health by 2029

 


The global long-term care market is set to witness a growth rate of 6-8% in the next 5 years. Growing geriatric population; rising prevalence of chronic diseases; innovations in healthcare technology; government initiatives and support; rising demand for home care services; and growing public awareness regarding the benefits of long-term care options are some of the key factors driving the long-term care market. 

Long-term care (LTC) refers to a range of services designed to meet the personal care needs of individuals who have chronic illnesses or disabilities, typically for an extended period. It encompasses assistance with daily activities such as bathing, dressing, eating, and medication management. LTC can be provided in various settings, including nursing homes, assisted living facilities, and home healthcare services. The focus is on enhancing the quality of life and promoting independence for those who require ongoing support, particularly among the elderly and individuals with severe health conditions. Access to LTC services is crucial for improving overall health outcomes.

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Growing geriatric population to propel market demand

The growing geriatric population is a primary driver of the long-term care market, as individuals aged 65 and older often face chronic health issues and disabilities that necessitate ongoing support. This demographic increase leads to higher demand for various long-term care services, including in-home care, assisted living, and nursing homes, as families seek solutions to manage the complex needs of their elderly members. Additionally, older adults typically require assistance with daily activities and medical care, prompting a surge in long-term care facilities and services tailored to enhance their quality of life and ensure they receive appropriate healthcare.

Rising prevalence of chronic diseases is driving the market growth

The rising prevalence of chronic diseases is a major driver of the long-term care market, as conditions such as diabetes, heart disease, and Alzheimer's require ongoing medical management and support. As these diseases become more common, especially among the aging population, the demand for long-term care services increases significantly. Individuals with chronic illnesses often need assistance with daily activities, medication management, and specialized care, leading families to seek out various long-term care options, including home health services and assisted living facilities. This growing need for comprehensive care solutions directly contributes to the expansion of the long-term care sector.

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Competitive Landscape Analysis

The global long-term care market is marked by the presence of established and emerging market players such as Brookdale Senior Living Inc., Amedisys, LHC Group, Inc., Atria Senior Living, Inc., Genesis HealthCare, Sunrise Senior Living, Extendicare, Sonida Senior Living, Diversicare, and Home Instead, Inc.; among others. Some of the key strategies adopted by market players include new service development, strategic partnerships and collaborations, and geographic expansion.

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com 

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