The long-term care market is projected to propagate at a solid CAGR of 7.2% during the forecast period (2021-2027). Long-term care services can be provided in institutional settings such as nursing facilities, in community-based care settings such as residential facilities and adult foster homes, or in the personal homes. These services include in home care, community-based care, and nursing facilities. The provision of long-term care has become a major component of the global health care costs. With the growing older population in developed countries, the demand for long-term care is increasing significantly, combined with the shortage of physicians and caregivers in these regions, the demand for long-term care services for the elderly is expected to gain traction. According to the AAMC (Association of American Medical Colleges), the US will see a shortage of 46,900 to 121,900 physicians by 2032 in primary and specialty care, which will benefit the long-term care industry.

Further, several technological advancements in the field of long-term care have been observed in the global market. For instance, big nursing care companies are implementing internet of things to monitor and track health of the geriatric patients and patients with chronic diseases to deliver better quality service. Moreover, with the usage of technologies such as wireless communication systems, real-time location services, wireless patient monitoring, smart TVs and point of care technology, the nurses can enhance the patient’s quality of life. Thus, this factor has stimulated the growth of the market. However, the changes in public policy, behavior, and economics due to the COVID-19 pandemic continue to create greater uncertainty than is usually experienced in a forecast cycle. 

Segmental Outlook  

The long-term care market is segmented based on the service type and point of care. Based on service type, the market is sub-segmented into medical services (in-house therapy, skilled nursing, and others) and assisted living services. Based on point of care, the market is categorized into homecare and hospitals (rehabilitation center). Among service type, in-house therapy segment is expected to hold a major share in the long-term care market. In-house therapy provides personal assistance services that help people stay in their homes when they need assistance with Activities of Daily Living (ADL). In-house therapy services include hourly, live-In and spousal. In-home agency also provides similar in-home care hourly services at individual’s place of residence. 

Regional Outlook 

The global long-term care market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to be the largest market for long-term care, during the forecast period. The region is leading owing to the the increasing geriatric population and favorable government policies, along with the presence of widespread insurance coverage. The presence of major healthcare IT companies and their good penetration across healthcare facilities in multiple states and cities drive the adoption rate and use of technologically advanced healthcare products for disease diagnosis, treatment, and monitor from the remote location. Thus, these factors benefit the growth of the market in the region. While, Canada is also witnessing a significant expansion in the long-term care industry. Government support in increasing the number of long-term care facilities is benefiting the market growth in Canada. For instance, in November 2020, The Ontario government moved forward with 29 new long-term care projects, which led to an additional 3,000 new and upgraded long-term care spaces across the province. These projects will help reduce waitlists and improve the quality of care and quality of life for seniors. This initiative is part of the 2020 Budget, Ontario's Action Plan: Protect, Support, Recover, a comprehensive action plan to respond to the serious health and economic impacts of COVID-19 pandemic.

Global Long-Term Care Market Growth, by Region 2021-2027

Market Players Outlook

The key players that are contributing significantly to the growth of the global long-term care market include Atria Senior Living, Amedisys, Capital Senior Living, Extendicare, Golden Living Centers, Home Instead, LHC Group, Life Care Centers of America, Sunrise Senior Living, among more. Mergers and acquisition, joint ventures, and partnerships and new facility production are among the major strategies taken by the players in the long-term care market. For instance, in November 2019, Amedisys, Inc., America’s leading independent home health, hospice and personal care company, signed a definitive agreement to acquire Asana Hospice. Asana provides hospice care to approximately 540 patients daily in eight locations in Pennsylvania, Ohio, Missouri, Kansas and Texas. Under the agreement, Amedisys will operate 146 hospice care centers in 33 states, marking the third hospice acquisition for the Company in less than a year.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global long-term care market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.