PUBLISHER: Value Market Research | PRODUCT CODE: 1352935
PUBLISHER: Value Market Research | PRODUCT CODE: 1352935
The global demand for Long-term Care Market is presumed to reach the market size of nearly USD 3.69 TN by 2030 from USD 2.05 TN in 2022 with a CAGR of 7.62% under the study period 2023 - 2030.
Long-term care is a service that aims to meet personal care needs for a long or short period. Long-term care services help people live independently and safely when they cannot do their daily routine activities on their own due to physical or mental illnesses. Long-term care services include bathing, dressing, eating, using the toilet, transferring (moving from a bed to a chair), and incontinence. Long-term care service's goal is to create an environment for chronically ill individuals that maximize their ability to exist as independent, functioning individuals.
The growing elderly population and increased healthcare spending across geographies are the main drivers influencing the growth of the long-term care services market. Also, the rising prevalence of chronic diseases such as stroke, dementia, COPD, and hypertension, particularly among elders, is expected to contribute to market growth significantly. Moreover, increasing awareness about the long-term care facilities in developing economies is anticipated to provide lucrative market opportunities for the market players. Furthermore, the ongoing technological advancements in medical and diagnostic devices are expected to influence market growth. Additionally, the long-term care market is predicted to boom due to the ageing baby boomers, a shortage of competent nursing staff, government funding, and expanded collaborations between commercial insurers and various governments. However high cost of long-term care services may hamper the market progression.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of long-term care. The growth and trends of long-term care industry provide a holistic approach to this study.
This section of the long-term care market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.