Long Term Care Market Size To Grow USD 1.92 Trn By 2032

The global long term care market size reached US$ 1.03 trillion in 2022 and is projected to reach over US$ 1.92 trillion by 2032 with a registered CAGR of 6.50% from 2023 to 2032.

The long term care market is predicted to rise as the global geriatric population opts for long term care services, particularly in developed economies. The use of new healthcare information technologies in these services will increase demand for long term care. The long term care market will expand in the next years as a result of ongoing developments and the implementation of novel technologies.

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On the other hand, the constraints such as the high cost of long term care services and a lack of knowledge in developing economies may hinder the growth of long term care market. The market potential is boosted by the growing elderly population and the rising frequency of chronic illnesses and impairments in emerging countries.

However, in the emerging countries, a lack of awareness of long term care could stifle the industry’s growth. Because of the high cost of long term care and the lack of national policies by national regulatory authorities, there is a lack of knowledge in the market.

Regional Snapshot

North America is the largest segment for long term care market in terms of region. Government of the North America encourage the adoption of long term care services by enacting favorable laws, such as U.S. national social insurance schemes.

Asia-Pacific region is the fastest growing region in the long term care market. several variables are responsible for the growth of long term care market in Asia-Pacific region, including a large target population, expensive healthcare, and long term care expenditure, and increase of chronic illnesses across the region.

Table of Contents

Scope of the Long Term Care Market

Report Coverage	Details
Market Size in 2023	USD 1.09 Trillion
Growth Rate From 2023 to 2032	CAGR of 6.50%
Revenue Projection by 2032	USD 1.92 Trillion
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Service, Region

Long Term Care Market Dynamics

Drivers

Growing geriatric population

Every country across the globe is seeing population growth, as well as an increase in the number of people aged 65 and up. By 2030, one in every six persons around the world will be 60 years old. The number of people aged 60 and up will rise from 1 billion in 2020 to 1.4 billion by 2050. The percentage of old age people had increased over a period of time. Because elderly people tend to congregate in a few areas within each country, a small number of regions will experience a variety of unique social and economic issues as a result of population ageing. Thus, this also have impact on the market growth in such regions. As a result, the growing geriatric population is driving the market growth.

Restraints

High cost of long term care services

The long term care services cannot be afforded by everyone. The long term care services are for the old age people. This kind of people is mostly retired from their workplace or jobs. The cost of long term care service is high, and cannot be afforded by elderly people. This cost includes the charges of caregiver, transportation costs, and maintenance costs of caregivers. As a result, the high cost of long term care services is the restricting factor for the growth of long term care service market during the forecast period.

Opportunities

Rising prevalence of diabetes and cancer

According to World Health Organization (WHO), around 500 million people are suffering from diabetes. The rate of cancer has increased since a decade. The diabetes and cancer patients need utmost care. The people who are alone or does not live with their family or friends, require proper care. If this illness is not cured on time, it can also result in death of that individual. The proper diet and medication is required during the time of these diseases. Thus, the rising prevalence of diabetes and cancer is creating lucrative opportunities for the growth of long term care market during the forecast period.

Challenges

Lack of awareness

The long term care services are not popular in the developing regions such as Asia-Pacific and South Africa. The concept of old age home is very trendy in these regions, but no one is aware about the long term care services. One of the primary reasons for death of old age people are lack of long term care services in these regions. Thus, the lack of awareness is the huge challenge for the growth of long term care market.

Report Highlights

Based on the services, the nursing care segment dominated the global long term care market in 2020 with highest market share.Due to growing ageing population there has been an increase in the need for nursing care in recent years. The rising need for better healthcare, as well as the rising incidence of diseases like cancer and diabetes, are some of the important reasons driving the nursing care segment growth.