According to a recent report by Reports and Data, the global Long Term Care Services Market size was estimated to be worth USD 1.2 trillion in 2022 and is expected to grow at a revenue CAGR of 7% during the forecast period. The increasing population of elderly individuals is driving the demand for long-term care services as they require more comprehensive assistance and care to maintain their well-being and independence.
Chronic diseases such as cancer, diabetes, and heart conditions among the aging population are also driving the need for long-term care services. Governments worldwide are taking measures to ensure access to long-term care services and encourage innovative care models, leading to an expansion of public support and supportive laws.
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The growth of the long-term care services market is being propelled by advancements in medical technology, such as telemedicine and remote monitoring. There is also a growing demand for home healthcare services as patients prefer the personalized and comforting care provided in a home setting. This trend has led to the development of new care models and technologies, such as remote patient monitoring and telehealth, which are expected to contribute to the continued growth of the long-term care services market in the coming years.
The market revenue growth for long-term care services is being fueled by a rise in private investment and mergers and acquisitions (MA) activity. Private equity firms and other investors are increasing their investments in this market due to the growing demand for these services and the potential for profitable returns. Furthermore, businesses are seeking to expand their services and reach by pursuing MA opportunities, leading to an increase in activity.
During the forecast period, the home healthcare segment is expected to generate the most revenue, primarily due to the rising demand for long-term care services. These services provide medical assistance and aid with daily activities to individuals who require continuous care. The public segment is expected to contribute the largest share of revenue in the healthcare industry, including health insurance plans that are funded by federal or state governments, which primarily cater to the needs of elderly people, those with certain chronic ailments or disabilities.
North America is expected to have the largest revenue share in the long-term care services market over the coming years, with the United States being the dominant player due to its significant aging population and rising healthcare costs.
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Some of the prominent players profiled in the global long term care services market include Kindred Healthcare, LLC, Brookdale Senior Living Solutions, Encompass Health Corporation, Extendicare Inc., Gentiva Health Services, Inc., Atria Senior Living Group, Home Instead Senior Care, Inc., Sunrise Senior Living, LLC, ResCare, Inc., Senior Care Centers of America, and LHC Group, Inc.
In 2021, Brookdale Senior Living Solutions and HCA Healthcare, one of the largest hospital systems in the United States, announced a strategic partnership with the aim of improving patient outcomes and the quality of care provided to elderly individuals with serious medical conditions. Extendicare Inc. and Telemedicine Clinic (TMC) also joined forces in 2020 to provide telemedicine services to patients residing in long-term care facilities. Kindred Healthcare, LLC, and Yuma Regional Medical Center entered into a strategic agreement in 2020 to provide long-term acute care hospital services to patients in the Yuma, Arizona area.
The global long term care services market has been segmented on the basis of Service Outlook, Payer Outlook, and Regional Outlook. The Service Outlook includes Home Healthcare, Hospice Palliative Care, Nursing Care, Assisted Living Facilities, and Others. The Payer Outlook includes Public, Private, and Out-of-Pocket. The Regional Outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
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