Global long-term care market is estimated to grow at a CAGR of 7.2% during the forecast period (2024-2031). The market growth is driven by 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, increasing the demand for long-term care services for the elderly. Additionally, technological advancements in the field of long-term care are contributing to the market growth.
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The global long-term care market is segmented by service type (medical services (in-house therapy, skilled nursing, and others) and assisted living services) by point of care (homecare and hospitals (rehabilitation centers), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
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Market Dynamics and Recent Developments
- In September 2024, Tata Consultancy Services entered into a partnership with CareScout, to increase the access to quality long-term care for American families. The solution enables long-term care providers such as home health agencies, assisted living facilities, nursing homes, continued care retirement centers, independent living facilities, hospices, and adult day health centers across the US to register their facilities and provide details about services.
- In September 2024, the Ontario government is expanding access to diagnostic services in long-term care homes in Ottawa. It is aimed to improve residents’ quality of life and reduce avoidable emergency room visits and hospital stays. It launched the Community Paramedicine for Long-Term Care Plus (CPLTC+) program enabling paramedics to deliver diagnostic services such as bloodwork and ultrasounds to residents. The government is also providing funding to long-term care homes to facilitate the purchase of equipment and training they need to provide diagnostic services to residents in the comfort of their homes.
- In September 2024, Fraser Health will build a new care home providing Long-Term Care (LTC) to seniors living in Langley and surrounding areas, increasing the number of care homes in the Langley catchment to five. The care unit will have 300 beds.
- In August 2024, the Massachusetts Legislature passed reforms to the long-term care and assisted living sectors. The bill allows for basic health services to be offered at assisted living residences and boosts the workforce for the care of older adults in Massachusetts. It also provides critical anti-discrimination protections for LGBTQ+ nursing home residents and permanently allows assisted living residences to offer basic health services.
- In January 2024, Joerns Healthcare announced the launch of new 2024 models of EasyCare®and UltraCare® beds, for the long-term care continuum. The beds feature improved caregiver features allowing for personalized resident care. It also launched new accessories to increase the product functionality.
The major players in 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, and Sunrise Senior Living, among more. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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