Market key trends:
One of the key trends in the long term care market is the increasing focus on home healthcare. Many elderly people prefer receiving long term care services at home as opposed to institutional facilities such as nursing homes and assisted living centers. This is due to the comfort of familiar home surroundings and strong family support system. Government programs are promoting home healthcare over nursing home care due to its cost effectiveness. Furthermore, technological advancements are enabling remote patient monitoring and smart home solutions that allow seniors to remain independent at home with necessary care. This trend is expected to continue during the forecast period as people of all ages are more comfortable receiving medical care in the comforts of their own homes.
The global Long Term Care Market is estimated to be valued at US$ 720.02 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Porter’s Analysis
Threat of new entrants: The long term care market requires significant investment in infrastructure and skilled workforce which poses moderate threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for long term care is growing significantly year on year which can be leveraged by buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as major suppliers focus on innovation and differentiated products and services to gain competitive edge.
Threat of new substitutes: Alternative services being offered by new entrants pose low to moderate threat of substitution to existing products and services.
Competitive rivalry: The market rivalry is high among major players to gain market share through differentiated offerings and expansion into new geographies.
Key Takeaways
The global long term care market is forecast to reach $720.02 Mn by 2023 registering a CAGR of 5.1% during the forecast period.
The global Long Term Care Market is expected to witness high growth. Regional analysis comprises The North America region dominates the long term care market currently due to factors such as aging population, better reimbursement policies and availability of advanced infrastructure.
Key players operating in the long term care market are Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.
