Global long-term care market to grow by $394.8b by 2028

Its expansion is driven by an ageing population and the rising rates of chronic diseases.

The global long-term care (LTC) market is projected to rise by $394.8b until 2028 at a compound annual growth rate of over 3.21%, said Technavio.

The sector’s expansion is attributed to the increasing demand for LTC due to an ageing population and the rising rates of chronic diseases such as osteoporosis, hypertension, diabetes, cancer, Alzheimer’s, and dementia.

Meanwhile, healthcare facilities are shifting towards patient-centred models, drawing new vendors and advancements in treatment therapies and care methodologies.

“Increased healthcare spending on diagnostics, hospital treatments, and home-based care services post-treatment are driving the demand for long-term care services,” the report said.

However, the LTC market faces critical workforce shortages, particularly in geriatrics. A scarcity of primary care physicians and caretakers persists, worsened by a lack of trained nurses.

Furthermore, many nurses are transitioning into management positions, leaving many long-term care facilities understaffed.

“Consequently, some facilities have halted new patient admissions or discontinued care for current residents,” the report added.