Long-term care market projects 3.33% CAGR until 2027

The market is driven by increased life expectancy, unmet needs of the elderly population, and a prevalence of chronic diseases.

The global long-term care market is expected to reach $398.4b by 2027 at a compound annual growth rate (CAGR) of 3.33%, according to Technavio.

The report revealed that the market’s growth is driven by increased life expectancy, unmet needs of the elderly population, and a growing prevalence of chronic diseases including cancer, Alzheimer’s, and dementia.

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In addition, government initiatives and private insurance coverage have driven the market’s expansion.

However, the report mentioned that the market is challenged by a scarcity of primary care physicians and caretakers, notably in geriatrics, and a shortage of adequately trained nurses for long-term care sites.

A focus on patient-oriented care and leveraging technological advancements is required to address the challenges in the long-term care market.