The global long-term care (LTC) market is projected to grow significantly, with Technavio estimating an increase of $394.8 billion by 2028 at a CAGR of 3.21%. Notably, the Asia-Pacific region is emerging as a key driver of this growth, with Horizon Grand View Research predicting the market to reach US$327.2 billion by 2030, fueled by a robust CAGR of 7.7% from 2024 to 2030. For B2B stakeholders, this surge presents a prime opportunity to address industry gaps and capitalize on the increasing demand for innovative care solutions.
Driving Forces Behind Market Growth
The unprecedented growth is fueled by two major factors:
Ageing Population: As the global elderly demographic expands, the demand for personalized and extended care services continues to rise.
Chronic Disease Prevalence: Conditions such as Alzheimer’s, osteoporosis, diabetes, and cancer are amplifying the need for long-term care solutions.
Market Trends and B2B Opportunities
Healthcare facilities are transitioning to patient-centred care models, opening doors for innovative vendors in treatment therapies, home-based care technologies, and integrated healthcare solutions. Investments in post-treatment services, such as diagnostics and at-home care, are paving the way for partnerships and new business models across the healthcare value chain.
Challenges That Demand Solutions
Despite the promising outlook, the LTC market faces significant challenges:
Workforce Shortages: A critical gap in trained geriatrics professionals, primary care physicians, and nurses hindering operational efficiency.
Talent Retention Issues: Many nurses are shifting to administrative roles, leaving frontline caregiving positions understaffed.
Capacity Constraints: Workforce shortages have led some facilities to halt patient admissions or reduce services, highlighting an urgent need for scalable staffing solutions.
Takeaway for B2B Professionals
This is a pivotal moment for healthcare businesses to deliver solutions that address workforce shortages, enhance care methodologies, and adopt patient-centric technologies. By investing in innovation and workforce development, companies can capture a significant share of this expanding market while driving impactful change.
In alignment with this, Sourcingcares connects global partners in ageing care, long-term care, and technology, fostering innovation and collaboration across industries. Our initiatives, including Cares Expo Taipei, aim to bridge dynamic solutions with the needs of a changing world.
Stay connected with us as we shape the future of care!
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Source: Healthcare Asia Magazine
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