The worldwide long-term care market was valued at $983.3 billion in 2020 and is expected to expand at a compound annual growth rate of 7.1%, reaching $1.7 trillion by 2029, according to data released Wednesday by Grand View Research.
“The market for long-term care is expected to boom, owing to the aging baby boomers, increasing disabilities among the geriatric population, the dearth of skilled nursing staff, government funding, and increased collaborations of private insurers with various governments,” according to the market research report.
Mergers and acquisitions, joint ventures, partnerships and new facility launches are trending in the long-term care marketplace, Grand View said.
“Market contributors are expanding their capacity to cater to the increasing demand for geriatric long-term care services,” the report noted.
