Global Nursing Homes and Long-Term Care Facilities Market, By Product (EHR, eMAR, and Payroll Management), Mode of Delivery (Web-Based, On-Premises, and Cloud-Based) – Industry Trends and Forecast to 2031.
Nursing Homes and Long-Term Care Facilities Market Analysis and Size
Rehabilitation services are a critical application of nursing homes and long-term care facilities, focusing on helping individuals recover from surgeries, injuries, or illnesses. These services include physical therapy, occupational therapy, and speech therapy aimed at restoring mobility, functionality, and independence. Nursing homes and long-term care facilities provide a structured and supportive environment where patients receive personalized rehabilitation programs tailored to their specific needs. Continuous medical supervision and professional therapeutic interventions enable patients to achieve their recovery goals and improve their quality of life.
The global nursing homes and long-term care facilities market size was valued at USD 1.09 Billion in 2023 and is projected to reach USD 2.17 Billion by 2031, with a CAGR of 9.0% during the forecast period of 2024 to 2031.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (EHR, eMAR, and Payroll Management), Mode of Delivery (Web-Based, On-Premises, and Cloud-Based)
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Atria Senior Living, Inc. (U.S.), ADL Data Systems, Inc. (U.S.), Omnicell (U.S.), Netsmart Technologies, Inc. (U.S.), ResMed (U.S.), McKesson Corporation (U.S.), PointClickCare (Canada), MatrixCare (U.S.), Extendicare (Canada), Genesis Healthcare (U.S.), Home Instead, Inc (U.S.), Knight Health Holdings, LLC (U.S.), Trinity Health (U.S.), and Columbia Asia (Malaysia).
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Market Opportunities
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Market Definition
Nursing homes are residential facilities that provide 24-hour medical care and assistance with daily activities for elderly individuals or those with chronic illnesses. Long-term care facilities encompass a broader range of services, including nursing homes, assisted living facilities, and other settings that offer extended care and support for individuals who cannot live independently due to age, disability, or health conditions. These facilities focus on providing ongoing medical, personal, and social support to enhance the quality of life for residents.
Nursing Homes and Long-Term Care Facilities Market Dynamics
Drivers
- Growing Aging Population
The number of elderly individuals needing long-term care is growing significantly with the increased life expectancy and the baby boomer generation reaching to the retirement age. This demographic shift results in higher demand for residential care services that provide medical assistance, daily living support, and social engagement for seniors. With more elderly individuals requiring continuous and specialized care due to age-related health issues, nursing homes and long-term care facilities are expanding to meet these needs, making the aging population a critical factor in market growth.
- Rising Prevalence of Chronic Diseases
Prevalence of chronic diseases such as Alzheimer's, diabetes, and cardiovascular become more common due to which there is an increasing need for specialized and continuous care that these facilities provide. Nursing homes and long-term care facilities are equipped to manage the complex medical and personal needs of individuals with chronic illnesses, offering tailored treatment plans, ongoing monitoring, and therapeutic interventions. This comprehensive care ensures better health outcomes and quality of life for patients, making these facilities essential as the population with chronic diseases grows.
Opportunities
- Growing Advancements in Healthcare Technology
Advanced innovations have enhanced the quality of care provided to residents, with improvements in medical monitoring, treatment options, and disease management. Advanced medical equipment and telemedicine capabilities enable more efficient diagnosis and treatment of complex health conditions within these facilities. Additionally, medical breakthroughs in areas such as geriatrics and rehabilitation therapy have expanded the range of services offered, attracting more patients seeking specialized care.
- High Favorable Government Policies
Government policies encompass regulations, funding, and incentives aimed at improving the accessibility, affordability, and quality of care within these facilities. Governments may provide financial support, tax incentives, or subsidies to encourage the development and expansion of long-term care infrastructure. Additionally, regulations that ensure standards of care, safety, and staffing levels contribute to building trust among consumers and investors. Such supportive policies create a conducive environment for investment in long-term care facilities, stimulating market growth and addressing the rising demand for elder care services within communities.
Restraints/Challenges
- High Operating Costs
High operating costs impact their financial viability and ability to provide quality care. These costs encompass various expenses, including labor, medical supplies, facility maintenance, utilities, and administrative overheads. Staffing, particularly hiring and retaining skilled healthcare professionals, constitutes a substantial portion of operating expenses. Additionally, stringent regulatory requirements often necessitate investments in compliance measures, further increasing operational costs.
- Shortages of Qualified Healthcare Professionals
The demand for skilled nurses, therapists, and aides often exceeds the available supply, leading to difficulties in maintaining adequate staffing levels. This shortage can compromise the quality of care provided to residents, impacting their overall well-being and satisfaction. Additionally, understaffing contributes to increased workloads, burnout among existing staff, and higher turnover rates, further exacerbating the staffing challenges. These constraints hinder the ability of nursing homes and long-term care facilities to meet the complex healthcare needs of their residents. They may impede their ability to expand services or improve operational efficiency.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In September 2023, Singapore Life Limited collaborated with the Agency for Integrated Care (AIC) and Homage to enhance customer accessibility to long-term care in Singapore. This collaboration aims to provide comprehensive and integrated care services, improving support for the elderly and those requiring long-term care
- In May 2023, Omega Healthcare acquired 18 skilled nursing home facilities in West Virginia for USD 233 million. This acquisition expands Omega Healthcare's capabilities and ensures the smooth operation of these facilities, enhancing its service offerings and market presence in the region
- In July 2022, The Centers for Medicare & Medicaid Services launched an enhanced Nursing Home Five-Star Quality Rating System. This new system integrates data reported by nursing homes on weekend staffing rates for nurses and information on the annual turnover among nurses and administrators, providing a more comprehensive assessment of nursing home quality
- In February 2022, Extendicare, a Canadian long-term care company, finalized a deal to purchase a 15% managed interest in 24 long-term care homes previously operated by Revera. Additionally, Extendicare formed a redevelopment joint venture with Axium, doubling its assisted living portfolio to a total of 56 long-term care facilities, thereby significantly expanding its market footprint
Nursing Homes and Long-Term Care Facilities Market Scope
The market is segmented on the basis of product and mode of delivery. The growth amongst these segments will help your meagre growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.
Product
- EHR
- eMAR
- Payroll Management
Mode of Delivery
- Web-Based
- On-Premises
- Cloud-Based
Nursing Homes and Long-Term Care Facilities Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by country, product, and mode of delivery as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa.
Asia-Pacific dominates the market, driven by increasing awareness and rapidly improving healthcare infrastructure. Major investments from key players in countries such as India and China are significantly boosting the sector's growth. This trend highlights the region's focus on enhancing care quality and accessibility for its aging population.
North America is expected to experience significant growth in nursing homes and long-term care facilities due to its aging population, increasing prevalence of chronic diseases, and rising demand for quality elder care services. Advances in healthcare infrastructure and favorable government policies supporting long-term care are also contributing factors. Additionally, the region's well-established healthcare system and ongoing investments in senior living facilities are poised to drive this growth further.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.
Competitive Landscape and Nursing Homes and Long-Term Care Facilities Market Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- Atria Senior Living, Inc. (U.S.)
- ADL Data Systems, Inc. (U.S.)
- Omnicell (U.S.)
- Netsmart Technologies, Inc. (U.S.)
- ResMed (U.S.)
- McKesson Corporation (U.S.)
- PointClickCare (Canada)
- MatrixCare (U.S.)
- Extendicare (Canada)
- Genesis Healthcare (U.S.)
- Home Instead, Inc (U.S.)
- Knight Health Holdings, LLC (U.S.)
- Trinity Health (U.S.)
- Columbia Asia (Malaysia)
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