From 2013 to 2023, the turnover in the Residential Nursing Care Facilities sector in Turkey increased from 31.4 million to 374.1 million New Turkish Liras. The sector exhibited steady growth, with the highest year-on-year increase of 76.4% in 2013, followed by significant expansions in 2015 (42.78%) and 2019 (41.36%). By 2023, year-on-year growth slowed to 17.31%, still contributing to a robust 2019-2023 CAGR of 28.42%.
Key Trends:
- Consistent sector growth, particularly between 2013-2023, underscored by a CAGR of over 28% in recent years.
- Initial rapid increases in turnover, followed by gradual stabilizing growth rates approaching 2023.
Looking forward, the forecast for 2024-2028 anticipates a reduced but consistent CAGR of 8.54%, with the sector growing to 646.3 million New Turkish Liras. This suggests a maturing market with steady demand increases.
Future Trends to Watch For:
- Potential impact of demographic trends, particularly an aging population, on sector demand.
- Inflation and economic factors influencing operational costs and pricing strategies.
- Technological advances in care provision potentially driving efficiency and service quality improvements.
