The residential nursing care facilities sector in Turkey has shown strong growth over the past decade, marked by consistent year-on-year increases. From 2013 to 2023, the sector saw steady expansion with an overall Compound Annual Growth Rate (CAGR) of approximately 28.38%. Production value in 2023 stood at 375.2 million New Turkish Liras, reflecting a 17.18% increase from the previous year. Between 2018 and 2020, the market experienced notable spikes in growth, fostering an upward trajectory that continues into the forecast period.
Looking forward, the sector is expected to expand at a slower but still substantial average rate of 8.5% CAGR from 2024 to 2028, culminating in a forecasted production value of 646.5 million New Turkish Liras by 2028. The overall growth rate for the next five years is projected at 50.35%.
Future trends to watch for include:
- Increased demand driven by Turkey's aging population.
- Potential regulatory changes affecting operational standards and costs.
- Innovations in healthcare delivery within residential nursing care settings.
- Investment in new facilities and modernization of existing infrastructure.
- Impact of global economic conditions on pricing and profitability.
