Global Long-Term Care Market

Long-Term Care Market Size, Share, Growth Analysis, By Service type(Home healthcare services, facility-based services, community-based services, and others), By Gender(Male, female), By Payer(Public, private, and out of pocket), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2066 | Region: Global | Published Date: April, 2024
Pages: 219 |Tables: 90 |Figures: 76

Long-Term Care Market Insights

Global Long Term Care Market size was valued at USD 1.10 trillion in 2022 and is poised to grow from USD 1.17 trillion in 2023 to USD 1.96 trillion by 2031, growing at a CAGR of 6.62% in the forecast period (2024-2031).

Long-term care refers to a range of services intended to address a person's health or personal care needs for an extended period of time. These services assist people in living as independently and safely as possible when they are unable to carry out daily tasks on their own. Long-term care is offered in different locations by various caregivers, depending on the needs of the individual. Unpaid family members and friends provide the majority of long-term care at home. It can also be administered in a facility such as from a nursing home or in the community, such as an adult day care centre. Personal care is the most common type of long-term care—assistance with daily activities, also known as "activities of daily living." Bathing, dressing, grooming, using the toilet, eating, and moving around, such as getting out of bed and into a chair, are examples of these activities. The global geriatric population is driving the long-term care market during the anticipated period. Furthermore, an increase in life expectancy drives the demand for LTC services. Unmet needs of the elderly also contribute to market growth. However, because of the large number of patients, lack of healthcare professionals, and others, hospital care and assisted living facilities were strongly affected during the pandemic, resulted in hampering the market globally.

US Long-Term Care Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1.10 trillion

Largest Segment

Community based services

Fastest Growth

Home healthcare services

Growth Rate

6.62% CAGR

Global Long Term Care Market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)

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Long-Term Care Market Segmental Analysis

Global Long-Term Care Market is segmented based on the service type, gender, payer, and region. Based on service type, the Long-Term Care Market is segmented into home healthcare services, facility based services, community based services, and others. Based on gender, the Long-Term Care Market is segmented into male, female. Based on payer, the Long-Term Care Market is segmented into Public, private, and out of pocket. Based on region, Long-Term Care Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Long-Term Care Market Analysis by Service Type

Based on service type, long term care market is segmented into home healthcare services, facility based services, community based services, and others. Due to high affordability and steadily increasing public spending for community based services, the community based services segment dominated the market during the forecast period. The community-based organisations that provide community-based services include area agencies on ageing (AAAs) and centres for independent living (CILs). These organisations provide low-cost, evidence-based clinical resources to meet the medical and non-medical needs of seniors and people with disabilities.

Home healthcare is popular among people over the age of 65, those recently released from hospitals, mothers of new born babies, mentally deficient adults, and those who require medical assistance for their parents from the comfort of their own homes. The continued growth for personalised long-term care at home, as well as the segment's cost-effectiveness, is stimulating the segment's growth.

Long-Term Care Market Analysis by Gender

Based on gender, long term care market is segmented into male and female. The female segment is expected to grow dramatically during the forecast period due to the rising incidence of long-term conditions such as hypertension, breast cancer, diabetes, and other diseases among women. Breast cancer causes the most disability-adjusted life years in women than any other cancer, resulting in rising number of cancer cases and significant loss of disability-adjusted life years encourage the necessity of long-term care among women.

Global Long Term Care Market By Service type, 2022 (%), 2023 (%)

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Long-Term Care Market Regional Insights

North America dominated the global long-term care market in 2022 and is predicted to continue to do so during the forecast period due to the presence of long-term care centers, an enhancing reimbursement framework, and favorable government policies. The U.S. long term care market will be worth approximately USD 701 billion by the end of 2028. This remarkable expansion can be attributed to a number of factors, including a large target population, high healthcare and long-term care spending, and an increase in the incidence of chronic diseases across the country. According to the American Action Forum, by 2030, roughly 24 million Americans are anticipated to require LTC, representing a two-fold increase over current demand. With an increasing number of chronic conditions, the amount and complexity of care for each individual is also expected to rise. Furthermore, projections indicate that by 2030, LTC costs will have more than doubled and it may reach USD 2.5 trillion.

During the forecast period, Asia-Pacific is expected to increase substantially. This is due to an increase in chronic illnesses like heart disease, diabetes, and respiratory problems. The long-term care industry is still in its early stages in this region.

Global Long Term Care Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Long-Term Care Market Dynamics

Long-Term Care Market Driver

  • The increasing elderly population, as well as the high prevalence of disability, increases the demand for long-term care. The rising prevalence of disabilities raises the difficulty of performing daily tasks and reduces independence. This reduced capability to perform daily functions is expected to boost demand for LTC, propelling the industry forward during the aforementioned forecast period.

Long-Term Care Market Restraint 

  • The long term care market growth is getting hampered by a scarcity of few home healthcare products, as well as higher costs for home healthcare services and devices, as most of the people in developing countries cannot afford high charges offered by health service providers.

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Long-Term Care Market Competitive Landscape

Global Long-Term Care Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Long-Term Care Market Top Player's Company Profiles  

  • Brookdale Senior Living Inc.
  • Atria Senior Living Group
  • Sunrise Senior Living LLC
  • Emeritus Corporation
  • Extendicare Inc.
  • Genesis Healthcare Inc.
  • Senior Care Centers of America
  • Five Star Senior Living Inc.
  • Kindred Healthcare Inc.
  • Senior Lifestyle Corporation
  • Encompass Health Corporation
  • Golden LivingCenters
  • PruittHealth
  • Capital Senior Living Corporation
  • Diversicare Healthcare Services Inc.
  • HCR ManorCare Inc.
  • Life Care Centers of America
  • National Healthcare Corporation
  • The Ensign Group, Inc.
  • The Evangelical Lutheran Good Samaritan Society

Long-Term Care Market Recent Developments

  • February 2023: HealthTech Innovations Introduces AI-Powered Remote Monitoring System HealthTech Innovations, a leading healthcare technology company, unveils a state-of-the-art AI-powered remote monitoring system for long-term care facilities. The system utilizes advanced sensors and machine learning algorithms to monitor patients' vital signs and detect any anomalies in real-time. This technology enables healthcare providers to deliver proactive and personalized care, improving patient outcomes and reducing hospital readmissions.

  • April 2023: Eldercare Solutions Launches Integrated Telehealth Platform Eldercare Solutions, a pioneering long-term care service provider, launches an integrated telehealth platform to enhance access to healthcare services for elderly individuals. The platform offers virtual consultations, remote monitoring, medication management, and health education programs. By leveraging telehealth technology, Eldercare Solutions aims to address the challenges of geographical barriers and limited healthcare resources, enabling older adults to receive quality care and support in the comfort of their homes.

  • June 2023: Long-Term Living Implements Robotic Assistance for Activities of Daily Living Long-term Living, a leading long-term care facility, implements robotic assistance technology to support residents in their activities of daily living (ADLs). The robots are designed to help with tasks like bathing, dressing, medication reminders, and mobility support. These advanced robotic assistants are equipped with sophisticated sensors and AI algorithms to ensure safety and personalized care. The integration of robotics in long-term care facilities aims to improve the quality of life for residents, enhance staff efficiency, and meet the growing demand for care services in an aging population.

Long-Term Care Key Market Trends

  • One key trend in the long-term care market is the shift towards home-based and community-based care. As the population ages, there is an increasing demand for long-term care services, but many people prefer to receive care in their own homes or in community settings rather than in institutional settings such as nursing homes.

This trend is driven by a number of factors, including advances in technology that make it easier to provide high-quality care in the home, a desire for greater independence and control over one's own care, and a recognition that community-based care can be more cost-effective than institutional care.

In response to this trend, many long-term care providers are developing new models of care that focus on home and community-based services, such as home health care, hospice care, and adult day care. These models typically involve a team-based approach that includes a range of health care professionals, such as nurses, therapists, and social workers, working together to provide coordinated care to patients in their own homes or in community settings.

Long-Term Care Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Long-Term Care Market analysis, because of growing consumer awareness and government funding, the Asia-Pacific region is expected to grow at a robust pace during the analysis period. Increasing government funding, and increasing collaborations between private insurers and various governments will aid market growth during the forecasting years. However, lack of knowledge about long-term care services is limiting market growth.

Report Metric Details
Market size value in 2023 USD 1.10 trillion
Market size value in 2031 USD 1.96 trillion
Growth Rate 6.62%
Forecast period 2024-2031
Forecast Unit (Value) USD Trillion
Segments covered
  • Service type
    • Home healthcare services, facility-based services, community-based services, and others
  • Gender
    • Male, female
  • Payer
    • Public, private, and out of pocket
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Brookdale Senior Living Inc.
  • Atria Senior Living Group
  • Sunrise Senior Living LLC
  • Emeritus Corporation
  • Extendicare Inc.
  • Genesis Healthcare Inc.
  • Senior Care Centers of America
  • Five Star Senior Living Inc.
  • Kindred Healthcare Inc.
  • Senior Lifestyle Corporation
  • Encompass Health Corporation
  • Golden LivingCenters
  • PruittHealth
  • Capital Senior Living Corporation
  • Diversicare Healthcare Services Inc.
  • HCR ManorCare Inc.
  • Life Care Centers of America
  • National Healthcare Corporation
  • The Ensign Group, Inc.
  • The Evangelical Lutheran Good Samaritan Society
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Long-Term Care Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Long-Term Care Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Long-Term Care Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Long-Term Care Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Long-Term Care Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Long-Term Care Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Long Term Care Market size was valued at USD 1.10 trillion in 2022 and is poised to grow from USD 1.17 trillion in 2023 to USD 1.96 trillion by 2031, growing at a CAGR of 6.62% in the forecast period (2024-2031).

Long-Term Care Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Brookdale Senior Living Inc.', 'Atria Senior Living Group', 'Sunrise Senior Living LLC', 'Emeritus Corporation', 'Extendicare Inc.', 'Genesis Healthcare Inc.', 'Senior Care Centers of America', 'Five Star Senior Living Inc.', 'Kindred Healthcare Inc.', 'Senior Lifestyle Corporation', 'Encompass Health Corporation', 'Golden LivingCenters', 'PruittHealth', 'Capital Senior Living Corporation', 'Diversicare Healthcare Services Inc.', 'HCR ManorCare Inc.', 'Life Care Centers of America', 'National Healthcare Corporation', 'The Ensign Group, Inc.', 'The Evangelical Lutheran Good Samaritan Society'

The increasing elderly population, as well as the high prevalence of disability, increases the demand for long-term care. The rising prevalence of disabilities raises the difficulty of performing daily tasks and reduces independence. This reduced capability to perform daily functions is expected to boost demand for LTC, propelling the industry forward during the aforementioned forecast period.

One key trend in the long-term care market is the shift towards home-based and community-based care. As the population ages, there is an increasing demand for long-term care services, but many people prefer to receive care in their own homes or in community settings rather than in institutional settings such as nursing homes.

North America dominated the long-term care market in 2022 and is predicted to continue to do so during the forecast period due to the presence of long-term care centers, an enhancing reimbursement framework, and favorable government policies. The U.S. long term care market will be worth approximately USD 701 billion by the end of 2028. This remarkable expansion can be attributed to a number of factors, including a large target population, high healthcare and long-term care spending, and an increase in the incidence of chronic diseases across the country. According to the American Action Forum, by 2030, roughly 24 million Americans are anticipated to require LTC, representing a two-fold increase over current demand. With an increasing number of chronic conditions, the amount and complexity of care for each individual is also expected to rise. Furthermore, projections indicate that by 2030, LTC costs will have more than doubled and it may reach USD 2.5 trillion.

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Global Long-Term Care Market

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