USD 21.20 billion
Long-Term Care Insurance Market Size, Share, Growth Analysis, By Type(Traditional Long Term Care Insurance, Hybrid Long Term Care Insurance), By Application(Between 18 and 64, Over 65 Years Old), By Payer(Out-of-pocket, Public), By Service(Nursing Care, Home Healthcare), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG40M2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
113
|Figures:
75
Long-Term Care Insurance Market Insights
Long-Term Care Insurance Market size was valued at USD 23.81 Billion in 2023 and is poised to grow from USD 26.74 Billion in 2024 to USD 67.63 Billion by 2032, growing at a CAGR of 12.3% during the forecast period (2025-2032).
The forecast period anticipates a substantial expansion in the long-term care insurance market, predominantly driven by two key factors: the burgeoning aging population and an extended life expectancy. As this demographic continues to grow, so does the prevalence of age-related ailments, which serves as a significant catalyst propelling market growth. Moreover, the heightened occurrence of these conditions not only underscores the necessity for long-term care but also alleviates financial strains on families.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Nursing Care
Fastest Growth
Home Healthcare
Growth Rate
12.3% CAGR
Global Long-Term Care Insurance Market ($ Bn)
Country Share for North America Region (%)
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Long-Term Care Insurance Market Segmental Analysis
The global long-term care insurance market is segmented into five major segments i.e. by type, application, payer, service and region. Based on type the market is segmented as, traditional long term care insurance, hybrid long term care insurance. Based on payer the market is segmented as out-of-pocket and public. Based on service the market is segmented as nursing care, home healthcare. Based on application the market is segmented as, between 18 and 64, over 65 years old. Based on region the market is segmented as, North America, Europe, Asia-Pacific, and Latin America.
Analysis by Service
In 2022, the nursing care segment emerged as the dominant force in the market, claiming the largest revenue share at 32.3%. This substantial market share owes itself to several key factors, notably the prevalent preference among the elderly for this form of specialized care. Moreover, the burgeoning demand, particularly from developing countries, has propelled the prominence of nursing care services within the market.
The home healthcare segment is experiencing robust growth owing to two significant driving forces: the escalating demand for personalized long-term care within the comfort of one's home and the evident cost-effectiveness of such services. As healthcare expenditures continue to rise, home healthcare has emerged as the default choice for numerous patients requiring attention. This trend reflects the shifting preference toward receiving care in familiar settings.
Analysis by Payer
In 2022, the public segment emerged as the dominant force within the long-term care (LTC) market, claiming the largest revenue share at 63.5%. This substantial segment share is primarily a result of robust public spending observed notably in the United States and European countries. A significant illustration lies in the U.S., where a substantial portion—more than half—of the LTC expenses is covered through Medicaid, albeit with variations across different states.
In 2022, the out-of-pocket segment notably contributed to the long-term care (LTC) market share, representing a significant portion of spending. Across several major countries, LTC provision involves a combination of private, out-of-pocket, and public expenditure. However, projections indicate a decline in out-of-pocket spending over the forecast period due to concerted efforts by various nations to mitigate these costs.
Global Long-Term Care Insurance Market By Service
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Long-Term Care Insurance Market Regional Insights
In 2022, North America emerged as the leader in long-term care (LTC) revenue, securing the largest share at 49.3%. This regional dominance is attributed to several key factors, including the widespread availability of long-term care centers, a continuously improving reimbursement framework, and favorable government policies supporting this sector.
In the Asia Pacific region, long-term care (LTC) predominantly relies on familial support structures. The Asian Development Bank's 2022 report underscores this trend, revealing that in Thailand, a staggering 90% of elderly individuals in need of care receive it primarily from family members. This highlights the deeply ingrained cultural and familial norms wherein caregiving for the elderly remains a responsibility shouldered by families within the region.
Global Long-Term Care Insurance Market By Region
- Largest
- Fastest
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Long-Term Care Insurance Market Dynamics
Drivers
Increasing Awareness Surrounding the Facilities
- The landscape of long-term care (LTC) is marked by its provision of specialized services tailored to the needs of the elderly, and the anticipated market growth hinges significantly on the rising awareness surrounding these facilities. Their distinct advantages over traditional hospital settings are becoming increasingly recognized, fostering an upward trajectory for the industry. Additionally, technological advancements in healthcare delivery play a pivotal role in propelling this growth. Initially, care management primarily relied on durable medical devices such as wheelchairs, walkers, and safety blankets.
Restraints
Hike in the Price of Insurance to Constrain Market Growth
- The surge in premiums and the adjusted coverage parameters have sparked considerable hesitation and rumors around investing in long-term care policies. For numerous individuals teetering on the brink, obtaining such medical security has become an insurmountable challenge due to the escalating premium expenses.
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Long-Term Care Insurance Market Competitive Landscape
The competitive environment of the Global Long-Term Care Insurance Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Aviva
- Allianz
- Dai-ichi
- AXA
- China Life
- Prudential
- Generali Italia
- Unum Life
- Sumitomo Life Insurance
- Northwestern Mutual
- CPIC
- MassMutual
- Omaha Mutual
- New York Life
- LTC Financial Solutions
Recent Developments
- In November 2023, globally, prosperous nations grappled with the financial challenges of catering to swiftly aging populations in need of long-term care. Many of these countries allocate higher expenditures than the United States, utilizing government funding or enforcing legally mandated insurance schemes to cover long-term care expenses.
Long-Term Care Insurance Key Market Trends
- The global surge in the geriatric demographic stands as a primary driving force behind the long-term care (LTC) market. With life expectancy on the rise, there's a parallel increase in the demand for services tailored to this expanding older population. Furthermore, the industry's growth is significantly influenced by the unmet needs of older adults, a factor underscored by a December 2022 article in the BMC Journal.
Long-Term Care Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global long-term care insurance market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The anticipated growth of the long-term care (LTC) market is further bolstered by several key factors. Notably, the increasing reimbursement for in-home care within the medical landscape serves as a pivotal contributor to this expansion, enabling individuals to access necessary services in familiar settings. Moreover, the burgeoning awareness surrounding diverse LTC programs and facilities significantly augments the market's trajectory, empowering individuals to make informed choices about their long-term care needs.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.81 Billion |
| Market size value in 2032 | USD 67.63 Billion |
| Growth Rate | 12.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Insurance 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Insurance 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Long-Term Care Insurance 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 Insurance 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 Insurance 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 Insurance 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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