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 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.

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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

Report ID: SQMIG35D2066

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