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

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.