Long Term Care Market, valued at USD 1.09 Trillion in 2023, is projected to surpass USD 1.85 Trillion by 2032, indicating a robust CAGR of 6.1%.

Long-term care (LTC) is a set of services and supports designed to satisfy the medical and personal requirements of people who are unable to perform daily tasks independently due to chronic illnesses, impairments, or aging. It involves assistance with daily living tasks such as washing, dressing, and eating, as well as expert medical care such as wound management or physical therapy, which is delivered in the home, community, or specialized facility.

Long-term care is critical for enhancing the quality of life for people with chronic illnesses by providing constant and compassionate support that is tailored to their specific requirements. It also significantly reduces the stress on family caregivers by providing professional care options that strike a balance between safety, dignity, and medical oversight. As population’s age and chronic conditions rise, LTC ensures sustainable care solutions that foster independence and well-being.

Long Term Care Market Statistics

• The global long-term care market was valued at USD 1.09 trillion in 2023 and is anticipated to grow at a CAGR exceeding 6.1% from 2024 to 2032
• North America dominated the market in 2023, generating USD 501.4 billion in revenue
• The Asia-Pacific region is expected to witness remarkable growth with a CAGR of 6.8% during the forecast period
• The public payer segment held the largest market share, contributing 60% in 2023
• The nursing care sub-segment led the market, capturing 33% of the total share in 2023
• A discernible trend in the long term care market is adoption of telehealth and remote monitoring improves care delivery and accessibility.

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Long Term Care Market Dynamics

Rising Prevalence of Chronic Diseases and Disabilities Fuels the Long Term Care Market Value

The increased frequency of chronic diseases and impairments is fueling the long-term care market. For example, the US Department of Health and Human Services estimates that around 129 million Americans suffer from at least one severe chronic condition, such as heart disease, cancer, diabetes, obesity, or hypertension. As diabetes, heart disease, and neurological problems become more frequent, there is a greater demand for long-term care services. Many people with chronic health conditions require long-term management, rehabilitation, and assistance, which increases demand for healthcare institutions and home-based services. This trend is especially prominent among the elderly, who are more prone to chronic illnesses. Consequently, the long-term care market is expanding to accommodate the growing number of individuals needing ongoing medical attention and assistance.

Growth in Home-Based Care and Assisted Living Services Offer Significant Long Term Care Market Opportunity

Because of the growing preference for individualized and flexible care alternatives, the expansion of home-based care and assisted living services creates a substantial opportunity in the long-term care industry. Home-based care enables people to get medical and non-medical support in the comfort of their own homes, increasing convenience and emotional well-being while lowering hospital admissions. Assisted living services, on the other hand, strike a mix between freedom and professional support, catering to those who need assistance with everyday tasks but do not require intensive medical care.

Furthermore, growing healthcare expenses and a dearth of skilled nursing facility beds are prompting families and people to seek less expensive options. With an aging population and increasing demand for customized care solutions, home-based and assisted living services are poised to play a pivotal role in shaping the future of the long-term care market.

Long Term Care Market Segmentation

The global market for long term care has been segmented into gender, payer, and service, and region.

• Gender is classified into male, and female
• Payer are divided into public, private, and out-of-pocket
• Service are categorized into home healthcare, hospice, nursing care, assisted living facilities, and others
• The long term care market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Long Term Care Market Regional Outlook

In terms of long term care market analysis, North America dominates the market because of the strong demand for senior care services caused by an aging population and well-established healthcare infrastructure. According to Population Reference Bureau, the number of Americans aged 65 and older is expected to rise from 58 million in 2022 to 82 million by 2050 (a 47% increase), with the 65-and-over age group accounting for 17% to 23% of the overall population. Furthermore, a strong insurance system promotes the affordability of long-term care services. These elements combine to strengthen North America's position as the sector's largest market.

Asia-Pacific's long-term care industry is expanding rapidly, driven by rising life expectancy and an aging population in nations such as Japan, China, and India. The region is seeing a move toward home healthcare services as conventional family caring models alter. Governments are gradually increasing investments in long-term care infrastructure, while rising awareness of elderly care needs is propelling market expansion. These trends contribute to the region's fast-paced growth in the sector.

Long Term Care Market Players

Long term care companies profiled in the report include Brookdale Senior Living, LHC Group, Inc., Kindred Healthcare, Extendicare, Atria Senior Living, Diversicare, Sunrise Senior Living, Gentiva Health Services, Emeritus, and ScionHealth.

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Mr. Richard Johnson

Acumen Research and Consulting

India: +91 8983225533

E-mail: [email protected]