Long-term Care Market Size, Share & Analysis Report, 2023-2032
The global long-term care market size was exhibited at USD 1.19 Trillion in 2022 and is projected to hit around USD 2.26 Trillion by 2032, growing at a CAGR of 6.63% during the forecast period 2023 to 2032.
Key Pointers:
Long-term Care Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 1.27 Trillion |
| Market Size by 2032 | USD 2.26 Trillion |
| Growth Rate From 2023 to 203 | CAGR of 6.63% |
| Base Year 2022 | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Services, Payer |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Brookdale Senior Living Inc.; Sunrise Carlisle, LP; Atria Senior Living Group; Extendicare, Inc.; Capital Senior Living; Diversicare Healthcare Services Inc.; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Senior Care Centers of America; Home Instead Senior Care, Inc.; Amedisys, Inc |
The long-term care (LTC) market is majorly driven by the rise in the global geriatric population. Moreover, an increase in life expectancy impels the need for LTC services. The unmet needs of the elderly are also contributing factors to market growth. With the provision of personal care at home, unnecessary hospitalization is avoided thus preventing the patients from its high cost and from the degrading quality of life.
The increase in the population of older individuals is a major concern in many countries across the globe. The last baby boomers generation reached an age span of 52 to 70 years in 2016, which is the largest aged cohort so far. More than 54% of the geriatric population is concentrated in only six countries-China, the U.S., India, Japan, Germany, and the Russian Federation. This has increased the pressure on the governments of these countries to provide them with care services. Governments of these countries are reforming their healthcare systems to provide the care needed by senior citizens at affordable prices. The U.S. government supports LTC for elders through Medicare and Medicaid systems. These factors are expected to fuel the growth of the LTC market during the forecast period.
The prevalence of chronic diseases is increasing at a significant pace. Along with general age-related disability, the elderly also suffer from chronic diseases such as cancer, heart problems, diabetes, dementia, Alzheimer’s, and mental stress. Hospitalization for chronic conditions can be expensive and entail unnecessary use of resources, which can be utilized by patients in critical conditions. LTC provides specialized care required by the elderly and increasing awareness about these centers as well as their advantages over hospitals is expected to impel market growth.
Another key driving factor in the expansion of the long-term care industry is technological advancement in healthcare delivery. Initially, durable medical devices such as wheelchairs, walkers, and safety blankets were predominantly used for care management. During the forecast period, the market is estimated to be driven by the development of sophisticated user-friendly products and services such as internet-enabled home monitoring, telemedicine, and mobile health apps.
North America dominated the long-term care market with revenue share of 49.35% in 2022, due to the availability of long-term care centers, improving reimbursement framework, and favorable government policies. An estimated 14 million people in the U.S. required long-term support services by February 2020. According to the Department of Health and Human Services (HHS), seven out of every ten senior adults over the age of 65 will require LTC before they die. long-term care is estimated to be needed by 24 million Americans by 2032.
The long-term care industry is still in its infancy in several countries in the Asia-Pacific region, thus the region is expected to have lucrative market growth in the coming years. This is due to an increase in chronic conditions such as heart disease, diabetes, and respiratory problems. In addition, foreign long-term care facilities are investing in countries such as India and Japan. For instance, in October 2013, BAYADA Home Health Care, a US-based home healthcare conglomerate, purchased a 26% share in India Home Health Care (IHHC).
Latin America is expected to grow at the fastest CAGR of 8.19% during the forecast period due to its aging population. However, it currently lacks well-regulated long-term care services in most countries. The inadequate presence of facilities and their nonuniform geographical distribution can lead to a greater burden on unpaid caregivers, such as family. Brazil has a comparatively better market scenario due to its low cost of care, which is attracting baby boomers from the U.S. and Canada.
Some of the prominent players in the Long-term Care Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Long-term Care market.
By Service
By Payer
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers