Global Long-Term Care (LTC) Market Size, Analysis And Forecast To 2031

(MENAFN- Straits Research) Long-term care encompasses a variety of services designed to meet an individual's health or personal care requirements over a short or extended period. Long-term care (LTC) assists individuals with functional or cognitive impairments in performing daily living (ADL) activities, such as walking, grooming, bathing, dressing, feeding, restroom use, and transferring.
Caregivers provide long-term care in various settings depending on the patient's requirements. Most long-term care is offered by unpaid family and acquaintances at home. It may also be administered in a nursing home or other public location, such as an adult day care center. In addition to sustenance, adult day care, and transportation, long-term care also includes community services.
Market Dynamics
Growing Geriatric Population Drives the Global Market
The global population is aging dramatically, particularly in high-income countries. More than 54 percent of the world's elderly population resides in only six countries: China, the United States, India, Japan, Germany, and the Russian Federation. As a result, there is increased pressure on these nations' governments to provide care services for their citizens while maintaining a balance between labor force participation and economic growth. Several governments are revising their healthcare systems to provide senior citizens with the care they need at affordable prices. The U.S. government subsidizes LTC for seniors through the Medicare and Medicaid programs. These factors are anticipated to drive the expansion of the LTC market during the forecast period.
Technological Development Creates Tremendous Opportunities
Long-term care service providers' adoption of telehealth applications is facilitating the market's transformation into an organized sector, garnering the interest of investors and entrepreneurs. Significant benefits of technology-integrated services include a decrease in the need for institutional care and a reduction in the financial burden associated with medical procedures. Due to advances in data science and artificial intelligence (AI), the quality of care provided by long-term care facilities is also increasing. For instance, AI can assist in recommending the optimal care solution based on the service provider's historical data. Thus, developing sophisticated devices for long-term care will drive market growth over the forecast period.
Regional Analysis
North America is the most significant global long-term care (LTC) market shareholder and is estimated to exhibit a CAGR of 6.99% during the forecast period. Significant market drivers include the large geriatric population in this region, the sophisticated healthcare infrastructure, and relatively high disposable incomes. In addition, expanding government initiatives to reduce healthcare expenditures by promoting long-term care is anticipated to serve as a significant market driver. According to the January 2016 report "Aging in the United States" by the Population Reference Bureau, the number of Americans aged above 65 will double by 2060 (from 46 million to over 98 million). Moreover, according to the Canadian Medical Association's report titled "The State of Seniors Health Services in Canada," approximately 75% to 80% of senior citizens in Canada suffer from one or more chronic health conditions. These factors will likely stimulate the market for long-term care in North America.
Europe is estimated to exhibit a CAGR of 4.60% over the forecast period. The rising cost of long-term care burdens social care and health systems in many nations. The cost of assisting the elderly with activities of daily living, such as hygiene, medication, and feeding, is a significant portion of public budgets. Due to low pay and difficult working conditions, the working class has a high turnover rate. This makes it challenging to attract qualified and motivated care workers. In 2016, Germany and Sweden had the highest ratio of employees to service recipients compared to the Czech Republic and Estonia, whose formal LTC services were relatively underdeveloped. The European Commission has also undertaken several initiatives to encourage the countries of the EU to prepare for the changing age demographics by enacting and implementing relevant laws and policies. The European Semester issued specific recommendations on LTC in 2016. Such factors drive regional market growth.
Key Highlights

The global long-term care (LTC) market was valued at USD1,055.30 billion in 2022. It is estimated to reach USD 1,925.48 billion by 2031, growing at a CAGR of 6.91% during the forecast period (2023–2031).
Based on service, the global long-term care (LTC) market is bifurcated into home healthcare, hospices, nursing care, assisted living facilities, and others.
The nursing care segment dominates the global market and is projected to exhibit a CAGR of 6.53% over the forecast period.
North America is the most significant global long-term care (LTC) market shareholder and is estimated to exhibit a CAGR of 6.99% during the forecast period.

Competitive Players
The key global long-term care (LTC) market players are Brookdale Senior Living Inc.; Sunrise Senior Living, LLC; Kindred Healthcare, LLC; Genesis Healthcare, Inc.; Extendicare; Capital Senior Living Corporation; Diversicare Healthcare Services, Inc.; Home Instead, Inc.; Senior Care Center; and Atria Senior Living, Inc.
Market News

In June 2023, The contract to construct the new La Ronge Long-Term Care (LTC) Home in Saskatchewan was awarded to Ledcor Construction Limited. A news release describes the residence as a three-story, two-wing per-floor building with up to 80 resident rooms, living areas, bathrooms, family rooms, a traditional recovery area, a serenity room, and space for health services.
In February 2022, illumifin, a leading third-party administration and software provider for the insurance industry, announced that it inked a definitive agreement to acquire LTCG, a prominent provider of administrative solutions and clinical services to the long-term care ("LTC") insurance industry. It is anticipated that the transaction will close within the next 60 days.

Global Long-Term Care (LTC) Market: Segmentation
By Service

Home Healthcare
Hospices
Nursing Care
Assisted Living Facilities
Others

By Regions

North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa

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