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Long Term Care market Size
Long Term Care Market Share
Long Term Care Market Region
The Long Term Care Market size is expected to be worth around USD 2142.4 billion by 2033 from USD 1120.1 billion in 2023, growing at a CAGR of 6.7%
The Nursing Care Segment Led In 2023, Claiming A Market Share Of 32.4% Due To The Preference For Elderly Care And Strong Demand From Developing Countries.” - Tajammul PangarkarNEW YORK CITY, NY, UNITED STATES, January 27, 2025 /EINPresswire / -- Report Overview
The Long Term Care Market size is expected to be worth around USD 2142.4 billion by 2033 from USD 1120.1 billion in 2023, growing at a CAGR of 6.7% during the forecast period 2024 to 2033. In 2023, North America led the market, achieving over 43.7% share with a revenue of US$ 489.5 Billion.
Long-term care services encompass a wide range of medical and non-medical support provided to individuals with chronic illnesses, disabilities, or aging-related conditions. These services include assisted living, skilled nursing, home healthcare, hospice care, and adult daycare. The rising demand for personalized care and advancements in healthcare infrastructure are fueling market expansion.
North America leads the global market, holding a dominant share due to its well-established healthcare facilities, government funding for elder care programs, and increasing investments in home healthcare solutions. Meanwhile, the Asia-Pacific region is expected to witness the fastest growth, driven by a rapidly aging population, urbanization, and improvements in healthcare infrastructure.
Technological integration, such as remote patient monitoring, telehealth, and AI-enabled care solutions, is transforming the delivery of long-term care, ensuring better quality, safety, and cost-efficiency. Additionally, the post-COVID-19 emphasis on home-based care has further accelerated the adoption of remote healthcare solutions.
Key players in the long-term care market include Brookdale Senior Living, Sunrise Senior Living, and Genesis Healthcare, among others. These organizations are focusing on strategic partnerships, service diversification, and technology adoption to meet the growing demand. As the global population continues to age, the long-term care market is poised for sustained growth, providing ample opportunities for innovation and investment in the healthcare sector.
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Key Takeaways
. Market Size: The long-term care market is projected to grow from USD 1120.1 billion in 2023 to USD 2142.4 billion by 2033.
. Market Growth: The market is expected to expand at a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2024 to 2033.
. By Service Analysis: The nursing care segment led the market in 2023, accounting for 32.4% of the share, driven by the increasing preference for elderly care and strong demand in developing countries.
. Application Analysis: The public segment held a significant market share of 46.1% in 2023, supported by high public spending in the U.S. and European nations.
. Regional Analysis: North America dominated the global market, capturing the highest revenue share of 43.7% in 2023, due to its advanced healthcare infrastructure and government funding.
. Aging Population: The growing elderly population is a major factor driving the demand for long-term care services globally.
. Technological Integration: Advances in technology, including remote monitoring and home healthcare solutions, are significantly contributing to market expansion.
. Challenges: A notable challenge for the market is the shortage of skilled nursing staff, which may hinder growth and strain the availability of quality care.
Service Analysis Of Long Term Care Market
Nursing Care: Nursing care services dominate the long-term care market, accounting for 32.4% of the share in 2023. These facilities provide round-the-clock medical attention for elderly and chronically ill patients. High demand arises from aging populations and the prevalence of chronic diseases. Developing countries are witnessing increased investment in nursing homes due to growing awareness of professional care services. Nursing care facilities are also incorporating advanced technologies to monitor patient health and ensure better outcomes.
Assisted Living Facilities: Assisted living facilities are gaining traction as a preferred option for elderly individuals requiring some assistance with daily activities but maintaining independence. These facilities offer personal care, meal preparation, and medication management. The rise in dual-income families and the inability to provide in-home care have driven demand. Assisted living is also becoming more appealing due to added amenities like recreational activities, enhancing residents' quality of life. This segment shows significant growth potential in urban areas.
Hospice: Hospice care focuses on providing compassionate support for terminally ill patients and their families. This segment is expanding due to increasing awareness of end-of-life care and a shift toward home-based hospice services. Patients benefit from pain management, emotional support, and spiritual care. Hospice adoption is higher in developed nations, with governments and healthcare providers emphasizing palliative care programs. Technological integration, including telehealth, enhances the accessibility of hospice services in rural and underserved areas.
Home Healthcare: Home healthcare is experiencing rapid growth due to the increasing preference for personalized, cost-effective care in the comfort of one's home. These services include skilled nursing, physical therapy, and assistance with daily activities. Technological advancements, such as remote patient monitoring and telehealth, are driving this segment. Post-COVID-19, the demand for home healthcare has surged, as it reduces infection risks while providing high-quality care. The aging population and chronic disease prevalence further bolster this market segment.
Market Segments:
Based on Service
. Home Healthcare
. Hospice & Palliative Care
. Nursing Care
. Assisted Living Facilities
. Other Services
Based on Payer Outlook
. Public
. Private
. Out of Pocket
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Market Dynamics
Driver: The increasing global aging population significantly drives the long-term care (LTC) market. As life expectancy rises and birth rates decline, a larger proportion of individuals are entering age brackets that may require LTC services. The World Health Organization emphasizes the urgency for sustainable LTC models to address this demographic shift. In the United States, the Centers for Medicare and Medicaid Services projected that the number of Americans over 65 needing LTC would escalate from 9 million in 2006 to 27 million by 2050. This surge underscores the escalating demand for LTC services globally.
Trend: A notable trend in the LTC market is the shift from institutional care to home and community-based services (HCBS). This transition is driven by policy initiatives aiming to deliver care in less restrictive environments and by individuals' preferences to receive support within their homes. The U.S. Department of Health and Human Services has reported a decline in nursing home utilization, with more individuals opting for HCBS. This trend reflects a broader movement towards personalized care models that emphasize autonomy and quality of life for the elderly.
Restraint: Staffing shortages present a significant restraint in the LTC sector. Studies have indicated that LTC workers are often undercompensated compared to other health sectors, leading to pervasive recruitment and retention challenges. The COVID-19 pandemic exacerbated these issues, with many nursing homes reporting critical staffing deficits. Such shortages can adversely affect the quality of care provided to residents, highlighting the need for systemic reforms to attract and retain qualified personnel in the LTC workforce.
Opportunity: The growing demand for LTC services presents opportunities for investment and innovation in care delivery models. Investors, particularly from the United States, have shown increased interest in the LTC sector, recognizing its potential for stable returns. In 2024, the UK experienced a record £3.1 billion in care home deals, with U.S. investors accounting for 56% of acquisitions. This influx of capital can be leveraged to develop advanced care facilities, integrate technology to enhance service delivery, and implement training programs to address workforce challenges, thereby improving overall care quality.
Competitive Landscape:
Key players in the long-term care market are actively focusing on innovation and strategic initiatives, including mergers and acquisitions, to strengthen their competitive position. These efforts aim to meet the increasing demand for quality long-term care services and adapt to evolving market needs.
A notable example is HCA Healthcare's acquisition of Brookdale Senior Living's home health and hospice division in July 2021. This acquisition highlights the trend of hospital networks expanding into home-based care services. The move aligns with the rising preference for home-based long-term care, driven by an aging population seeking alternatives to traditional institutional care. This strategic diversification underscores the growing importance of personalized, home-centered care solutions in the long-term care market.
Key Market Players:
. 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.
. Other Key Players
Regional Analysis
North America Leads the Long-Term Care Market
North America holds the largest revenue share of 43.7% in the global long-term care market, driven by an aging population, favorable government policies, and extensive insurance coverage. According to the U.S. Department of Health and Human Services (HHS), 7 out of 10 individuals who reach the age of 65 are projected to require long-term care services. By 2030, approximately 24 million Americans are expected to need long-term care, significantly contributing to market growth in the region.
Government initiatives play a vital role in market expansion. For instance, in April 2022, the World Health Organization (WHO) highlighted the importance of integrated, person-centered care for older adults. The WHO's Integrated Care for Older People (ICOPE) approach encourages countries, including the U.S., to enhance care systems by aligning with the preferences and needs of the elderly population.
Asia-Pacific Set for the Highest CAGR Growth
The Asia-Pacific region is poised for the fastest growth in the long-term care market, driven by a rising geriatric population, increasing prevalence of chronic diseases, and growing demand for long-term care services. India's elderly population (aged 60 and above) is projected to reach 194 million by 2031, a 41% increase from 138 million in 2021, as per the National Statistical Office (NSO)'s "Elderly in India 2021" report.
The region is addressing unmet needs for elderly care not covered by hospital systems. The growing focus on improving healthcare infrastructure and providing tailored care solutions supports the rapid expansion of the long-term care market in Asia-Pacific.
Lawrence John
Prudour
+91 91308 55334
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