Long Term Care Market By Service (Home Healthcare, Hospice, Nursing Care, and Assisted Living Facilities), By Payer Type (Public, Private and Out-of-Pocket) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Long-term care encompasses a good range of care levels or settings like adult daycare, home, hospices, and residential health. A spread of things and aspects has shaped the demand dynamic within the long-term care market. Broadly, health and functional status of people has played a key role choose the choices they think are useful. This aside, the supply of resources is that the key aspect defining their choices. Prominently, long-term care needs are in large demands in ageing populations, and services became common in developed countries.

In many cases, new demands have emerged within the long-term care market because of transitions in care settings and needs, thereby defining the preferences of target populations. The market has thus evolved broadly on the rear of expanding array of options that take under consideration financing and coordination of care. The Long Term Care Market accounted for US$ 986.45 billion in 2020 and is estimated to be US$ 2000.67 billion by 2030 and is anticipated to register a CAGR of 7.4%.

Increasing geriatric population

The upsurge in the geriatric population of age 85 & older will drive the segmental growth during the forecast period. According to the United Nations, in 2019, the number of populations aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050. Additionally, rise in the number of patients suffering from life-threatening diseases such as cardiovascular disease, Alzheimer’s, and osteoporosis among others are further propelling the segmental market growth.

Increasing government’s initiatives

Governments in various developing and developed nations are adopting policies that aim to prolong the productive lifespan of aging populations. This has imparted a significant momentum to the expansion of the long-term care market. Over the past few years, nursing homes are seeing growth in people who demand mental health and counseling services. According to the American Association of Long-Term Care Insurance, more than 8 million U.S. citizens have long term care insurance. Employers are taking initiatives to provide long term care services to their employees. For instance, Medtronic sponsors a group LTC insurance plan for its employees. This plan is aimed at protecting employees from high costs associated with long term care services at home, in community care, and assisted living facilities.

However, the cost of insurance in long term care market might be hampering the growth of the market.

The global long term care market is segmented based on service, paper type, and region.

On the basis of service, the global long term care market is segmented into home healthcare, hospice, nursing care, and assisted living facilities. On the basis of payer type, market is divided into public, private and out-of-pocket.

Regional Insights:

The global long term care market accounted for US$ 986.45 billion in 2020 and is estimated to be US$ 2000.67 billion by 2030 and is anticipated to register a CAGR of 7.4%. On region the global long term care market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global LTC market owing to the high percentage of geriatric population, greater government funding, and implementation of a streamlined regulatory framework. Around 60% of the funding for long term care in the U.S. comes from Medicaid. The funding increased with the implementation of the Patient Protection and Affordable Care Act. Under the Affordable Care Act, a separate system called Medicare Prospective Payment System (MPPS) was started to support long term services.

Report Scope:

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 and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global long term care market report based on service, paper type, and region.

Global Long Term Care Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the global long term care market includes 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. The market is especially characterized by collaborations and partnerships between the businesses and acquisitions of smaller players as a part of strategic expansion as well as launching their new product specimen.

• Brookdale Senior Living, Inc.
• Sunrise Carlisle
• 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.