Global Long Term Care Market Size By Services (Home Healthcare, Hospice, Nursing Care, Assisted Living Facilities), By Payer (Public, Private, Out of Pocket), By Geographic Scope And Forecast

Long Term Care Market Size And Forecast

Long Term Care Market size was valued at USD 1,114.92 Billion in 2022 and is projected to reach USD 1,838.38 Billion by 2030, growing at a CAGR of 6.4% from 2023 to 2030.

The growing elderly population around the world is a significant driver of the Long Term Care (LTC) Market. Additionally, a longer life span drives demand for LTC services. The elderly population’s unmet needs are another element in the market’s expansion. The provision of personal care at home prevents patients from needless hospitalization, saving them from its high expense and declining quality of life. The Global Long Term Care Market report delivers a holistic evaluation. The report thoroughly analyzes key segments, trends, drivers, restraints, competitive landscape, and factors that play a substantial role in the market.

Global Long Term Care Market Definition

Long Term Care refers to a variety of services and support for people who need help with basic daily tasks for an extended length of time, like getting dressed, bathing, and eating. Nursing homes, assisted living facilities, and the patient’s own house with the assistance of home health aides or other carers are just a few places where Long-Term Care can be offered. People who have disabilities or chronic health conditions that make it challenging for them to live independently usually need Long-Term Care.

Alzheimer’s disease and other dementias, Parkinson’s disease, strokes, and physical impairments are a few examples of these diseases. Assistance with everyday living tasks such as bathing, dressing, and eating, as well as medical and nursing care, physical and occupational therapy, social services, and help managing medications, may all be included in long-term care services. Long-Term Care costs can be high, and they are frequently covered by a mix of commercial insurance, public programs like Medicaid, and personal funds.

Global Long Term Care Market Overview

Support for elderly individuals who are unable to care for themselves due to physical or mental ailments, such as chronic disease and multimorbidity, is known as Long-Term Care. Depending on the level of restriction, assistance with basic health services, dressing, and managing medications may be given at home, in the community, or in institutions. These services are usually offered by paid or unpaid formal and informal workers. Competent social workers or health care providers who work in nursing homes could be considered formal employees. Informal carers are defined as paid and unpaid family carers who work outside of traditional employment standards and who are not reported to social security authorities.

To help people remain at home and live as autonomously as possible, home-based Long-Term Care includes health, personal, and support services. The bulk of Long-Term Care is delivered to patients in their homes or the homes of family members. Both short-term and long-term in-home care is available. Home-based services frequently include personal care such as help with bathing, dressing, and taking medications, as well as monitoring to ensure a person’s safety. Most people who provide this kind of assistance are unpaid family members, spouses, friends, and neighbors. The older population has a high demand for Long-Term Care, and services are now broadly accessible in industrialized nations.

New demands have developed in the Long Term Care Market due to changes in care settings and requirements in many circumstances, defining the preferences of target populations. As a result of the vast variety of options that take funding and care coordination into account, the Long Term Care Market has expanded. The Long Term Care Market is expected to grow rapidly as a result of the aging baby boomer generation, rising rates of disabilities among the elderly, a lack of qualified nursing staff, government financing, and increased partnerships between commercial insurers and different governments. A greater number of people are experiencing disabilities as a consequence of longer life expectancies.

Moreover, this is anticipated to lead to a rise in the demand for cheap Long-Term Care services for chronic illnesses, memory loss, and post-hospital healthcare. The target population for Long-Term Care services is heavily weighted toward the ill, disabled, and elderly. As a consequence, the demand for Long-Term Care is significantly influenced by the growing geriatric population. The population’s growing prevalence of chronic diseases or ailments is another factor driving the demand for Long-Term Care. As the prevalence of osteoporosis, hypertension, and diabetes has grown in industrialized nations, so has the demand for adult daycare.

Global Long Term Care Market Segmentation Analysis

The Global Long Term Care Market is segmented on the basis of Services, Payer, and Geography.

Long Term Care Market, By Services

• Home Healthcare
• Hospice
• Nursing Care
• Assisted Living Facilities

Based on Services, The market is split into Home Healthcare, Hospice, Nursing Care, and Assisted Living Facilities. The presence of a large number of facilities that offer nursing care to the world’s growing elderly population is a key element driving the segment. As a result, during the anticipated period, this factor will continue to fuel the growth of the nursing care sector in the Long Term Care Market.

The demand for individualized Long Term Care at home and cost-effectiveness are driving the home healthcare market’s expansion. Due to rising healthcare expenses, many people who require care now receive their care at home. Healthcare providers are adopting newer technologies and software to improve the quality of long-term care services as the demand for home healthcare increases.

Long Term Care Market, By Payer

• Public
• Private
• Out of Pocket

Based on Payer, the Global Long Term Care Market is classified into public, private, and out of pocket. Government initiatives like Medicaid and Medicare, which provide coverage for some or all of the costs involved with Long Term Care for those who qualify, are examples of public funding for Long Term Care. Long Term Care insurance policies, which can help cover the cost of care for people who have bought these policies, may provide private funding.

Out-of-pocket expenses are those that people and their families must pay for themselves, without the help of the government or the private sector. In the United States, public financing is currently the most popular method of paying for Long Term Care, with Medicaid serving as the main funding source. However, as more people become conscious of the importance of Long Term Care planning, private funding through Long Term Care insurance policies is also gaining popularity.

Long Term Care Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Based on Geography, the Global Long Term Care Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held a commanding 45% market share in 2022. This can be clarified by the rising elderly population. The Long Term Care market is expanding in the North American region due to elements like the adoption of rules and regulations and significant government spending.

During the forecast period, the Asia-Pacific is anticipated to expand at a CAGR of 8.5%. This is explained by the rising prevalence of chronic diseases such as heart disease, diabetes, and lung conditions. The industry for Long Term Care is still developing. Additionally, countries like India are receiving investments from international Long Term Care facilities.

Key Players

The “Global Long Term Care Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Atria Senior Living Group, Brookdale Senior Living, Amedisys Inc., Capital Senior Living, Diversicare Healthcare Services Inc., Extendicare Inc., Home Instead Senior Care Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Carlisle LP., and Others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In August 2021, one of the top Long Term Care service providers, Diversicare Healthcare Services, Inc., and DAC Acquisition LLC signed a binding merger deal. The Long Term Care division of Diversicare will benefit from this acquisition by continuing and accelerating its solid momentum.
• In July 2021, As the hospital company seeks to enter the home health market, HCA Healthcare completed its $400 million deal to purchase the majority of Brookdale Senior Living’s home health and hospice division.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Long Term Care Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Long Term Care Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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