Long Term Care Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.20 Trillion |
| Market Size (2029) | USD 1.60 Trillion |
| CAGR (2024 - 2029) | 6.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Long Term Care Market Analysis
The Global Long Term Care Market size is estimated at USD 1.20 trillion in 2024, and is expected to reach USD 1.60 trillion by 2029, at a CAGR of 6.10% during the forecast period (2024-2029).
Megatrends Shaping the Industry: The Global Long Term Care Market is undergoing substantial growth, driven by powerful megatrends such as the aging global population, evolving family dynamics, and escalating healthcare costs. These trends are setting the stage for expanded long-term care services, bolstered by rising demand, improved insurance offerings, and technological advancements in healthcare delivery. These drivers are facilitating broader access to long-term care facilities and creating sustainable growth opportunities within the industry.
Favorable Long Term Care Insurance Plans: Insurance plans tailored to long-term care are playing a critical role in expanding market accessibility. The introduction of flexible and comprehensive long-term care insurance (LTCI) products is gaining traction, especially in Europe, where countries such as Germany and the Netherlands have integrated long-term care coverage into their social welfare systems. Germany's Pflegeversicherung covers various long-term care services, including home care and nursing homes. In the Netherlands, the Long-Term Care Act extends coverage to both residential and community-based care, helping to alleviate financial burdens. These insurance mechanisms are key to making long-term care more affordable and accessible, significantly driving the market forward.
Increasing Adoption of Long Term Care Services Among Old Population Base: As the global geriatric population grows, the demand for long-term care services is rising. Increasing awareness, changing family structures, and a desire for independence are prompting more seniors to seek professional care services. Countries like South Korea are leading the way by implementing universal long-term care insurance to support their elderly population. Furthermore, the European Care Strategy is driving long-term care policy reform across the European Union, making care services more accessible and improving working conditions for care providers. This growing adoption is essential to sustaining the long-term care industry's expansion.
Technological Advancements in the Field of Long-Term Care: Technology is revolutionizing the long-term care sector, optimizing both the quality of care and operational efficiency. Innovations like Electronic Health Record (EHR) systems, telehealth, remote patient monitoring, and electronic medication management systems are enhancing care coordination and enabling real-time patient health tracking. Assistive technologies, such as wearable devices, smart home automation, and fall detection systems, are improving safety and independence for individuals with age-related conditions. These advancements are transforming the sector, making care services more effective and appealing, while contributing to the industry's growth.
Long Term Care Market Trends
Nursing Care: Backbone of Long-Term Care Services
Segment Overview: Nursing care remains the bedrock of the long-term care market, accounting for nearly 37% of the market's total value. It includes a range of medical and personal care services provided by skilled nurses in diverse environments, including nursing homes and specialized care facilities. The aging population and the increasing prevalence of chronic conditions are fueling the demand for specialized nursing care, reinforcing its foundational role in the sector.
Growth Drivers: The aging global population, particularly in developed countries, is the key driver for nursing care services. Medical advancements are enabling more complex procedures to be performed in nursing care settings, widening the scope of care. Additionally, the rising incidence of chronic diseases, including cognitive disorders, is intensifying the demand for nursing care. The move towards person-centered care is transforming how services are delivered, ensuring that care is tailored to individual needs and enhancing overall patient well-being.
Competitive Landscape: Market players in nursing care are innovating to remain competitive. Strategies include staff training, retention programs, and the integration of technology such as telemedicine and EHRs to improve efficiency. Furthermore, care facilities are focusing on creating more homelike environments to enhance patient satisfaction. As the segment faces increasing competition from home-based care models, providers must remain adaptable and continue to refine their service offerings to meet evolving patient and regulatory needs.
Europe: Pioneering Growth in the Global Long-Term Care Landscape
Market Dynamics: Europe, particularly the United Kingdom, is a leader in the global long-term care market, experiencing a CAGR of 7.44% between 2024 and 2029. The continent's rapid market growth is supported by aging demographics, progressive healthcare policies, and a rising demand for personalized care. Government initiatives such as the European Care Strategy are also contributing to the region's market expansion, enhancing both access to care and working conditions for caregivers.
Growth Drivers: Europe's aging population, with over 21% of its citizens aged 65 and above, is driving demand for long-term care services. Comprehensive social welfare systems, such as Germany’s mandatory long-term care insurance, are enabling easier access to care. Moreover, advances in telemedicine and remote monitoring technologies are supporting the shift towards more personalized care services, further accelerating market growth across the region.
Competitive Landscape: In response to increasing demand, European long-term care providers are leveraging technology and personalized care approaches to maintain a competitive edge. Investments in specialized care facilities, particularly for dementia and other cognitive disorders, are on the rise. Companies are also focusing on workforce development to meet the growing demand for skilled care professionals. Additionally, the expansion of home-based care services is shaping competitive strategies as providers cater to the growing preference for aging in place.
Long Term Care Industry Overview
Market Dominance: Global Players Lead Consolidated Market
The Global Long Term Care Market is dominated by a few key players, with companies such as Korian, Orpea Group, and Bupa Finance PLC holding significant market shares across multiple countries. These large operators benefit from economies of scale, enabling them to offer comprehensive services and maintain a strong presence. The market's consolidation has been driven by mergers, acquisitions, and strategic partnerships, which provide these companies with the resources needed to expand their global reach and diversify their service offerings.
Top Players: Scale and Diversification Drive Leadership
Korian, Orpea Group, and Bupa Finance PLC lead the market with global revenues exceeding USD 5 billion. Their diversified portfolios, which include nursing homes, assisted living facilities, and home care services, enable them to address a broad range of patient needs. These companies have the financial strength to invest in cutting-edge technologies and expand their services. As market leaders, they continue to shape the long-term care landscape by responding to changing patient preferences and adopting innovative care models.
Strategies for Future Success: Innovation and Expansion
To remain competitive, market players must continue to innovate and expand. Investing in telemedicine, remote monitoring, and data analytics will enhance care quality and operational efficiency. Expanding into emerging markets and developing specialized care services for conditions like dementia present key growth opportunities. Partnerships with healthcare providers and government agencies can open access to new patient populations, while focusing on workforce development will be critical for addressing the global shortage of skilled caregivers. Providers that prioritize person-centered care and home-based services are well-positioned to capture growing market segments.
Long Term Care Market Leaders
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Brookdale Senior Living, Inc.
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Extendicare, Inc.
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Sunrise Senior Living
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Atria Senior Living, Inc.
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Sonida Senior Living
*Disclaimer: Major Players sorted in no particular order
Long Term Care Market News
- August 2024: The Ontario government is channeling investments into two initiatives in York Region, aiming to broaden diagnostic services in long-term care facilities and curtail visits to hospitals and emergency rooms. The newly introduced Community Paramedicine for Long-Term Care Plus (CPLTC+) program enhances the current Community Paramedicine for Long-Term Care initiative. It empowers community paramedics to administer diagnostic services, such as bloodwork, ultrasound, and urinalysis, directly to residents in long-term care. Additionally, the government is allocating funds to long-term care facilities, ensuring they acquire the necessary equipment and training for these diagnostic services.
- July 2024: America's long-term care (LTC) pharmacies have unveiled "Save Senior Rx Care," a campaig that emphasizes the critical need to safeguard access to essential medications and services for the millions reliant on long-term care. Through this campaign, LTC pharmacies aim to spotlight the unforeseen yet grave repercussions that emerging drug pricing policies could have on their operations and the at-risk patients they cater to.
Long Term Care Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Favorable Long Term Care Insurance Plans
4.2.2 Increasing Adoption Of Long Term Care Services Among Old Population Base
4.2.3 Technological Advancements In The Field Of Long-Term Care
4.3 Market Restraints
4.3.1 Lack Of Awareness Regarding Long Term Care Services In Developing Regions
4.3.2 High-Cost Associated With The Services
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Service
5.1.1 Home Healthcare
5.1.2 Hospice
5.1.3 Nursing Care
5.1.4 Assisted Living Facilities
5.1.5 Others
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Brookdale Senior Living, Inc.
6.1.2 Sunrise Senior Living
6.1.3 Atria Senior Living, Inc.
6.1.4 Extendicare, Inc.
6.1.5 Sonida Senior Living
6.1.6 Diversicare Healthcare Services Inc.
6.1.7 Health PEI (Government of Prince Edward Island)
6.1.8 Genesis Healthcare Corp.
6.1.9 Revera Inc.
6.1.10 Home Instead, Inc.
6.1.11 Amedisys, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Long Term Care Industry Segmentation
As per the scope of the report, long-term care involves a range of care levels or settings, such as adult daycare, nursing homes, hospices, and home health care. The main role of long-term care is to help patients maintain a maximum degree of functional independence while providing continuous care, from low-intensity services to post-acute care.
The long-term care market is segmented by service and geography. By service, the market is segmented into home healthcare, hospice, nursing care, assisted living facilities, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East, and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments
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| Home Healthcare | |
| Hospice | |
| Nursing Care | |
| Assisted Living Facilities | |
| Others |
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Long Term Care Market Research FAQs
How big is the Global Long Term Care Market?
The Global Long Term Care Market size is expected to reach USD 1.20 trillion in 2024 and grow at a CAGR of 6.10% to reach USD 1.60 trillion by 2029.
What is the current Global Long Term Care Market size?
In 2024, the Global Long Term Care Market size is expected to reach USD 1.20 trillion.
Who are the key players in Global Long Term Care Market?
Brookdale Senior Living, Inc., Extendicare, Inc., Sunrise Senior Living, Atria Senior Living, Inc. and Sonida Senior Living are the major companies operating in the Global Long Term Care Market.
Which is the fastest growing region in Global Long Term Care Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Long Term Care Market?
In 2024, the North America accounts for the largest market share in Global Long Term Care Market.
What years does this Global Long Term Care Market cover, and what was the market size in 2023?
In 2023, the Global Long Term Care Market size was estimated at USD 1.13 trillion. The report covers the Global Long Term Care Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Long Term Care Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What government regulations are impacting the Long-term Care Industry?
The government regulations that are impacting the Long-term Care Industry are a) Compliance requirements b) Potential reimbursement changes c) Quality of care standards
Long Term Care Industry Report
The long-term care industry in the Asia Pacific is witnessing robust growth, primarily driven by an aging demographic and an increase in chronic diseases such as heart disease and diabetes. This surge is further supported by foreign investments which are improving regional infrastructure, notably in India. In contrast, the North American market is propelled by stringent regulatory standards and substantial governmental investments, addressing the needs of its aging populace. Among the key sectors, home healthcare, hospice, and nursing care are experiencing significant expansion. The hospice segment, in particular, is advancing due to its cost-effectiveness and ability to offer customized care solutions. Technological innovation continues to play a critical role, enhancing service delivery and efficiency across these segments. This expansion is nurturing continuous innovation and fostering the adoption of advanced care technologies. Additionally, largest long term care companies are capitalizing on these trends by scaling operations and refining service offerings to meet evolving consumer needs. For a comprehensive understanding of market trends, challenges, and future opportunities, stakeholders can access detailed industry analyses available from sources like Mordor Intelligence™. These reports provide essential data on market size, share, and revenue growth and are readily available for deeper insight through a free report PDF download.
