Long Term Care Market Size, Share, Competitive Landscape, and Trend Analysis Report by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2024-2033

The long term care market was valued at $1,179.2 billion in 2023 and is estimated to reach $2,080.7 billion by 2033, exhibiting a CAGR of 6.5% from 2024 to 2033.

Market Introduction and Overview

Long-term care refers to a range of services designed to know the health, personal care requirements, and social needs of individuals who have difficulty performing daily activities due to an illness, disability, or aging. These services can include assistance with activities such as bathing, dressing, and eating, as well as medical care and therapy. Long-term care can be provided in various settings, including nursing homes, assisted living facilities, and in the individual's own home. It aims to support individuals in maintaining their independence and quality of life over an extended period. Long-term care often involves a multidisciplinary approach, involving caregivers, healthcare professionals, and social workers, to address the diverse needs of the individual.

Key Takeaways

• The long term care market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($billion) for the projected period from 2024 to 2033.
• More than 1,500 product literatures, industry releases, annual reports, and other such documents of major long term care industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
• The study integrates high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and assist stakeholders in making informed decisions in order to achieve their most ambitious growth objectives.

Industry Trends

• In November 2023, economically developed nations such as Japan, Germany, Italy, the United States, Canada, the United Kingdom, and France, confronted the financial complexities of supporting rapidly aging populations requiring long-term care. Many of these countries allocate increased funding more than the United States, either through government channels or compulsory insurance schemes, to cover long-term care costs. This approach reflects a proactive response to the growing demand for elderly care services amid shifting demographic trends.
• According to a 2022 report from Long Term Care News, executives at the Agency for Health Care Administration (AHCA) forecasted in early 2021 that a monthly 1% rise in occupancy would help nursing homes regain financial stability. This gradual increase was seen as a crucial step towards restoring financial stability within the industry, offering clarity on the path to recovery for these care facilities.
• In February 2022, illumifin, a top third-party administration and software provider for the insurance sector, revealed its acquisition agreement with LTCG, a major player offering administrative solutions and clinical services to the long-term care ("LTC") insurance industry. The transaction, expected to conclude within the next 60 days, marks a significant move in bolstering illumifin's presence and capabilities in the LTC insurance domain.

Market Dynamics

In the long-term care market, emerging technologies are becoming a significant driving force. Advancements such as remote patient monitoring, telemedicine, and wearable health devices are reshaping how care is delivered to elderly and chronically ill individuals. These technologies enable more efficient and cost-effective care solutions, empowering seniors to age in place while receiving high-quality medical attention. As a result, the long-term care market is experiencing a transformative shift towards innovative care delivery models that prioritize convenience, accessibility, and improved patient outcomes.

The long-term care market faces significant restraints, particularly due to the high costs associated with these services, especially in developing nations. This financial problem acts as a deterrent for many individuals seeking long-term care solutions. Additionally, insufficient policies and regulations from national authorities exacerbate the challenges, hindering market growth further. Without comprehensive policies to address affordability and quality standards, the expansion of the long-term care market is likely to face considerable limitations globally.

The global long-term care market is poised to provide lucrative growth avenues as demand surges. Factors such as rising incidence of chronic conditions are driving the need for long-term care services, encompassing support for daily activities. Typically, individuals require long-term care when confronted with persistent health issues or disabilities. This escalating demand underscores significant opportunities for industry players to cater to evolving healthcare needs, emphasizing the importance of robust and accessible long-term care solutions. Additionally, the growing preference for personalized care is driving a surge in home healthcare adoption, offering significant growth prospects in the long-term care market. For instance, in November 2020, Baptist Health partnered with BAYADA Home Health Care to expand home health services. The goal is to enhance patient recovery and well-being by providing care in a familiar environment.

Patent Analysis of Global Long Term Care Market

A patent analysis of the long-term care market reveals innovative solutions enhancing patient care, such as assistive devices, telemedicine platforms, and medication management systems. Companies are investing in intellectual property to protect advancements in technology, ensuring competitive advantage and driving progress in long-term care services and support.

• In August 2022, Tech Pharmacy Services, LLC in the USA launched enhanced pharmaceutical distribution methods for long-term care facilities. This includes installing electronic dispensing machines in different facilities and linking them to a central server. The goal is to improve medication management and accessibility for patients in these settings.
• In August 2021, SINTOKOGIO LTD in Japan introduced a technology to assist with personal care for people in long-term care. This includes a device that senses when someone needs help with using the bathroom, considering their sleep patterns. The device has sensors to detect both bathroom needs and sleep status, controlled by a central system.

Market Segmentation

The market is segmented into type, application, and region. On the basis of type, the market is divided into home healthcare, hospice, nursing care, and assisted living facilities. As per application, the market is segregated into hospital, nursing home, and clinic. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional Market Outlook

North America boasts the world's largest long-term care market, attributed to its substantial healthcare expenditure and advanced healthcare infrastructure. In the United States, government initiatives like the Federal Long Term Care Insurance Program (FLTCIP) assist seniors in accessing and financing long-term care services. Moreover, the significant drivers of the North American long-term care market include its substantial geriatric population, advanced healthcare infrastructure, and relatively high disposable incomes. Government initiatives promoting long-term care to reduce healthcare expenditure further bolster market growth. Projections from reports such as "Aging in the United States" anticipate a doubling of Americans over 65 (from 46 million to over 98 million) by 2060. Similarly, studies like "The State of Seniors Health Care in Canada" highlight the prevalence of chronic conditions among seniors, indicating a growing demand for long-term care services.

• In February 2023, Sound Physicians introduced Sound Long-Term Care Management (SLTCM), its inaugural Accountable Care Organization (ACO). SLTCM operates as a Medicare Shared Savings Program (MSSP) Enhanced Track ACO, focusing on providing care for Medicare beneficiaries residing in long-term care facilities—a demographic widely recognized as underserved in the United States.
• The U.S. long-term care market has experienced numerous mergers, acquisitions, and partnerships aimed at consolidating services and enhancing revenue streams. For example, in October 2021, Amedisys expanded its home healthcare offerings by establishing new centers in Charlotte and Raleigh, North Carolina.
• In November 2019, Amedisys, Inc., a prominent U.S. provider of personal care, hospice, and home health services, finalized an acquisition deal with Asana Hospice. Asana Hospice, operating across eight locations in Ohio, Pennsylvania, Missouri, Texas, and Kansas, serves approximately 540 patients daily.

Competitive Landscape

The major players operating in the long term care market include Brookdale Senior Living, Inc., Knight Health Holdings, LLC, LHC Group, Inc., Atria Senior Living, Inc., Sunrise Senior Living, Extendicare, Sonida Senior Living, Diversicare, Genesis HealthCare, and Home Instead, Inc.

Recent Key Strategies and Developments

• In February 2023, HealthTech Innovations launched an AI-driven remote monitoring system for long-term care facilities, integrating cutting-edge sensors and machine learning algorithms. This system continuously tracks patients' vital signs, promptly identifying deviations. By offering proactive and tailored care, it enhances patient outcomes and curbs hospital readmissions, marking a significant advancement in healthcare technology for long-term care settings.
• In April 2023, Eldercare Solutions, a leading long-term care provider, launched an integrated telehealth platform catering to elderly individuals. This innovative platform facilitates virtual consultations, remote monitoring, medication management, and health education. By harnessing telehealth technology, Eldercare Solutions seeks to overcome geographical constraints and healthcare resource limitations, empowering seniors to access high-quality care and support from the convenience of their homes.
• In June 2023, Long-Term Living, a prominent long-term care provider, implemented robotic assistance technology to aid residents with daily tasks such as bathing, dressing, and medication reminders. These advanced robots, incorporating cutting-edge sensors and AI algorithms, prioritize safety and personalized care. The integration of robotics aims to elevate resident well-being, streamline staff operations, and address the rising demand for care in an aging society.

Key Sources Referred

1. Company Annual Reports
2. Investor Presentations
3. Press Release
4. Research Papers
5. World Health Organizations’ pdfs
6. D&B Hoovers
7.  Long Term Care Investment & Trade Reports

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the long term care market segments, current trends, estimations, and dynamics of the long term care market analysis from 2024 to 2033 to identify the prevailing long term care market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the long term care market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global long term care market statistics.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

In addition to the above-mentioned points, the report includes the analysis of the regional as well as global long term care market trends, key players, market segments, application areas, and market growth strategies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation

1.5.1. Top-down approach
1.5.2. Bottom-up approach

2. Report Scope

2.1. Market definition
2.2. Key objectives of the study
2.3. Market segmentation

3. Executive Summary
4. Market Overview

4.1. Introduction
4.2. Growth impact forces

4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities

4.3. Market value chain analysis

4.3.1. List of raw material suppliers
4.3.2. List of manufacturers 
4.3.3. List of distributors

4.4. Innovation & sustainability matrices

4.4.1. Technology matrix
4.4.2. Regulatory matrix

4.5. Porter’s five forces analysis

4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity

4.6. PESTLE analysis

4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Legal
4.6.6. Environmental

4.7. Impact of COVID-19 on long term care market

4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario

5. Long Term Care Market Analysis, by Type

5.1. Overview
5.2. Home Healthcare

5.2.1. Definition, key trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2024-2033
5.2.3. Market share analysis, by country, 2024-2033

5.3. Hospice

5.3.1. Definition, key trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2024-2033
5.3.3. Market share analysis, by country, 2024-2033

5.4. Nursing Care

5.4.1. Definition, key trends, growth factors, and opportunities
5.4.2. Market size analysis, by region, 2024-2033
5.4.3. Market share analysis, by country, 2024-2033

5.5. Assisted Living Facilities

5.5.1. Definition, key trends, growth factors, and opportunities
5.5.2. Market size analysis, by region, 2024-2033
5.5.3. Market share analysis, by country, 2024-2033

5.6. Research Dive Exclusive Insights

5.6.1. Market attractiveness
5.6.2. Competition heatmap

6. Long Term Care Market Analysis, by Application

6.1. Overview
6.2. Hospital

6.2.1. Definition, key trends, growth factors, and opportunities
6.2.2. Market size analysis, by region, 2024-2033
6.2.3. Market share analysis, by country, 2024-2033

6.3. Nursing Home

6.3.1. Definition, key trends, growth factors, and opportunities
6.3.2. Market size analysis, by region, 2024-2033
6.3.3. Market share analysis, by country, 2024-2033

6.4. Clinic

6.4.1. Definition, key trends, growth factors, and opportunities
6.4.2. Market size analysis, by region, 2024-2033
6.4.3. Market share analysis, by country, 2024-2033

6.5. Research Dive Exclusive Insights

6.5.1. Market attractiveness
6.5.2. Competition heatmap

7. Long Term Care Market, by Region

7.1. North America

7.1.1. U.S.

7.1.1.1. Market size analysis, by Type, 2024-2033
7.1.1.2. Market size analysis, by Application, 2024-2033

7.1.2. Canada

7.1.2.1. Market size analysis, by Type, 2024-2033
7.1.2.2. Market size analysis, by Application, 2024-2033

7.1.3. Mexico

7.1.3.1. Market size analysis, by Type, 2024-2033
7.1.3.2. Market size analysis, by Application, 2024-2033

7.1.4. Research Dive Exclusive Insights

7.1.4.1. Market attractiveness
7.1.4.2. Competition heatmap

7.2. Europe

7.2.1. Germany 

7.2.1.1. Market size analysis, by Type, 2024-2033
7.2.1.2. Market size analysis, by Application, 2024-2033

7.2.2. UK

7.2.2.1. Market size analysis, by Type, 2024-2033
7.2.2.2. Market size analysis, by Application, 2024-2033

7.2.3. France

7.2.3.1. Market size analysis, by Type, 2024-2033
7.2.3.2. Market size analysis, by Application, 2024-2033

7.2.4. Spain

7.2.4.1. Market size analysis, by Type, 2024-2033
7.2.4.2. Market size analysis, by Application, 2024-2033

7.2.5. Italy

7.2.5.1. Market size analysis, by Type, 2024-2033
7.2.5.2. Market size analysis, by Application, 2024-2033

7.2.6. Rest of Europe

7.2.6.1. Market size analysis, by Type, 2024-2033
7.2.6.2. Market size analysis, by Application, 2024-2033

7.2.7. Research Dive Exclusive Insights

7.2.7.1. Market attractiveness
7.2.7.2. Competition heatmap

7.3. Asia Pacific

7.3.1. China

7.3.1.1. Market size analysis, by Type, 2024-2033
7.3.1.2. Market size analysis, by Application, 2024-2033

7.3.2. Japan 

7.3.2.1. Market size analysis, by Type, 2024-2033
7.3.2.2. Market size analysis, by Application, 2024-2033

7.3.3. India

7.3.3.1. Market size analysis, by Type, 2024-2033
7.3.3.2. Market size analysis, by Application, 2024-2033

7.3.4. Australia

7.3.4.1. Market size analysis, by Type, 2024-2033
7.3.4.2. Market size analysis, by Application, 2024-2033

7.3.5. South Korea

7.3.5.1. Market size analysis, by Type, 2024-2033
7.3.5.2. Market size analysis, by Application, 2024-2033

7.3.6. Rest of Asia Pacific

7.3.6.1. Market size analysis, by Type, 2024-2033
7.3.6.2. Market size analysis, by Application, 2024-2033

7.3.7. Research Dive Exclusive Insights

7.3.7.1. Market attractiveness
7.3.7.2. Competition heatmap

7.4. LAMEA

7.4.1. Brazil

7.4.1.1. Market size analysis, by Type, 2024-2033
7.4.1.2. Market size analysis, by Application, 2024-2033

7.4.2. Saudi Arabia

7.4.2.1. Market size analysis, by Type, 2024-2033
7.4.2.2. Market size analysis, by Application, 2024-2033

7.4.3. UAE

7.4.3.1. Market size analysis, by Type, 2024-2033
7.4.3.2. Market size analysis, by Application, 2024-2033

7.4.4. South Africa

7.4.4.1. Market size analysis, by Type, 2024-2033
7.4.4.2. Market size analysis, by Application, 2024-2033

7.4.5. Rest of LAMEA

7.4.5.1. Market size analysis, by Type, 2024-2033
7.4.5.2. Market size analysis, by Application, 2024-2033

7.4.6. Research Dive Exclusive Insights

7.4.6.1. Market attractiveness
7.4.6.2. Competition heatmap

8. Competitive Landscape

8.1. Top winning strategies, 2023

8.1.1. By strategy
8.1.2. By year

8.2. Strategic overview
8.3. Market share analysis, 2023

9. Company Profiles

9.1. Brookdale Senior Living, Inc.

9.1.1. Overview
9.1.2. Business segments
9.1.3. Product portfolio
9.1.4. Financial performance
9.1.5. Recent developments
9.1.6. SWOT analysis

9.2. Sonida Senior Living

9.2.1. Overview
9.2.2. Business segments
9.2.3. Product portfolio
9.2.4. Financial performance
9.2.5. Recent developments
9.2.6. SWOT analysis

9.3. Genesis HealthCare

9.3.1. Overview
9.3.2. Business segments
9.3.3. Product portfolio
9.3.4. Financial performance
9.3.5. Recent developments
9.3.6. SWOT analysis

9.4. Knight Health Holdings, LLC

9.4.1. Overview
9.4.2. Business segments
9.4.3. Product portfolio
9.4.4. Financial performance
9.4.5. Recent developments
9.4.6. SWOT analysis

9.5. Atria Senior Living, Inc.

9.5.1. Overview
9.5.2. Business segments
9.5.3. Product portfolio
9.5.4. Financial performance
9.5.5. Recent developments
9.5.6. SWOT analysis

9.6. Sunrise Senior Living

9.6.1. Overview
9.6.2. Business segments
9.6.3. Product portfolio
9.6.4. Financial performance
9.6.5. Recent developments
9.6.6. SWOT analysis

9.7. Extendicare

9.7.1. Overview
9.7.2. Business segments
9.7.3. Product portfolio
9.7.4. Financial performance
9.7.5. Recent developments
9.7.6. SWOT analysis

9.8. Diversicare

9.8.1. Overview
9.8.2. Business segments
9.8.3. Product portfolio
9.8.4. Financial performance
9.8.5. Recent developments
9.8.6. SWOT analysis

9.9. Home Instead, Inc.

9.9.1. Overview
9.9.2. Business segments
9.9.3. Product portfolio
9.9.4. Financial performance
9.9.5. Recent developments
9.9.6. SWOT analysis

9.10. LHC Group, Inc.

9.10.1. Overview
9.10.2. Business segments
9.10.3. Product portfolio
9.10.4. Financial performance
9.10.5. Recent developments
9.10.6. SWOT analysis
 

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