Global Long-Term Care Market Size, Share, Growth Analysis, By Service type(Home healthcare services, facility-based services), By Gender(Male, female), By Payer(Public, private) - Industry Forecast 2024-2031

The Global Long Term Care Market size was valued at USD 1.10 trillion in 2022 and is poised to grow from USD 1.17 trillion in 2023 to USD 1.96 trillion by 2031, growing at a CAGR of 6.62% in the forecast period (2024-2031).

A variety of services designed to meet a person's long-term personal care or health needs are referred to as long-term care. When a person is unable to perform everyday duties on their own, these services help them live as independently and safely as possible. Depending on the needs of the individual, different caregivers provide long-term care in different settings. Most long-term care at home is provided by unpaid family members and friends. It can also be given in the community, like an adult day care center, or in a facility like a nursing home. The most prevalent kind of long-term care is personal care, or assistance with daily activities, sometimes referred to as "activities of daily living." These activities include things like taking a shower, getting dressed, grooming, eating, using the restroom, and moving around-like getting out of bed and into a chair. For the foreseeable future, the long-term care business is being driven by the world's aging population. Moreover, the need for LTC services is driven by an increase in life expectancy. The unfulfilled requirements of the elderly also fuel market expansion. However, hospital care and assisted living facilities were severely impacted during the pandemic due to the high patient volume, a shortage of medical staff, and other factors, which hindered the industry globally.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Long Term Care Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Long Term Care Market Segmental Analysis

Global Long-Term Care Market is segmented based on the service type, gender, payer, and region. Based on service type, the Long-Term Care Market is segmented into home healthcare services, facility based services, community based services, and others. Based on gender, the Long-Term Care Market is segmented into male, female. Based on payer, the Long-Term Care Market is segmented into Public, private, and out of pocket. Based on region, Long-Term Care Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Long Term Care Market

The need for long-term care is raised by the growing number of elderly people and the high rate of impairment. The increasing number of people with impairments makes daily duties more challenging and diminishes independence. During the previously indicated projection period, it is anticipated that this decreased capacity to carry out daily tasks will increase demand for LTC and drive the industry forward.

Restraints in the Global Long Term Care Market

The lack of available home healthcare goods and the high cost of devices and services are impeding the expansion of the long-term care industry because most individuals in developing nations cannot pay the high fees charged by health care professionals.

Market Trends of the Global Long Term Care Market

The move toward community- and home-based care is one of the major trends in the long-term care industry. Long-term care services are in greater demand as the population ages, yet many people would rather receive care in their own homes or in other community settings than in institutional settings like nursing homes.

Many factors are driving this trend, such as the realization that community-based care can be more affordable than institutional care, the desire for greater independence and control over one's own care, and technological advancements that facilitate the provision of high-quality care in the home.

Numerous long-term care providers are creating new care models in response to this shift, with an emphasis on community- and home-based services like adult day care, home health care, and hospice care. In these approaches, coordinated treatment is usually provided to patients in their homes or in community settings through a team-based approach involving a variety of health care specialists, including nurses, therapists, and social workers.