The long-term care market is projected to grow at a CAGR of 7.2% during the forecast period (2024-2031). The market growth is driven by the growing older population in developed countries coupled with the increasing shortage of physicians and caregivers in these regions. The increasing technological advancements, and changes in public policy, behavior, and economics, are additionally contributing to the market growth during the forecast period. The long-term care market is segmented by service type (medical services (in-house therapy, skilled nursing, and others) and assisted living services), by point of care (homecare and hospitals (rehabilitation centers)), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
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Market Dynamics
North America is anticipated to hold the largest market share during the forecast period, owing to the increasing geriatric population favorable government policies, and the presence of widespread insurance coverage. The presence of major healthcare IT companies is promoting technological advancements in disease diagnosis, treatment, and monitoring, contributing significantly to regional market growth.
According to the American Association for Long-Term Care Insurance, in 2024, 6,878 Policyholders qualified to receive benefit payments (59% Female, 41 % Male Aide (53%), Nursing Home (27%), Assisted Living Facility (29%), and Skilled Nursing/ Home Visit (7%). Claims ranging from $19- $2,647,545, were being paid, till September 2024. The top services utilized were Home Health).
The key players in the long-term care market include Atria Senior Living, Amedisys, Capital Senior Living, Extendicare, Golden Living Centers, Home Instead, LHC Group, Life Care Centers of America, and Sunrise Senior Living, among more. The market players are contributing significantly to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and funding.
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Recent Developments
- In November 2024, WHO/Europe launched a new toolkit to help countries transform the long-term care system. The resource supports policy-makers at regional, national, and local levels in reshaping Long-Term Care (LTC) systems to be more responsive, inclusive, and sustainable.
- In November 2024, Manulife Financial Corp. entered into a $5.4 billion reinsurance agreement with Reinsurance Group of America including $2.4 billionof LTC reserves. Inclusive of previous LTC reinsurance transactions the company has cumulatively reduced LTC reserves by 18% and LTC morbidity sensitivity by 17%.
- In October 2024, Ministers and health authorities of the American region approved a policy aimed at addressing the growing demand for LTC in the region. The policy ensures sustainable and equitable LTC services and addresses the challenges related to care dependency and its impact on individuals, health systems, and society.
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