The global long-term care (LTC) market was valued at USD 1.11 trillion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 6.68% from 2024 to 2030. This growth is primarily driven by the increasing global geriatric population. Rising life expectancy further fuels the demand for long-term care services. Additionally, unmet healthcare needs among older adults are contributing significantly to the market's growth. A December 2022 article published in the BMC Journal highlighted that approximately 10.4% of the elderly population globally faced unmet healthcare needs, including LTC. Providing personal care at home helps avoid unnecessary hospitalizations, reducing costs and preserving quality of life for patients.
The aging population presents a growing challenge for governments worldwide, prompting them to reform healthcare systems to deliver essential services to seniors at affordable rates. The market is expected to see substantial growth throughout the forecast period, supported in part by U.S. government programs like Medicare and Medicaid that offer long-term care for the elderly.
The global prevalence of chronic diseases is also accelerating, adding to the need for long-term care. Elderly individuals often face both age-related disabilities and chronic conditions such as cancer, diabetes, Alzheimer’s, dementia, cardiovascular diseases, and mental health issues. Hospital treatments for such conditions can be costly and inefficient, placing a strain on healthcare systems. LTC facilities are increasingly seen as a more suitable alternative, offering tailored services that meet the specific needs of elderly patients. Growing awareness of these facilities and their benefits over traditional hospital care is further driving market growth.
Technological advancements in healthcare delivery are also shaping the LTC landscape. While earlier care methods relied on durable medical equipment like wheelchairs, walkers, and safety aids, the current trend includes more sophisticated, user-friendly solutions such as telemedicine, home monitoring systems connected via the internet, and mobile health applications. These innovations are expected to significantly influence market expansion during the forecast period.
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Regional Insights
In 2023, North America led the global LTC market, accounting for 48.86% of the total market share. This dominance is attributed to the availability of LTC centers, favorable government initiatives, and enhanced reimbursement frameworks. Data from the Kaiser Family Foundation indicates that in 2020, approximately 5.8 million people in the U.S. received paid LTC services either at home or through community-based care, while about 1.9 million accessed care in institutional settings. The Commonwealth Fund reported that in 2021, roughly 69% of U.S. adults utilized LTC services as they aged.
The United States held the largest market share within North America in 2023, driven by its aging population and a well-developed healthcare system. The country's extensive healthcare infrastructure and substantial healthcare expenditure ensure the broad availability of services, including nursing homes, home healthcare, and assisted living facilities.
In contrast, Latin America is projected to witness the fastest growth in the LTC market during the forecast period. An expanding elderly population and the increasing burden of chronic diseases are creating a greater demand for long-term care. Governments across the region are recognizing this trend and investing in improved healthcare infrastructure to accommodate the changing needs of aging populations. As awareness of long-term care services continues to rise, adoption is expected to increase, supporting market growth in the region.
Within Latin America, Brazil accounted for the largest market share in 2023. As the most populous country in the region, Brazil’s significant elderly demographic has generated strong demand for LTC services. Ongoing improvements in healthcare infrastructure are also fostering an environment conducive to the sector’s growth.
Leading Long-Term Care Companies
The following companies are key players in the global long-term care market. They hold the largest shares and play pivotal roles in shaping industry trends. Their strategies, financials, and product offerings contribute significantly to the structure of the LTC supply network:
- 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
- Home Instead, Inc.
- Amedisys
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