United States Long Term Care Market to Grow with a CAGR of 7.33% through 2029

Growing prevalence of chronic conditions are expected to drive the United States Long Term Care Market growth in the forecast period, 2025-2029.

 

According to TechSci Research report, “United States Long Term Care Market –Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the United States Long Term Care Market stood at USD 502.09 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.33% through 2029. Long-term care encompasses a wide range of services designed to support individuals who have difficulty performing daily activities due to chronic illness, disability, or age-related factors. One of the primary drivers of the United States long-term care market is the aging population. As life expectancy continues to rise and the baby boomer generation reaches retirement age, there is a growing demand for long-term care services. The elderly population often faces a higher risk of chronic illnesses and disabilities, making long-term care a crucial part of their overall healthcare needs. This demographic shift is particularly evident in developed countries, where a larger proportion of the population is aged 65 and above. Consequently, the market for long-term care services is expanding to accommodate the needs of this aging demographic.

A notable trend in long-term care is the preference for home-based care services. Many seniors and their families are increasingly choosing to receive care in the comfort of their own homes. This preference stems from a desire to maintain independence and improve the quality of life for seniors. Home healthcare services, including in-home nursing and personal care, are gaining popularity as they allow individuals to age in place. Additionally, technological advancements in remote monitoring and telehealth have made it easier to provide high-quality care within a home setting, further fueling the growth of home-based care services.

Technological advancements are revolutionizing the long-term care market. Innovative healthcare technologies, including telemedicine, wearable devices, and electronic health records, are enhancing the quality of care provided to seniors. These technologies facilitate remote monitoring, early detection of health issues, and improved communication between caregivers and healthcare professionals. They also enable more efficient and personalized care delivery, enhancing the overall patient experience.

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The United States Long Term Care market is segmented into service, payer, regional distribution, and company.

Based on the Payer, Out-of-Pocket emerged as the dominant segment in the United States market for United States Long Term Care Market in 2023. In many countries, insurance coverage for long-term care services is limited and often does not fully cover the costs. As a result, individuals and their families are left with out-of-pocket expenses to cover the shortfall. Traditional health insurance plans typically do not provide comprehensive coverage for long-term care, leading individuals to pay for these services themselves. Government-funded programs for long-term care, such as Medicaid in the United States or the National Health Service (NHS) in the United Kingdom, often have eligibility criteria and limited budgets. Not everyone qualifies for government assistance, and even those who do may face restrictions on the types of services covered or the facilities they can choose. This leaves a substantial portion of the population responsible for covering their own long-term care costs. Paying out of pocket allows individuals and their families to have more control and flexibility in choosing the type of care and care provider that best suits their needs. This autonomy is particularly appealing, as it enables patients and their families to make decisions that align with their preferences and values.

Based on the region, In 2023, the Mid-West emerged as the leading region in the United States Long Term Care Market, commanding the largest market share. The demographic composition of the Mid-West, particularly its aging population, significantly drives the demand for long-term care services. Regions with a higher proportion of elderly residents typically see increased demand for these services, fostering market growth. Additionally, the presence and quality of healthcare facilities, including long-term care centers and nursing homes, play a crucial role in the region's market dominance. Government policies and regulations pertaining to healthcare and long-term care are also critical factors. The Mid-West's implementation of supportive policies has further bolstered the growth of its long-term care sector. Moreover, the region's economic conditions, including income levels and employment opportunities, positively impact individuals' and families' ability to afford long-term care services, contributing to its market leadership.

Major companies operating in United States Long Term Care Market are:

• Brookdale Senior Living, Inc.
• Knight Health Holdings, LLC
• Almost Family, Inc.
• Atria Senior Living Group
• Sunrise Senior Living, LLC
• Extendicare, Inc.
• Sonida Senior Living
• Diversicare Healthcare Services Inc.
• Genesis HealthCare
• Home Instead, Inc. 

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“The United States Long Term Care Market is poised for significant growth in the coming years. This anticipation is fueled by the convergence of several key factors, including the world's aging population, the increasing prevalence of chronic conditions, and evolving healthcare preferences. As people live longer, there is a growing need for long-term care services that cater to the unique healthcare requirements of seniors and individuals with chronic illnesses or disabilities. The preference for home-based care, driven by the desire to age in place and advancements in telehealth, is reshaping the industry. Moreover, the integration of technology, including remote monitoring and electronic health records, is enhancing the efficiency and quality of care”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“United States Long Term Care Market By Service (Home Healthcare, Hospice & Palliative Care, Nursing Care, Assisted Living Facilities, Others), By Payer (Public, Private, Out-of-Pocket) By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of United States Long Term Care Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in United States Long Term Care Market.

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