Long-Term Care Market expands as governments increase healthcare funding

The global long-term care market was valued at USD 1.11 trillion in 2023 and is projected to grow to USD 1.74 trillion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030. The primary driver of this growth is the rising global geriatric population, which increasingly demands specialized care services for long-term assistance.

Key Market Trends & Insights

Key trends indicate that in 2023, North America dominated the long-term care market with a share of approximately 48.86%. +1 The United States accounted for the largest portion of the regional market, thanks to an aging population and established reimbursement infrastructures. Meanwhile, by service type, the nursing care segment captured the largest share at over 31.73% in 2023.  In terms of payer, the public segment held the leading revenue share in 2023.

Market Size & Forecast

Forecast figures show the market size at USD 1.11 trillion in 2023, rising to USD 1.74 trillion by 2030, under a CAGR of 6.6% from 2024 to 2030.  Additional drivers include increased life expectancy and the prevalence of chronic diseases such as Alzheimer’s, diabetes, heart problems and dementia, which place increasing demands on long-term care services.  Advances in home healthcare delivery and digital tools (such as remote monitoring, telemedicine and mobile health apps) are also contributing to expansion in the market.  The COVID-19 pandemic adversely impacted many traditional long-term care facilities as older populations were disproportionately affected and staffing shortages emerged, highlighting both service vulnerabilities and opportunities for innovation.

Regionally, while North America remains the largest single market, Latin America is expected to record the fastest growth rate over the forecast period, supported by a rising aging population and infrastructure improvements in countries such as Brazil.

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Key Companies & Market Share Insight

The long-term care industry is characterised by low to moderate levels of merger and acquisition activity. Major players are expanding service portfolios, improving operational efficiency, and integrating advanced technologies.  Strict regulatory frameworks governing care quality and patient safety influence industry structure and competitive dynamics.  Emerging alternatives such as home healthcare and technology-assisted remote care are serving as substitutes to traditional institutional care, shaping competitive strategies and market share distribution.

Leading organisations are focusing on regional footprints and service differentiation as they pursue growth in the face of an aging global population. Their strategic initiatives include geographic expansion, technology partnerships, and acquisitions to address unmet needs in eldercare.

Key Companies List

The prominent companies 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
• Home Instead, Inc.
• Amedisys

Conclusion

Overall, the long-term care market is poised for significant growth over the coming years, driven by demographic shifts, increasing chronic illness burdens and the rising preference for both institutional and home-based eldercare services. Key players are leveraging technology, geographic expansion and strategic partnerships to capture a larger share of this dynamically evolving sector. As countries seek to strengthen their care infrastructures and adapt to the needs of aging populations, the long-term care industry presents both challenges and considerable growth opportunities.

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