Long Term Care Insurance Market Size, Share, Growth Report 2032

Long Term Care Insurance Market

Long Term Care Insurance Market – By Service (Home Healthcare, Hospice Care, Home Personal Care, Community Facilities, Respite Care, Adult Day Care, and Services Offered in Assisted Living Facilities); By Policy (Individual Policy, Group Policy, and Association Policy); and by Region¬–Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2020-2026

Category: Healthcare Report Format : PDF Pages: 130 Report Code: ZMR-6206 Published Date: May-2021 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 15 Billion USD 23 Billion 12.3% 2022

Long Term Care Insurance Market

Long Term Care Insurance Market Size And Industry Analysis

The global Long Term Care Insurance Market, which was estimated at 15 (USD Billion) in 2019 and is anticipated to accrue earnings worth 23 (USD Billion) by 2026, is set to record a CAGR of nearly 12.3% over 2020-2026. The report offers valuation and analysis of Long Term Care Insurance market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

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Long Term Care Insurance Industry: Overview

Long term care insurance is focusing on the customer demand. Moreover, rapidly growing geriatric populace and increase in population dependent on others will creative lucrative demand for long term care insurance industry over the upcoming years. In addition to this, reduction in family care, rise in special needs of individuals, and dementia care requirements will prompt the expansion of long term care insurance market over the assessment timeline. Apparently, surge in life-expectancy and exponentiation witnessed in the baby boomer population will translate into increase in the number of persons at risk requiring long term care, thereby elevating the expansion of long term care insurance industry in the upcoming years. Thriving health insurance market will further contribute towards the expansion of long term care insurance industry over the upcoming timespan. Furthermore, premium charges of long term insurance care policy are based on life expectancy & age, family conditions, gender, income & assets, and family conditions.

Long Term Care Insurance Market: Growth Factors

Rise in the opportunities for serving aging population will result in humungous surge in long term care insurance market expansion over 2020-2026. With spread of pandemic such as COVID -19 and steep rise in the patient population base with moderate & severe conditions will lead to increase in the size of long term care insurance market over forthcoming years.  Rise in the funding, huge demand, and government support in the developing and underdeveloped countries will help in building a strong platform for growth of long term care insurance industry in the forthcoming years.  However, lower interest rates and long duration can pose a threat towards the growth of long term care insurance market size in the years ahead. Though spending on long term insurance is lesser in the countries such as the U.S., it is expected to increase by 2050 due to onset of COVID cases as well as threat of more life-threatening diseases. This will drive the business trends.

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Asia Pacific Market Size To Expound Exponentially Over 2020-2026

The expansion of long term care insurance in the Asia Pacific zone over the forecast timeline is due to thriving insurance sector in the countries such as India. Reportedly, the insurance industry in India is slated to earn revenue worth nearly USD 285 billion by 2021. This factor will further assist in increasing the earnings from long term care insurance business in Asia Pacific zone. Apart from this, governments in the region are focusing on providing insuring to the uninsured sectors, thereby encouraging the growth of insurance sector in the region. This will open new vistas of growth for regional market over the upcoming years. With insurers reporting a swift increase in the purchase of life insurance policy in 2020 in India, the market for long term care insurance market in Asia Pacific region is projected to witness a geometric expansion over 2020-2026.

Report Scope :

Key players profiled in the report include New York Life, Pacific Life, Lincoln Financial Group, Mutual of Omaha, Brighthouse Financial, OneAmerica Hybrid, GoldenCare, National Guardian Life, LTC Consumer, Minnesota Life, Transamerica, Nationwide, Thrivent, Bankers Life and Casualty, Prudential, UNUM, John Hancock, CNA, Genworth, AXA, State Life, and MassMutual.  

The global Long Term Care Insurance Market is segmented as follows:

By Policy

  • Individual Policy
  • Group Policy
  • Association Policy

By Service

  • Home Healthcare
  • Hospice Care
  • Home Personal Care
  • Community Facilities
  • Respite Care
  • Adult Day Care
  • Services Offered in Assisted Living Facilities Cloud-Based

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Surge in the avenues of serving elderly population will result in rapid increment in long term care insurance market expansion over 2020-2026. With spread of pandemic such as COVID -19 and steep rise in the patient population base with moderate & severe conditions will lead to bulge in the size of long term care insurance market over forthcoming years.  Rise in the funding, huge demand, and government support in the developing and underdeveloped countries will lay a strong foundation for growth of long term care insurance industry in the upcoming years.  Though spending on long term insurance is lesser in the countries such as the U.S., it is slated to increase by 2050 due to onset of COVID cases as well as threat of more life-threatening diseases. This will steer the industry trends.

According to Zion market research report, the global Long Term Care Insurance Market, which was estimated at 15 (USD Billion) in 2019 and is anticipated to accrue earnings worth 23 (USD Billion) by 2026, is set to record a CAGR of nearly 12.3% over 2020-2026.

Asia Pacific will contribute lucratively towards the global market size over the estimated timeline. The regional market surge is due to prospering insurance sector in the countries such as India. Reportedly, the insurance industry in India is set accrue proceeds worth nearly USD 285 billion by 2021. This aspect will further assist in increasing the earnings from long term care insurance business in Asia Pacific zone. In addition to this, governments in the APAC zone are focusing on providing insuring to the uninsured sectors, thereby promoting the growth of insurance sector in the region. This, in turn, will open new vistas of expansion for regional market over the ensuing years. With insurers reporting a rapid surge in the purchase of life insurance policy in 2020 in India, the market for long term care insurance market in Asia Pacific is prognosis to experience a prolific growth over 2020-2026.

The key market participants include New York Life, Pacific Life, Lincoln Financial Group, Mutual of Omaha, Brighthouse Financial, OneAmerica Hybrid, GoldenCare, National Guardian Life, LTC Consumer, Minnesota Life, Transamerica, Nationwide, Thrivent, Bankers Life and Casualty, Prudential, UNUM, John Hancock, CNA, Genworth, AXA, State Life, and MassMutual.

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