WASHINGTON, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Long Term Care Insurance Market is estimated to be valued at USD 47.8 Billion by 2030 and is expected to exhibit a CAGR of 7.9% during the forecast period 2023 to 2030. The global Long Term Care Insurance market grew to USD 28.1 billion in 2022.
As per Vantage Market Research, some of the key factors anticipated to accelerate the Long Term Care Insurance market growth over the forecast period are aging population, increasing life expectancies, and growing healthcare costs. The growth of the Long Term Care Insurance market is led by the need for financial protection and the growing recognition of the importance of long-term care planning.
The growth of the Long Term Care Insurance market is also influenced by evolving consumer preferences and increased awareness about the importance of planning for long-term care needs. As individuals become more knowledgeable about the potential costs of long-term care and the potential impact on their retirement savings, they are more inclined to purchase Long Term Care Insurance to protect their financial well-being.
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Key Highlights
- By Type, the Traditional Long Term Care Insurance segment is anticipated to mention fastest growth of the market during forecast period.
- By Policy, the Association Policy segment is expected to witness maximum market growth over the projected period.
- By Service, the Home Healthcare segment is expected to dominate the market during the projected period.
- By Age, the Between 18 and 64 segment is anticipated to perform fastest growth of the market during the projected period.
- In 2022, North America dominated the market with the highest revenue share of 40.30%.
- Asia Pacific is expected to witness maximum market growth during the forecast period.
The need for long-term care is on the rise, driven primarily by the aging population and increasing life expectancies worldwide. Long-term care comprises a range of services that support individuals with chronic illnesses, disabilities, or cognitive impairments in their daily activities. These services can be delivered in various settings, including nursing homes, assisted living facilities, and home-based care. As the cost of long-term care continues to escalate, individuals are turning to Long Term Care Insurance as a means to safeguard their financial well-being. The global population is aging at an unprecedented rate, with a substantial increase in the number of older adults. According to the World Population Prospects 2019, the number of people aged 60 years and above is projected to double by 2050, reaching nearly 2.1 billion. This demographic shift has amplified the demand for long-term care services and subsequently fueled the growth of the Long Term Care Insurance market.
Top Companies in The Global Long Term Care Insurance Market
- Northwestern Mutual (U.S.)
- MassMutual (U.S.)
- LTC Financial Solutions (U.S.)
- Agent Review (U.S.)
- Transamerica (U.S.)
- John Hancock (U.S.)
- State Farm (U.S.)
- Genworth (U.S.)
- Golden Care (U.S.)
- Continental Insurance (U.S.)
- ACSIA Partners (U.S.)
- MedAmerica (U.S.)
- New York Life (U.S.)
- CLTC Insurance (U.S.)
- Nationwide Mutual Insurance Company (U.S.)
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Factors affecting the growth of the Long Term Care Insurance Market Industry
Several factors can affect the growth of the Long Term Care Insurance industry. Some of these factors include:
- Aging population: The global population is rapidly aging, and with increased life expectancy, the demand for long-term care services is growing. As people live longer, there is an increased likelihood of needing assistance with daily activities in old age, which Long Term Care Insurance can cover.
- Rising healthcare costs: Healthcare costs, especially for long-term care services, are increasing. Long Term Care Insurance helps individuals mitigate the financial burden of these costs, making it an attractive option for many.
- Government initiatives: Governments in many countries, recognizing the strain long-term care expenses put on the healthcare system, have introduced policies and initiatives to promote Long Term Care Insurance. For example, in the U.S., the Long-Term Care Partnership Program allows individuals who purchase a certain level of Long Term Care Insurance to protect a portion of their assets and still qualify for Medicaid benefits.
- Increased awareness and education: As people become more aware of the financial risks associated with long-term care needs, there is a growing interest in purchasing Long Term Care Insurance. Insurance companies, financial advisors, and industry organizations are actively promoting the benefits of Long Term Care Insurance, leading to increased consumer education and awareness.
- Changing social dynamics: Traditional sources of long-term care, such as family members providing informal care, are changing due to factors like smaller family sizes and increased women's workforce participation. These societal shifts are driving the need for Long Term Care Insurance as a means of ensuring that individuals have access to quality care when needed.
Top Trends in Global Long Term Care Insurance Market
The growth of the middle class and increasing disposable income in emerging economies has contributed to the growth of the Long Term Care Insurance market. As individuals in these countries become wealthier, they are more inclined to invest in insurance products, including Long Term Care Insurance, to protect their financial well-being and ensure access to quality care in old age. In addition, insurance companies have made significant advancements in the underwriting process for Long Term Care Insurance policies. With the use of predictive analytics and data-driven underwriting models, insurers can better assess the risks associated with each policyholder and determine premium rates more accurately. This has helped reduce the cost of Long Term Care Insurance policies, making them more affordable and accessible to a larger segment of the population.
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Recent Development of the Global Long Term Care Insurance Market
- August 2022: VRGL, Inc (“VRGL”), a provider of institutional-grade analytics and automated data extraction to the wealth management industry, has raised $15 million in a Series A round led by MissionOG and FINTOP Capital.
- October 2020: ExteNet Systems announced that long-term institutional investor John Hancock Life Insurance Company (U.S.A) is leading a consortium that will acquire approximately 30% of the Company.
Market Drivers
The cost of long-term care services is increasing at a rapid pace. According to the Genworth Cost of Care Survey, the median monthly cost for a private room in a nursing home in the United States was $8,551 in 2020, an increase of 3.2% from the previous year. These escalating costs can quickly deplete an individual's savings and assets, making Long Term Care Insurance an attractive option for many people to protect themselves financially. In addition, As people live longer, the chances of needing long-term care services such as nursing homes, assisted living facilities, or in-home care also increases. According to the U.S. Census Bureau, the population aged 65 and older is projected to reach 83.7 million by 2050, almost double the estimated 43.1 million in 2012. This demographic trend is expected to drive the demand for Long Term Care Insurance policies.
Market Restraints
There is a lack of consumer awareness and understanding of Long Term Care Insurance. Many people are unaware of the benefits and provisions offered by such policies, making it difficult for insurers to effectively market and sell these products. Another restraint is the underwriting process for Long Term Care Insurance, which can be complex and restrictive. Insurers often require extensive medical underwriting and may deny coverage to individuals with pre-existing conditions or high health risks. This limits the availability of insurance options for those who may need it the most.
Market Opportunities
Technological advancements in the healthcare industry have contributed to the growth of the Long Term Care Insurance market. Innovations such as remote monitoring devices, telemedicine, and assistive technologies have made it easier for individuals to age in place and receive care in their homes. This has increased the attractiveness of Long Term Care Insurance policies that cover in-home care services. In response to the changing needs and preferences of consumers, insurance companies have been introducing new product innovations in the Long Term Care Insurance market. These innovations include hybrid policies that combine long-term care coverage with life insurance or annuities, as well as policies with flexible benefit options. These product innovations have made Long Term Care Insurance more customizable and appealing to a broader range of consumers, contributing to market growth in coming years.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Long Term Care Insurance Market Forecast Report (2023-2030).
Report Segmentation of the Global Long Term Care Insurance Market
Type Analysis
Asset-based Life/Annuity Plans with Long Term Care Insurance segment dominated the market growth in 2022. Asset-based life insurance plans with long-term care coverage offer flexibility and customization options that traditional Long Term Care Insurance policies do not. These plans allow policyholders to convert a portion of their death benefit or cash value into a long-term care benefit, providing a more comprehensive and integrated solution for insurance needs.
Policy Analysis
Group Policy segment accounted largest market growth in 2022. Many employers are recognizing the importance of offering LTCI as part of their employee benefits package. This trend is driven by the desire to attract and retain talent in a competitive job market, as well as the rising awareness of the financial risks associated with long-term care expenses. Group policies allow companies to negotiate better terms and pricing with insurance providers, making it more affordable for employees.
Service Analysis
Hospice Care anticipated the potential growth of the market owing to the rising prevalence of chronic illnesses and the expanding need for round-the-clock medical care.
Age Analysis
Over 65 Years Old is expected to see the fastest increase because of the rising aging population. As life expectancy continues to rise and healthcare advancements enable people to live longer, the number of individuals requiring long-term care services also increases. This demographic shift directly translates into a larger market for LTCI.
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Market Segmentation
By Type
- Traditional Long Term Care Insurance
- Asset-based Life/Annuity Plans with Long Term Care Insurance
By Policy
- Individual Policy
- Group Policy
- Association Policy
By Service
- Home Healthcare
- Hospice Care
- Adult Day Care
- Home Personal Care
- Community Facilities
- Respite Care
By Age
- Between 18 and 64
- Over 65 Years Old
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 28.1 Billion |
| Revenue Forecast by 2030 | USD 47.8 Billion |
| CAGR | 7.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Northwestern Mutual, MassMutual, LTC Financial Solutions, Agent Review, Transamerica, John Hancock, State Farm, Genworth, Golden Care, Continental Insurance, ACSIA Partners, MedAmerica, New York Life, CLTC Insurance, Nationwide Mutual Insurance Company |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/long-term-care-insurance-market-2195/customization-request |
Regional Analysis
North America is expected to dominate the market due to the aging population. The number of elderly individuals in the region has been steadily increasing, primarily due to advancements in healthcare and improvements in life expectancy. As people live longer, the likelihood of requiring long-term care also increases. According to the U.S. Census Bureau, the number of Americans aged 65 and older is projected to nearly double by 2050. This demographic trend has fueled demand for LTCI as individuals look for ways to protect themselves against the potentially high costs of long-term care services.
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- Global Long Term Care Insurance Market Size to Reach $47.8 Billion at a CAGR of 7.9% by 2030: https://v-mr.biz/long-term-care-insurance-market
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