The Global Long Term Care Market was valued at USD 983.5 Bn in 2020 and is expected to reach USD 1,568.7 Bn by 2027, growing at a CAGR of 7.1% during the forecast period.
Long Term Care Market Definition
The long-term care is the services that is medical necessity of the people suffering from chronic illnesses and disabled people who cannot take care for themselves. Long-term care services are helpful for the people those cannot perform daily activities by their own.
Long Term Care Market Dynamics
The increasing number of aging baby boomers, rising disabilities in the population, the scarcity of professional staff of nursing are the propelling factors for the growth of the long term care market. Moreover, the funding by the government for long term care and rising collaborations of various governments policies with the private organizations that drive the growth of global long term care market. The expectancy of extended life that gives rise to cases of disability is the another driving factor to influence the long term care market. The rising demand for low-cost long-term care services due to increasing in patients suffering from chronic illnesses, memory loss, post-hospital healthcare and memory loss is the fueling factor for the growth of global long term care market. Employers are taking steps to ensure that their employees have access to long-term care services that propel the long term care industry. For instance, Medtronic, offers its employees a group long-term care insurance plan. This plan is designed to protect employees from the high costs of long-term care at home, in the community, and in assisted living facilities.
The Global Long Term Care Market Segmentation:
By Facility Type
Company Profiles and Competitive Intelligence
The key players operating in the long term care market are:
Based on facility, the home healthcare segment is expected to witness the fastest growth due to increased need for personalized care
Based on the facility, the market has been segmented into nursing care, home healthcare, assisted living facilities, and hospice. The home healthcare segment is the fastest growing segment due to its cost effectiveness and rise in necessity for personalized care. The quality of home healthcare increasing owing to introducing software and new technologies such as portable devices, and telemedicine that enhance the quality of long-term care. However, the nursing care segment is expected to grow at the highest CAGR during the forecast period owing to the growing population of geriatric people across the globe.
Based on type, the medical devices, is the fastest growing segment in the global long term care market due to technological advancement in the medical devices
Based on the type, the market has been segmented into drugs, medical devices, and services. The medical devices further sub-segmented into therapeutics devices, diagnostics devices, and monitoring devices. The medical devices segment is the fastest growing segment over the forecast period due to new technological advancement and integration of software and medical devices are propelling factor for the growth of medical device segment.
Geographically, North America accounted for the largest share of the global long term care market
In the base year, The North America dominated the long-term care market with a share about 45% due to the high percentage of old-age population, increased government support, and the execution of a efficient regulatory framework. In the U.S about 60% of the funds for long term care comes from Medicaid. For instance, in the Affordable Care Act, a single system known as (MPPS), Medicare Prospective Payment System was initiated to support long-term care services.
However, Asia-Pacific is expected to observe the fastest growing region with the CAGR about 8.4% during the forecast period. This is owing to the success of home healthcare start-ups such as Portea and HealthCare at HOME in India, large hospital chains such as Apollo and Max have entered the Indian home healthcare market.
The report also provides an in-depth analysis of the global long term care market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Long Term Care Market
During the outbreak of COVID-19 affects the geriatric population disproportionally, particularly to those patients alive in long term care facilities with a significant impact on morbidity and mortality. The COVID-19 had positively impacted on home healthcare products such as blood pressure monitors, pulse oximeters, temperature monitors, and blood glucose monitors, that are necessary for long term care in the cases of patients suffering from chronic patients. Due to the lockdown in this pandemic, the demand for home care devices and home nurses for long term care has increased as the frequent visits to clinics and hospitals were not possible. Therefore, the home healthcare segment was also affected positively during COVID-19. However, the supplier’s shortage for some home healthcare devices and products that lead to higher costs which is the restraining factor for the growth of the global long term care market.
The report also provides an in-depth analysis of key trends in global long term care market
|1||The increasing focus of population for person centered care||Positive|
|2||Integrating technology and services for long term care in the home healthcare facility for advancement of medical devices||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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