The global long term care market size is expected to reach around 1,621 Mn by 2026 and growing at a CAGR of around 7% over the forecast period 2019 to 2026.
Long term care is a term used for a variety of services, which are specially designed to meet a person's short term and long term requirement for health and personal care. This is also termed as Activities of Daily Living or ADLs, when it is served for personal care, such as dressing, bathing, eating, grooming, using the toilet, and moving around. These services are helpful for those who cannot perform daily events independently and efficiently. The users of these services include people who have a chronic illness, injury, disability or the aging process.
On the basis of services the global long term care is segmented into home healthcare, hospice, nursing care, and assisted living facilities. Home healthcare is the part-time home services, which are recommended by a physician for some specific conditions like recover from surgery, an accident, or illness. These may include temporary home health care and physical, occupational or speech therapy. Along with these, hospice is the supportive services, which are designed to help persons who are looking for comfort and pain-free treatment in the final phase of terminal illness so that they can live the rest of their life to the fullest. Nursing care is accompanied by the profession of nurse, which involves the collaborative and autonomous care of families, all age individuals, groups and communities. In addition to these, assisted living facilities (ALF) or assisted living residence is designed for those who cannot take care of themselves at home, for the same they are provided a communal environment, where they get assistance from the professionals at all time of the day and is widely used for serving senior citizens.
The long term care market is primarily gaining growth owing to the increasing prevalence of geriatric population with chronic illness. The rising government funding for the improvement of therapeutic and vaccination in LTC facilities are stimulating market growth. Increasing collaborations of private insurers with various governments in recent years, along with technological advancements associated with the devices which are used for providing care to the patients for enhancing life quality. These devices along with internet connection facilitate easy communication with physicians and care takers which in-turn is boosting the market growth. Increasing incidences of target diseases, especially Alzheimer's and dementias are further propelling the market value. The increasing number of working women’s is also a factor supporting the growth of the segment.
In terms of services, home healthcare dominated the segment in the year 2018, and the segment is also expected to maintain its dominance over the forecast period owing to rising prevalence of geriatric population coupled with increasing disability among them. The segment is also gaining growth because of shifting preference of aging population from nursing homes to home care. The service providers are focusing on the technological advancements with newer software for improving the quality of services.
On the flip side, lack of skilled human resources coupled with the stringent hiring regulation in some major economies is expected to hamper the growth of the market. Along with this, strict rules and regulations by government authorities such as CMS (Centers for Medicare & Medicaid Services) are also likely to limit the growth of the market over the forecast period. Ongoing R&D activities by major manufacturers and the untapped market of emerging economies are expected to create potential demand during the forecast period.
The market research study on “Long Term Care Market (Service: Home Healthcare, Hospice, Nursing Care, And Assisted Living Facilities) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insights on the global long term care market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global long term care market, its services, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global long term care market size and volume, and segment markets by service and geography along with the information on companies operating in the market. The global long term care market is studied across the regions of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among the above-segmented regions, North America accounted for the largest market share in the year 2018. The region is having the largest market share due to developed healthcare services and infrastructure. Along with these, the establishment of a separate system called Medicare Prospective Payment System (MPPS), which was started to support long term services is also contributing to the regional growth. The high percentage of geriatric population is the region is also supporting the demand for long term care services in the region.
Furthermore, the Asia Pacific market is expected to be the fastest-growing market over the forecast period owing to increasing investment by major players in emerging economies of the region such as China, Japan, and India. The market is also gaining positive growth due to rising investment of government for improving the healthcare infrastructure for providing the quality services to the residents. Along with these, the growing disposable income is also pushing the individual for increasing spending on healthcare better services is a factor favoring the regional market growth
The players profiled in the report include Atria Senior Living, Brookdale Senior Living, Emeritus, Extendicare, Gentiva Health Services, Kindred Healthcare, Senior Care Centres of America, and Sunrise Senior Living. The companies are investing in R&D activities for the development of more specific services, which can help in living a better life.
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