9th December 2019 – Global Long
Term Care Market is projected to witness an upward trend during the
forecast period. Long term care facilities are an inseparable part of
healthcare system in developed and developing countries. Under developed
regions, those suffering from chronic illness and aging, normally demand long
term care facilities. Services such as sanitation, medical care, and nutrition
are on the rise in developing countries.
Long term care market is driven by
factors such as increase in geriatric population, prevalence of chronic
diseases, and rise in importance of long term care services. In addition,
extensive government support in developed countries and various programme
conducted by NGO’s are likely to stimulate the market growth in the forecast
period. Change in lifestyle and increase in population are expected to
stimulate the market in the forecast period. However, functional issues and
service limitations are some factors that may hinder the market growth during
the forecast period.
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By service type, the long term care
industry segmentation includes social work services, therapeutic services,
skilled nursing or nursing services, hospice services, pharmacy or pharmacist
services, and mental health or counselling services. Skilled nursing or nursing
services and pharmacy have gained a lot of traction due to emergence of e-commerce
platforms and technology enabled product delivery.
Geographical segmentation for long term
care market includes North America, South America, Europe, Asia-Pacific, Middle
East, and Africa. North America is expected to dominate the long term care
industry in the forecast period due to rise in government support and special
attention toward medical needs of geriatric population. Subsequently, mergers
and acquisitions, partnerships and collaborations are the major strategies
adopted by key players in this region.
Asia-Pacific regions are likely to gain
a substantial market share in the forecast period due to rise in medical
importance and growth in home care services. Universities have now made it easy
for students to pursue education in social science and nursing. Middle Eastern
and African regions are likely to grow at a significant rate due to alarming
rate of chronic diseases with unmet medical needs. The key players in the long
term care market include American General Life (AIG), New York Life Insurance
Company, State Farm Insurance, Thrivent and AARP Long Term Care.
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