Long-Term Care Market 2019 —
The long-term care involves various different services that are designed to meet a person's health or personal care needs over the shorter or longer period of time. These services are provided by nursing homes, day care centres, home health agencies and from family or friends.
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the global long-term care market is expected to grow at a compound annual growth rate (CAGR) of 7.5% between 2019 and 2026. The global long term care market was worth USD 946.6 billion in 2018.
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Presently, the hospice care is the fastest growing market due to increased incidence rates of Alzheimer’s and dementia especially among the older generation, thus expanding global long-term care market. These services are used by geriatrics people and adult who are unable to take care of them due to injury, cognitive, mental disability or chronic illness as well.
Meanwhile, increased awareness about different long-term care (LTC) facilities and medical coverage for home healthcare is likely to fuel the market growth during the projected time period. The benefits offered by long-term care are studied in the report, it help people to regain quality of life along with improving an optimal level of physical functioning of life as well.
Global Long-Term Care Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region. Some of the top players that are covered in the report include Brookdale Senior Living, Sunrise Senior Living, Emeritus, Atria Senior Living, Extendicare etc
By type, the market has been divided into home healthcare, hospice, nursing care, assisted living facilities.
Based on application, the market has been segmented into hospital, nursing home and clinic.
Global Long-Term Market: Regional Analysis
Regionally, the market has been divided into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). US, Mexico and Canada are covered under North American region while in Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. In Latin America, countries such as Brazil and Mexico are covered. North America dominates the long-term care market which is due to advanced medical infrastructure, awareness regarding the benefits of home health services, rising geriatric population and government support, which all are expected to fuel the market size of long-term care in the future. Meanwhile, APAC is also touted as an attractive market for long-term care and it is estimated that APAC is set to make a significant contribution to the global long-term care market in terms of revenue. Increased rate of chronic diseases and increasing disposable incomes are some of the reasons of growth in long-term care market. Meanwhile, European market is also expected to hold a significant share in the long-term care services.
Globally, the market for long term care is witnessing a significant expansion due to rapid increase of geriatric population worldwide and increased occurrence of chronic diseases will fuel the market growth of global long term care during the projected time period.
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