Long Term Care Market Analysis By Emerging Trends, Future Growth Forecast To 2026
Category: #headlines  By Ronak Bora  Date: 2021-08-02
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Long Term Care Market Analysis By Emerging Trends, Future Growth Forecast To 2026

There is a growing preference for long term care services among the geriatric population and patients suffering from long-duration chronic diseases. These services are designed to meet an individual’s expectations, health, or personal care either for a longer or shorter period of time.

Long term care facilities greatly help people to live life safely and independently when they are not able to perform their daily activities due to certain conditions. These services are provided at individual homes, facilities like nursing homes, and in communities like adult daycare centers. A growing number of geriatric populations across the globe could influence the industry growth.

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According to a GMI, report, global long term care market is predicted to witness significant growth in the upcoming years. Listed below are some factors influencing the high adoption of long-term care services.

Personal care services for patients with chronic diseases

Personal care services, which deal with the daily activities of individuals are the most common type of long term care. The activities that come under daily living personal care are dressing, eating, grooming, bathing, using the toilet, getting out of bed, and caring for incontinence.

People with long-term chronic diseases or disabilities greatly rely on these services to conduct their daily routine. Community-based services under long term care render daycare services, meals, transportation, and other facilities. These services are either free or chargeable.

Availability of long-term senior transportation services

The long-term care industry, as per the service type is classified into community-based services, facility-based services, home healthcare services, and others. The other services segment of the industry was valued at US$75 billion in 2019 owing to the rising prevalence of severe diseases among the geriatric population. There are several public transit agencies that also provide free or chargeable services to people with disabilities.

Under senior transportation services, day-to-day commutation facility to and from appointments, shopping centers, and other places are provided to elders. There are several senior housing complexes and community groups that provide these kinds of transportation services to the elder to help them live their social life.

Aging populations in Asia Pacific and Europe

Based on age group, the 85 and older age group segment held a market value of around USD 245 billion in 2019, due to the vulnerability to chronic diseases of people under this age group. Countries with an aging population are likely to trigger industry share from this segment.

As per the Population Reference Bureau, developed countries like Japan and some parts of Southern Europe that include countries like Greece, Portugal, Croatia, Italy, Spain, and others are among the nations with the oldest populations in the world.

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Higher life expectancy of females in the U.S.

With respect to gender, the long term care industry is categorized into male and female. The female gender segment is expected to witness a CAGR of nearly 6.5% in the forthcoming years. This growth trend is majorly attributed to the longer life expectancy of females. High-income countries like the U.S., UK, Japan, and others have the highest female life expectancy due to a greater standard of living and infrastructure.

The long term care industry, based on payer is divided into private, public, and out-of-pocket. The market share from private payer segment is slated to grow at a 6% CAGR in the coming years. As the number of private insurance providers for long-term care is increasing, the rising number of individuals looking to avail these services is likely to augment industry expansion.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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