Latest
industry research report on: Global Long Term Care Market : Industry
Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth,
Segmentation, Parameters, Forecasts
Long
term care (LTC)
service contains a variety of services provided by nursing homes, day
care centres, home health agencies and from family or friends. Long
term care service comprises a broad range of personal care,
healthcare and supportive care services. It is required for
geriatrics people and adult who are unable to take self care due to
injury, cognitive or mental disability and chronic illness. Long term
care service provides support to people in regain quality of life and
in improving an optimal level of physical functioning of life.
The global market for long
term care can be segmented as follows:
Based on Services provided
Social work services
Mental health or
counseling services
Therapeutic services
Skilled nursing or
nursing services
Pharmacy or pharmacist
services
Hospice services
In
the United States social work services are provided by nursing homes
and home health agencies. In addition, Medicare certification is
required for providing social work services in the United States.
Whereas, mental health and counseling services are provided by
nursing homes and residential care communities while very few adult
care centers are offered this kind of services. Likewise,
therapeutics services are offered by mostly all home health agencies
and nursing homes in the U.S. Majority of the adult day service
centers in the U.S. are offered only therapeutic services. Pharmacy
and pharmacist services are offered by nursing home and residential
care communities in the U.S. while fewer adult care centers provided
this kind of service. Moreover, hospice services are offered mostly
by residential care communities while a small percentage (5.6%, CDC
2013) of home health agencies offered hospice services.
The
global market for long term care is witnessing a significant growth
due to rapid increase of geriatric population worldwide. Moreover,
increasing prevalence of chronic diseases also supported the market
growth of global long term care. As an instance, people with 85
years of age or above are expected to reach 17.9 million by 2050 in
the U.S. stated by U.S. Census Bureau in the year 2012. Moreover,
extensive government support is the major factor for the market
growth of long term cares in developed nations such the U.S. and U.K.
For instance, Medicare and Medicaid is a national social insurance
programme governed by the U.S. federal government which pays the
major portion of long term care cost of an individual (CDC report
2013). Centre for Disease Control and Prevention (CDC) also published
that the long term care service cost of the U.S. in the year 2013 was
around USD 210.9 billion.
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15 million people in the U.S.
used long term care service in 2000 and it is expected to increase
and reach 27 million by 2050 stated by Centre for Disease Control and
Prevention. This is due to growth in older adult population, because
long term care services increases with increase in age. Two third of
the individual who has crossed 65 years of age need long term care
for the rest of life in the U.S. stated by Centre for Disease Control
and Prevention in 2013.
North America and Europe are
observed to be the largest long term care market due to growing
geriatric population and extensive government support for long term
care. Moreover, Asia - Pacific is considered as an emerging market
due to strong economic growth forecasted in some Asian countries such
as India, China, Japan and Malaysia.
Some of the major market
players contributing in the global market share of long term care
includes AARP Long Term Care, American General Life (AIG), Lincoln
Financial Group, New York Life Insurance Company, State Farm
Insurance, Thrivent For Lutherans and others.
This research report analyzes
this market on the basis of its market segments, major geographies,
and current market trends. This report provides comprehensive
analysis of
Market growth drivers
Factors limiting market
growth
Current market trends
Market structure
Market projections for
upcoming years
This report is a complete study
of current trends in the market, industry growth drivers, and
restraints. It provides market projections for the coming years. It
includes analysis of recent developments in technology, Porter’s
five force model analysis and detailed profiles of top industry
players. The report also includes a review of micro and macro factors
essential for the existing market players and new entrants along with
detailed value chain analysis.
Reasons for Buying this
Report
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It provides a forward
looking perspective on different factors driving or restraining
market growth
It provides a six-year
forecast assessed on the basis of how the market is predicted to grow
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the key product segments and their future
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analysis of changing competition dynamics and keeps you ahead of
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business decisions by having complete insights of market and by
making in-depth analysis of market segments
It provides distinctive
graphics and exemplified SWOT analysis of major market segments
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