The
global Long Term Care Devices
Market size
is expected to reach USD 269.1 billion by 2026, according to a new report by
Grand View Research, Inc., exhibiting a CAGR of 8.5%. The market is expected to
grow owing to rising demand for elderly care in long-term care facilities;
growing number of patients with devices, who need continuous monitoring;
increasing prevalence of target diseases, especially Alzheimer’s &
dementia; growing awareness; and improving medical coverage for long-term care.
According
to data published by the United Nations in 2017, the number of older people
above 60 years of age is expected to double by 2050 of what it is in 2017. In
2017, the geriatric population above 60 years of age was estimated to be 962
million globally. Moreover, in August 2018, it was estimated that around 52% of
the people turning 65 years are more likely to take some type of long-term care
services. In addition, the preference for home care over hospitals has
increased. The number of nursing facilities has reduced over the past several
years, while the home nursing programs have doubled. This exhibits the increase
in utilization of LTC facilities and demand for durable medical equipment.
Browse
Details of Report @
https://www.grandviewresearch.com/industry-analysis/long-term-care-devices-market
https://www.grandviewresearch.com/industry-analysis/long-term-care-devices-market
Further Key Findings From the Study Suggest:
- In 2018, the
therapeutics devices held the largest share in the type segment owing to
growing need for personalized care; increasing prevalence of chronic or
acute respiratory illnesses; rising geriatric population; and cost-effectiveness
of these facilities
- Among the
therapeutic devices, the respiratory equipment segment held the largest
market share in 2018, while the home dialysis equipment segment is
expected to witness highest growth during the forecast period
- Growing
prevalence of respiratory and urological disorders and advent of advanced
products suitable for home healthcare, like portable dialysis machines,
are expected to drive segment growth.
- Among the
diagnostic equipment, diabetes care units held the largest share in 2018,
while the Holter monitors segment is expected to witness the highest
growth
- Growth of
Holter monitor can be attributed to increasing incidence of arrhythmias
and rising number of patients with indwelling pacemakers seeking
post-hospital care
- North America
dominated the long term care devices market in 2018. The market for LTC
devices is majorly driven by technological advancements, well-developed
medical infrastructure, high awareness about the advantages of long-term
care services, increase in geriatric population, and supportive government
regulations
- Around
13% of the people in the U.S. are 65 years or above. By 2050, it is
expected that one in five Americans would be at least 65 years of age
- Some of the
key players are McKesson Medical-Surgical, Inc.; Medline Industries, Inc.;
Medtronic Plc; B. Braun Melsungen AG; 3M Healthcare; Baxter International
Inc.; F. Hoffmann-La Roche AG; Arkray, Inc.; Becton, Dickinson And
Company; Omron Healthcare, Inc.; Fresenius Medical Care AG & Co. KGaA;
Cardinal Health; GE Healthcare; GF Health Products, Inc.; Hill-Rom
Holdings, Inc.; and Koninklijke Philips N.V.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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