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.
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Further key findings from the study suggest:
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Grand View Research has segmented the global long-term care devices market based on type, end use, and region:
Long-term Care Devices Type Outlook (Revenue, USD Million, 2015 – 2026)
Long-term Care Devices End-use Outlook (Revenue, USD Million, 2015 – 2026)
Long-term Care Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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