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:
- 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.
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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)
- Home respiratory equipment
- Insulin delivery
- Home IV pumps
- Home dialysis equipment
- Other therapeutic equipment
- Diabetic care unit
- BP monitors
- Multi para diagnostic monitors
- Home pregnancy and fertility kits
- Others self-monitoring equipment
- Apnea and sleep monitors
- Holter monitors
- Heart rate meters(include pacemakers)
- Mobility assist
- Wheel chair
- Home medical furniture
- Walking assist devices
Long-term Care Devices End-use Outlook (Revenue, USD Million, 2015 – 2026)
- Home health care
- Nursing care
- Assisted living facilities
Long-term Care Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
Browse Related Report:
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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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