Long Term Care Technology Market Size, Share & Industry Analysis, By Type (Software, Equipment, Therapeutics [Home Respiratory Equipment, Insulin Delivery, Home Dialysis Equipment, Others] Diagnostics [Diabetic Care Unit, Bp Monitors, Multi-Para Diagnostic Monitors, Others]), By End-Users (Hospitals, Nursing Homes, Home Care Settings, Others) And Regional Forecast, 2024-2032

Long term care technology (LTC) includes devices and systems that can improve the health status and quality of life for patients. It has been marked that the world’s population is aging, almost every country in the world is witnessing an increase in the number and percentage of older adults in their society which is increasing quicker than any other age group. Moreover, the world is experiencing a growth in chronic diseases and hence the need for long term care technology is expected to increase intensely.

LTC technology market is expected to rise due to the shortage of nurses and low wages associated with nursing assistant positions. According to the American Association of Colleges of Nursing (AACN) 2019, the U.S. is projected to experience an inadequacy of registered nurses due to the shortage of nursing school faculty, nearing retirement age of the nursing workforce. Moreover, the National Institute of Health (NIH) estimated that by 2030 almost 20% of the American population would be of 65 years or older, needing the long term care system as well as the caregiving capacity. Furthermore, the long term care technology market is anticipated to rise due to the increase in the prevalence of diabetes & other chronic diseases, upsurge in government subsidy, and an increase in cooperation between private insurers & government.

However, factors such as lack of awareness, access, acceptance, compensation, and evaluation processes, may restrain the growth of the market.

Key Market Driver -

Growing Geriatric Population And Increase In Prevalence Of Chronic Diseases

Key Market Restraint -

Lack of Awareness And Acceptance of Long Term Care Technology Are Likely To Hinder The Market Growth.

Market Segmentation:

The long term care technology market can be segmented on the basis of type, end-users, and region. Based on the type, the market can be segmented into software and equipment. The equipment segment can further be segmented therapeutics and diagnostics. The therapeutics segment can also be segmented into home respiratory equipment, insulin delivery, home dialysis equipment, and others. The diagnostics segment can also be segmented into diabetic care unit, BP monitors, multi-para diagnostic monitors, self-monitoring equipment, sleep monitors and others. Based on the end-users the market can be segmented into hospitals, nursing homes, home care, and others

Geographically, the long term care technology market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Key Players Covered:

The major companies in the global long term care technology market report include Medline Industries, Inc., Medtronic, B. Braun Melsungen AG, 3M, Baxter, ARKRAY Inc., BD, Omron Healthcare, Inc. Koninklijke Philips N.V.,  GENERAL ELECTRIC COMPANY, Fresenius Medical Care AG & Co. KGaA, Cardinal Health., Boston Scientific Corporation Honeywell International Inc.and other prominent players.

Key Insights:

• Key Industry Developments - Mergers, Acquisitions, and Partnerships


• Recent long term care technology Research & Development Activities


• Prevalence of Chronic Diseases


• New Product Launch

Regional Analysis:

Geographically, the long term care technology market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the long term care technology market and it is also anticipated to retain its ascendancy throughout the forecast period owing to high demand for LTC, a rise in the geriatric population, and a streamlined regulatory framework. Moreover, according to a report by the U.S. Centers for Disease Control & Prevention (CDC), over 45 percent of American people are suffering from chronic disorders that require LTC technology. Europe is anticipated to hold the second-largest share in the market, owing to significant healthcare expenditure, growing geriatric population, and upsurging chronic diseases in the region. Furthermore, an escalating number of healthcare facilities, utilization of LTC technology is expected to observe high progress in the region. However, Asia-Pacific possesses the high market potential for the growth of the market due to the increasing incidences and prevalence of chronic diseases such as cardiac disorders, diabetes, and other conditions. Moreover, the exploding population, shortage of nurses, scarcity of healthcare facilities in countries like India are expected to boost the market in this region.

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Segmentation

Long Term Care Technology Industry Developments

• In October 2019, 3M announced the complete acquisition of Acelity, Inc. and its KCI subsidiaries worldwide. 3M’s Medical Solutions business is focused on applying 3M technologies to deliver safe and effective solutions to improve clinical outcomes and healthcare economics.


• In November 2019 – OMRON Healthcare, Inc., was recognized in TIME Magazine in the prestigious Best Inventions 2019 list for HeartGuide™, the first wearable blood pressure monitor