Global Long-Term Care Market 2017-2021
About Long-Term Care
Long-term care refers to a continuum of care. More than just nursing homes, facility-based long-term care also includes services such as continuing care retirement communities, assisted living, and board-and-care homes. These include adult day service programs, meal programs, senior centers, home healthcare aides, and transportation services. The assisted living facilities consist of apartments, where the residents reside and are cared.
Technavio’s analysts forecast the global long-term care market to grow at a CAGR of 6.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global long-term care market for 2017-2021. To calculate the market size, the report considers the services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Long-Term Care Market 2017-2021
Technavio recognizes the following companies as the key players in the global long-term care market: EXTENDICARE, Atria Senior Living, Sunrise Senior Living, and Kindred Healthcare.
Other Prominent Vendors in the market are: Brookdale Senior Living Solutions, Emeritus, Genesis HealthCare, Health PEI, Home Instead, Revera, and Senior Care Centers of America.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing awareness through social media marketing. The vendors in the market are focusing on targeting potential user groups for older men and women residents to maximize the occupancy of their facilities. In addition, various associations and organizations are creating awareness through various online channels. Marketing via social media is helping manufacturers reach out to a larger consumer pool and attract new consumers.”
According to the report, one of the major drivers for this market is increase in healthcare budgets by governments. Globally, many countries have constantly been increasing their healthcare budget as a part of their social security measure. For instance, according to the Department of Health and Human Services’ Centers for Medicare and Medicaid Services, in 2014, the US government spent 17% of the gross domestic product (GDP) for the healthcare sector. In addition, in 2015, the US healthcare planned to spend $10,000 per person.
Further, the report states that one of the major factors hindering the growth of this market is lack of skilled nursing staff. Many local communities struggle with finding providers and physicians to care for residents in their accommodations. The industry is facing a shortage of primary care physicians and caretakers, especially in the field of geriatrics. There is a lack of trained nurses available for long-term care sites, and a significant number of nurses tend to take on the management level roles for better career opportunities. The culture of working in isolation is quite common in the industry by keeping nurses task-oriented rather than patient-oriented. This depleted the quality of service provided to the residents in the long-term care facilities.
EXTENDICARE, Atria Senior Living, Sunrise Senior Living, Kindred Healthcare, Brookdale Senior Living Solutions, Emeritus, Genesis HealthCare, Health PEI, Home Instead, Revera, and Senior Care Centers of America.
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