Long Term Care Devices Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030

The global Long Term Care Devices market size is expected to be worth around US$ 282.7 billion by 2030, according to a new report by Vision Research Reports.

The global Long Term Care Devices market size was valued at US$ 145.21 billion in 2021 and is anticipated to grow at a CAGR of 8.7% during forecast period 2022 to 2030.

Growth Factors

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.

Report Highlights

The therapeutic devices segment dominated the market in 2020. This can be attributed to the growing geriatric population, which has a significantly high need for personalized care. Also, increasing prevalence of chronic or acute respiratory illnesses and urinary incontinence or End-stage Renal Disease (ESRD) aid in growth. Lower costs offered by such facilities when compared to hospital stays or nursing homes and proactive health monitoring also impel growth.

Diagnostics equipment accounted for more than 38.0% of the overall market in 2020 and is estimated to witness lucrative growth over the forecast period, owing to the increasing prevalence of diabetes and cardiovascular as well as cardiopulmonary diseases. Among diagnostic equipment, diabetes care units held the largest share in 2018, while Holter monitors segment is expected to witness the fastest growth, owing to increasing incidence of arrhythmias and rising number of patients with indwelling pacemakers seeking post-hospital care. 

Home healthcare held the largest market share in the end-use segment in 2020. Nursing homes and hospitals are not the only options for healthcare. With the increasing demand for home healthcare, healthcare providers are introducing newer technologies, devices, and software to improve the quality of services being provided.

The hospice segment is expected to be the fastest-growing due to rising awareness about & demand for these services and favorable government regulations supporting the establishment of these centers. In June 2013, Cicely Saunders International and the Commission into the Future of Hospice Care published a report Current and the future needs for hospice. The increasing need for chronic care, especially for Alzheimer’s and dementia, is expected to further accelerate demand for hospices.

North America dominated the long term care devices market owing to high demand for DME, an increase in Medicare coverage over DMEs at LTC facilities, a rise in the aging population, and a streamlined regulatory framework. Medicare Part B covers around 80% cost of DMEs required at long-term care facilities. This includes hospital beds, walkers, wheelchairs, commodes, and other aids that a person with a disability or a chronically ill person needs at home. Only non-DME, which includes consumables such as adult diapers, bandages, and sterile gloves, are not covered under Medicare.

In Europe, public spending on LTC was 1.6% of the total GDP in 2016. This was mainly a result of the rising demand for these facilities due to the growing geriatric population in the region. A large number of people are likely to reach old age owing to an increase in life expectancy, which increases susceptibility to physical and mental health issues, increasing in demand for long-term care. Also, with the rise in the number of facilities, the utilization of LTC devices is expected to witness high growth in the region.

Key Players

Fresenius Medical Care AG & Co. KGaA and McKesson Medical-Surgical Inc. 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.

Market Segmentation

The Long Term Care Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Long Term Care Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Long Term Care Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Long Term Care Devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Long Term Care Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Long Term Care Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Long Term Care Devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Long Term Care Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Long Term Care Devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Long Term Care Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Long Term Care Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Long Term Care Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Long Term Care Devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Long Term Care Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Long Term Care Devices market. These factors have benefited the growth of the global market for Long Term Care Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Long Term Care Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Long Term Care Devices are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.