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Industry Insights, Market Size, CAGR, High-Level Analysis: Long Term Care Devices MarketThe global long term care devices market size was valued at USD 141.4 billion in 2018 and is expected to grow at a CAGR of 8.5% over the forecast period. The market is expected to grow rapidly due to aging population, which creates a patient pool seeking long-term care at home and at-home skilled nursing facilities. This increases demand for therapeutic, diagnostic, and mobility assistive devices. In addition, growing prevalence of diabetes & other chronic diseases has resulted in an increased number of people needing Long-term Care (LTC), thus aiding growth. Rise in government funding and increase in collaborations between private insurers & government are other factors boosting growth. Medicare covers almost 80% of the cost of Durable Medical Equipment (DME) of the Medicare-approved amount of the equipment cost. Only 20% of the co-insurance payment is borne by the patient. The coverage offered by Medicare & Medicaid and private insurers has significantly reduced the out-of-pocket expenses borne by patients using LTC facilities. Out of the total Medicaid spending by the federal government for the year 2017, around 20% was spent on LTC. As per data obtained by the U.S. Department of Health & Human Services, Medicare spending in 2018 toward LTC was around USD 61.8 billion. The global market for these devices is expected to witness a lucrative growth in the coming years, which can be attributed to globally rising elderly population; increasing number of newly built special nursing homes, hospitals, & housings for the aged; and rising expenditure on long-term care. For instance, in Europe, public spending toward LTC has witnessed a slight rise in the past year and is projected to increase further in the coming future. The market is mainly driven by routine products, including home use beds, diapers for elderly, air mattresses or body pressure dispersing mats, wheelchair and other assisting devices.
Type Insights of Long Term Care Devices MarketThe therapeutic devices segment dominated market in 2018. This can be attributed to growing geriatric population, which has a significantly high need for personalized care. In addition, 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. According to the University of California, SF, around 750,000 patients per year in the U.S. and 2 million patients globally are affected by the ESRD. Among 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. Long-term care has now become an essential component of health care. Diagnostics equipment accounted for more than 38.0% of the overall market in 2018 and is estimated to witness lucrative growth over the forecast period, owing to 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. Increasing patient awareness, growing prevalence of chronic conditions requiring continuous monitoring, and technological advancements, such as Internet-of-Things (IoT), are further anticipated to drive demand over the forecast period.
End-use InsightsHome healthcare held the largest market share in the end-use segment in 2018. Nursing homes and hospitals are not the only options for healthcare. With 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 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 Alzheimers and dementia, is expected to further accelerate demand for hospices.
Regional Insights of Long Term Care Devices MarketNorth America dominated the long term care devices market owing to a high demand for DME, increase in Medicare coverage over DMEs at LTC facilities, rise in aging population, and 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 rising demand for these facilities due to growing geriatric population in the region. A large number of people are likely to reach old age owing to increase in life expectancy, which increases susceptibility to physical and mental health issues, resulting in increase in demand for long-term care. In addition, with rise in the number of facilities, utilization of LTC devices is expected to witness high growth in the region. Asia Pacific is expected to grow at the highest rate over the forecast period, owing to increase in number of people diagnosed with chronic illnesses, such as diabetes, cardiac disorders, and other respiratory diseases. The market is in a nascent stage and has a high growth potential.
Market Share Insights of Long Term Care Devices MarketMarket contributors are expanding their capacity to make up for the increasing demand for adult services at long-term care facilities. Companies like Fresenius Medical Care AG & Co. KGaA and McKesson Medical-Surgical Inc. are actively involved in manufacturing devices for long-term care facilities, such as home healthcare and skilled nursing facilities. For instance, McKesson Medical-Surgical claims to have delivered around 6,500 orders to more than 18,000 long-term care customers, which include assisted living facilities, skilled nursing facilities, and independent rehab facilities. Some key players operating in the global LTC devices market 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.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Long Term Care Devices Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. For this study, this market research report has segmented the global long term care devices market report based on type, end use, and region:
Type Outlook (Revenue, USD Million, 2019 - 2030)
- 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
End-use Outlook (Revenue, USD Million, 2019 - 2030)
- Home healthcare
- Nursing Care
- Assisted Living Facilities
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.1.1 Type 22.214.171.124 Therapeutic 126.96.36.199.1 Home respiratory equipment 188.8.131.52.2 Insulin delivery market 184.108.40.206.3 Home IV pumps 220.127.116.11.4 Home dialysis equipment 18.104.22.168.5 Other therapeutic equipment 22.214.171.124 Diagnostic 126.96.36.199.1 Diabetic care unit | read more...