Global long term care services market is expected to experience lucrative growth over the forecast period owing to increasing geriatric population base globally. Long term care services comprises of specialty services intended to meet both non-medical and medical needs of patients suffering with chronic disorders and have limited self care capabilities. Moreover, rising number of baby boomers with long term medical conditions and growing prevalence of physical, cognitive or mental disability are few factors which are expected to positively reinforce the market. Furthermore, rising prevalence of chronic illness and decreasing elders to working member ratio especially in China are further expected to provide growth platform to the market over the forecast period.
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Based on service types, the market is classified into skilled nursing or nursing, social work, mental health or counseling, therapeutic (physical, occupational or speech) and pharmacy or pharmacist and hospice. In 2014, the therapeutic services segment accounted for majority of revenue share. Growing demand for rehabilitation & educational care, need for speed & occupational therapies and rising predominance of long term medical conditions such as cognitive disorders are few factors accounted for a significant growth of the long term care service market. With respect to provider types, the market is segregated into home health agencies, hospices, adult day care service center, nursing homes and residential care communities. As on 2014, nursing home segment accounted for the largest market share. However, the residential care segment is expected to grow at a substantial rate owing to rising demand for assisted living and independent living and growing prevalence of Dementia & Alzheimer’s over next seven years.
Geographically, North American market witnessed the highest revenue generation in 2014. Increasing demand for various geriatric & long term care providers and increasing disposable income are amongst few factors owing to its large share. However, Asia Pacific region is expected to be the fastest growing segment over the forecast period due to growing awareness regarding assisted living & residential living and rising demand for care homes among the working young generation are amongst few factors attributing to its growth.
Key players included in the study are Extendicare Inc., Gentiva Healthcare Services Inc., Brookdale Senior Living Inc., Senior Care Centers of America, Kindred Healthcare Inc., Home Instead Senior Care Inc. and Genesis Healthcare Corp.
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