Long Term Care Technology Market Size [2021-2028] | Industry Share, Growth Factors, Revenue & Forecast Report

Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) — The global long term care technology market size is expected to witness an elevated market growth owing to increasing collaboration between private insurers and various government bodies. This information is provided by Fortune Business Insights™, in its report, titled, “Long Term Care Technology Market, 2021-2028.” Additionally, increased life expectancy among disability cases and rising demand from post-op surgeries will fuel the growth of the market.  

Industry Development

• November 2019: OMRON Healthcare Inc. was recently acknowledged as one of the recipients for the Best Inventions 2019 for their HeartGuide™. HeartGuide™ is one of its kind wearable blood pressure monitoring devices.  

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Drivers & Restraints

Rising Geriatric Population to Accelerate Growth During the Forecast Duration

Increasing chronic diseases and rising aging population will bolster the long term care technology market growth. Also, shortage of nursing professionals and rising prevalence of diabetes will increase the footprint of the market. Rocketing government subsidiaries and increased cooperation between private insurers and government providers will expand the market growth.

However, lack of awareness and lower access potency is expected to hamper the market growth to a certain extent.  Lower rate of compensation among insurance providers will hinder the market growth during the forecast duration.

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Regional Insights

North America to Dominate Market Due to Accelerated Regulatory Framework

Geographically, North America is expected to dominate the market worldwide. Factors such as rising geriatric population and streamlined regulatory framework will aid growth in the upcoming year.

Asia Pacific will hold the fastest growing market during the forecast duration owing to increasing and rising incidences of chronic diseases such as cardiac disorders, diabetes, and other conditions. Also, the ever increasing population and an undersupply of healthcare facilities in countries like India will boost the long term care technology market share in the region.

Europe is expected to occupy a substantial market share due to rising healthcare expenditure, increasing geriatric population, and a rocketing rate of chronic diseases. Also, rising number of healthcare facilities and increased utilization of LTC technology will bolster the growth of the market.

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Segments

On the basis of type, the market can be divided into software, equipment, therapeutics, and diagnostics.

By end users, the market can be broken down into hospitals, nursing homes, home care settings, and others.

In terms of region, the market can be differentiated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Competitive Landscape

Dominant Players Focus on Hastening Approvals and New Product Launches in Order to Compete with Counterparts

The global market for long term care technology is occupied by a huge number of prominent players that are currently focused on launching the most innovative products for their patients. A few others are trying to get approval from regulatory bodies in order to distribute their products towards a wider range of consumers. For example, in October 2019, 3M announced the acquisition of Acelity Inc. which was aimed at delivering safe and effective solutions for improving clinical outcomes in order to improve healthcare aesthetics. A small portion of key players are also focused on developing cutting edge technology in order to outbid their competitors.  

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List of Key Players Present in the Market

• Medline Industries Inc. (U.S.)
• Medtronic (Ireland)
• B. Braun Melsungen AG (Germany)
• 3M (U.S.)
• Baxter (U.S.)
• ARKRAY Inc. (Japan)
• BD (U.S.)
• Omron Healthcare Inc. (Japan)
• Koninklijke Philips N.V. (Netherlands)
• GENERAL ELECTRIC COMPANY (U.S.)
• Fresenius Medical Care AG & Co. KGaA (Germany)
• Cardinal Health (U.S.)
• Boston Scientific Corporation (U.S.)
• Honeywell International Inc. (U.S.)

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