PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400983
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400983
Asia Pacific Long Term Care Market size was valued at USD 320 Million in 2022, expanding at a CAGR of 15.0% from 2023 to 2030.
The older adults need specialized treatments, and more people are becoming aware of long-term care (LTC) facilities and their benefits over hospitals. In response to the growing demand for home healthcare, providers are upgrading their offerings with more sophisticated software and newer technologies.
Long Term Care Market- Market Dynamics
Growing need for care management in treating chronic diseases is expected to propel market demand
The elderly require specialized services, which long-term care (LTC) centers provide. As more people become aware of these facilities and their benefits over hospitals, the market is anticipated to grow over the forecast period. The development of technology in healthcare delivery is another important driver propelling the industry's expansion. When care management first began, wheelchairs, walkers, and safety blankets were the most common types of durable medical equipment. In December 2022, a report in the BMC Journal stated that 10.4% of the world's older adult's population lacked access to long-term care (LTC). Giving patients personal care at home helps them avoid avoidable hospital stays, which saves money and improves their quality of life. In nations like India, the growing number of elderly people is a challenge for healthcare sector.
Long Term Care Market- Key Insights
As per the analysis shared by our research analyst, the Asia Pacific market is estimated to grow annually at a CAGR of around 15.0% over the forecast period (2023-2030)
Based on Service Type segmentation, nursing care segment was predicted to show maximum market share in the year 2022, increasing demand from chronic disorders is contributing to segment growth.
Based on Payer segmentation, public was the leading market in 2022, due to increasing support from government in payer system.
Based on Application segmentation, home healthcare was the leading market in 2022, due to increasing demand from homecare settings.
On the basis of country, China was the leading revenue generator in 2022 mainly due to the growing prevalence of chronic diseases and recent COVID-19 cases.
The Asia Pacific Long Term Care Market is segmented on the basis of Service Type, Payer, Application, and Region.
The market is divided into three categories based on Service Type: Nursing Care, Hospice & Palliative Care, and others. The nursing care segment dominates the market. The nursing care growing due to rise in prevalence of chronic diseases, such as Alzheimer's disease, heart problems, and cancer.
The market is divided into two categories based on Payer: Public and private. The Public dominates the market and is likely to maintain its dominance during the forecast period. Technological advancement, increased adoption of paying system at public places is expected to boost the segmental growth.
The market is divided into three categories based on Application: home healthcare, assisted living facility, and others. The home healthcare segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand for long term care for disease like diabetes and other as a precure measure in homecare setting is mainly boosting the market growth.
Long Term Care Market- Country Insights
Country wise, this market is widespread into India, China, South Korea, Japan, Australia, Thailand, Indonesia, Philippines, Malaysia, Taiwan, Vietnam, Hong Kong, New Zealand, Singapore, Myanmar, and the rest of the Asia-Pacific (APAC) region.
Diabetes is mainly accountable for 284,049 deaths every year. With the rise in the diabetic population, technological advancements, and rising adoption rates in developing countries, the global market is robust for Long Term Care. Major players in the market include Sanofi, Novartis, Takeda Pharmaceutical Company Limited, etc. In addition, market player engaging in developing new advanced glucose monitoring devices for diagnosis of diabetes, contributing to market growth.
In June 2022, American HealthTech, an EHR provider for the long-term care and post-acute care sector, collaborated with Brown University, Exponent Inc., and MatrixCare to collect and use nursing home records data.
The scope of this report covers the market by its major segments, which include as follows:
ASIA PACIFIC LONG TERM CARE MARKET KEY PLAYERS
Koninklijke Philips N.V.
Amedisys
ECON Healthcare Group
Encompass Health Corporation
EXTENDICARE
LHC Group, Inc.
Medtronic
ORPEA GROUPE
Prolifico
ElderCareCanada
Exceptional Living Centers
Right at Home, LLC
BAYADA Home Health Care
United Medicare Pte Ltd
Others
ASIA PACIFIC LONG TERM CARE MARKET, BY SERVICE TYPE
Nursing Care
Hospice & Palliative Care
Others
ASIA PACIFIC LONG TERM CARE MARKET, BY PAYER
Public
Private
ASIA PACIFIC LONG TERM CARE MARKET, BY APPLICATION
Home healthcare
Assisted living facility
Others
ASIA PACIFIC LONG TERM CARE MARKET, BY REGION
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Malaysia
Taiwan
Vietnam
Hong Kong
New Zealand
Singapore
Myanmar
Rest of APAC