The global long term care market size is expected to reach USD 1.7 billion by 2026, exhibiting a 7.5% CAGR during the forecast period. The market is expected to grow primarily owing to rising prevalence of target diseases, especially Alzheimer's and other dementias, among the aging population. In addition to this, increasing awareness about different long term care (LTC) facilities and the increasing medical coverage for home healthcare are likely to benefit market growth.
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According to data published by the United Nations in 2017, it has been estimated that the number of people above 60 of years of age is expected to double between 2017 and 2050. In 2017, the geriatric population was estimated to be 962 million globally. In August 2018, it was estimated that around 52.0% of the people turning 65 years are more likely to take rely on some type of LTC services in the years to come. There has also been a shift toward in-home care from LTC. The number of nursing facilities has reduced over the past several years, while the prevalence of in-home nursing programs have doubled.
Developing economies make for lucrative markers as far as home healthcare is concerned. India, for instance, has many home healthcare startups such as Health Care at Home, Zoctr, Vatsalya, Zozz, Life Circle Health Services, Healers at Home, and the Nightingales, a factor that has worked in its favor. In India, Portea is one of the market leaders in home healthcare. In November 2017, Portea raised USD 26.0 million in the Series C funding for better home healthcare facilities.
Growing medical coverage by government and private insurers has had a positive impact on market growth. According to the Hospice Association of America, Medicare pays USD 173 per day for inpatient respite care, USD 744 per day for general inpatient care, USD 193 per day for routine homecare, and USD 41 per hour for continuous homecare. Moreover, in 2016, Medicare paid a total of USD 16.9 billion to hospice providers, and the average spending per Medicare hospice patient was USD 11,820.0.
Further key findings from the study suggest:
- In 2018, the home healthcare segment held the largest market share owing to increasing awareness regarding such facilities, cost savings offered by them as compared to hospital stays or nursing homes, and proactive health monitoring
- The home healthcare segment is expected to witness rapid growth in developing nations owing to increasing need for geriatric care, presence of double-income households, and ongoing social changes
- Hospice is the fastest growing segment owing to increasing incidence rate of Alzheimer's and dementia and an increase in post-hospital care. Moreover, the coverage offered by both Medicaid and private insurers has relieved residents from out-of-pocket payments that have to be borne by them
- North America dominated the long term care market in 2018, majorly driven by advanced medical infrastructure, awareness about the advantages of home health services, rising geriatric population, and government support. Around 13% of the people in U.S. are 65 years or above and it is expected that by 2050, one in five Americans would be at least 65 years of age
- Asia Pacific is the fastest growing market owing to increasing rate of chronic diseases, the increasing disposable incomes, and decreasing working population. For instance, in China, the one-child policy has eventually decreased the working population as compared to the older population
- Industry players are continuously investing in expanding and revamping existing facilities. For instance, in February 2019, Genesis HealthCare underwent a real estate partnership with Next Healthcare Capital. The deal involved 15 skilled nursing facilities previously leased from Welltower Inc.
- Key players operating in the global market include Brookdale Senior Living, Inc.; Sunrise Carlisle, LP; Atria Senior Living Group; Extendicare, Inc.; Senior Care Centers of America; Kindred Healthcare, Inc.; Genesis Healthcare Corp.; Home Instead Senior Care, Inc.; Capital Senior Living Corporation; and Diversicare Healthcare Services, Inc.
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A new report on the Medical Document Management Market research study, published by Reports and Data, provides an in-depth survey of the dominant participants of the industry –the basis points for which are the financial highlights, company outline, SWOT Analysis, Product Portfolio, as well as major strategies and the expansion plans of the new and potential contenders.
This report is also anticipated to reflect consistent growth in the coming years since consumers are now more aware of product quality.
This market analysis of an industry is a crucial factor that numerous stakeholders, such as investors, traders, suppliers, and others, will find beneficial.The Medical Document Management industry is much fragmented and includes a large number of manufacturing giants and emerging players.
The emerging players have a good opportunity to enter the Medical Oxygen Concentrates industry, owing to developments in the industry and high demand from end-use industries.
Industry leaders are adopting strategies such as a merger, acquisitions, expansion, and partnership to maintain their position in the industry.
For instance, in April 2019, Inogen, Inc. launched One G5 portable product in the US.
Medicaid is a program for low-income families and individuals to have medical assistance and health care they wouldn’t otherwise have.
It also aids those with disabilities and the elderly with costs of medical expenses such as health care bills and other payments.Medicaid planning and eligibility vary from state to state but in the greater Bradenton area, the Statewide Medicaid Managed Care (SMMC) program has laid out certain requirements.
To get Medicaid in Bradenton Florida you must be a certain type of patient.
These include:Children 21Patients who are disabled or over the age of 65Bradenton, Florida residents who receive SSIPregnant womenThise who are eligible to receive Temporary Cash AssistancePeople in nursing homesThose who receive community or home-based carePeople under 26 in a foster homeParents or relatives who are caretakersFamilies who have lost Medicaid because of an increase in income or alimonyWhen planning for Medicaid, you must fill out the Bradenton Florida application form.
Others choose to do this online for ease and convenience.
There you will find basic information on planning and eligibility as well.
Healthcare Enterprise Software Market AnalysisGlobal healthcare enterprise software market size is expected to touch USD 5.20 billion at a staggering 15.7% CAGR over the forecast period (2017-2023).
It helps in maintaining patient records electronically resulting in hassle-free storage and retrieval.
Such software aids in managing, securing and analyzing information precisely in healthcare environment.
Ample data can be stored here rather than handling records manually.There are abundant factors that is propelling the growth of the healthcare enterprise software market.
These factors as per the MRFR (Market Research Future) report include increase in software solutions available exclusively for healthcare management, increasing global competition, increasing awareness about enterprises software, introduction of new software services, technological advancement and innovation, entry of novel industry players, increasing number of enterprises across the world, strict rule governing the patient information management and attention on electronic health records.
Of these, Americas will remain the largest market over the forecast period owing to growing need for software solutions to manage patient’s medical records coupled with increasing utilization of information technology (IT) in hospitals.
Do you have an elderly loved one who needs to go to nursing homes in Burnaby?
It has to be accessible so that you and the rest of your family members can visit.
When you visit the nursing home, try to ask these questions to the administrator.
Do your own research as well and find out what other people are saying about them.
Today, you can easily find pertinent information online.
Your aging loved one might have a hard time going outside for leisure, so it’s good to look for a nursing home equipped with entertainment amenities.
