Transparency Market Research Report Added "Long Term Care Services Market" to its database.
Albany, NY -- (SBWIRE) -- 09/30/2015 -- Long term care (LTC) services caters to a broad range of medical and non-medical needs of those individuals who are dependent for self-care, primarily geriatric population or those with functional limitations like chronic diseases and disability requiring support for a prolonged time period. At present, LTC service needs are at its peak due to various socio economic changes in family income, women employment and demographic transition attributed to increased life expectancy across the globe. The World Health Organization (WHO) predicts that the geriatric population is expected to outnumber the under-five age group by 2020. However, this longevity will be coupled with diseases like Alzheimer's, Parkinson's &Dementia. Similarly, disability rates are rising due to accidental injuries and genetic disorders there are many who succumb to lifelong dependency on caregivers at early ages.
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The scope of this article is limited to the commercial service provision for long term care. LTC services include palliative care, personal care and maintenance, rehabilitation & counseling. Majority of the LTC services except specialized medical care require low level of capital investment and service bereavement are highly dependent on labor and human interaction.LTC services improvises their quality of life and can be segmented based on service provider, service recipients, service type and institutional setting.
The service provider segment can be further segmented into by private service provider, state funded or NGO/ old age foundations, jointly financed by self-funding along with social security measures. The service recipients include geriatric, chronic life limiting disease (AIDS, cancer, neurological disorders etc.), and disabled population (physical deformities, cerebral palsy, down syndrome etc.). The segment based on service type, is broadly classified into personal custodial care (non-medical), medical palliative care where medically skilled team provide an extra layer of support during prolonged curative treatment and those which blend both of them. The institutional setting segment includes home care services agencies, day care/community based centers, and facility based programs for retired communities, old age homes, assisted living facility (ALF), nursing homes.
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One of the key concerns of service recipients of long-term care include financial viability to prevent out of pocket health expenditure, changing needs usually higher levels of care, quality and credibility in service provision, and regulatory standards of service providers. Therefore, there is a huge demand for service providers who can adhere to standard measures in the long-term care service industry market. The market potential can be analyzed country-wise through the linkage of survey-based data with market measures.
Geographically, the market showcases that presently 60% of LTC funding in the U.S. comes from Medicaid and is projected to increase under the U.S. Patient Protection and Affordable Care Act. Under this act, Medicare Prospective Payment System (MPPS) has been set up with an aim to provide long-term services & supports (LTSS).Such developments at national level are bound to create a strong impetus in this market, which will be deeply influenced by the political economy and legal framework of countries. There is a huge demand for LTC among mid-age population who have begun investing in LTC insurance and other funding solutions such as Medicare and Medicaid. Private players who wish to seek entry into this market can collaborate with the government through Public Private Partnerships (PPP) in countries with social security &welfare policies coupled with high life expectancy rate and disability index. Developing countries of Asia-Pacific would resort to affordable and budget friendly LTC services would be in great demand in the low and middle income countries.
Some of the key market players prevailing in long term care service industry include The Teekell Company Inc., Amedisys Incorporated, Brookdale Senior Living Incorporated, Extendicare Incorporated, Genesis HealthCare Corporation, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Kindred Healthcare Incorporated, Senior Care Centers of America, Skilled Healthcare Group Incorporated, and Sunrise Senior Living Incorporated.
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