Long Term Care Market to Gain from Increasing Hospitalization Costs
Long term care refers to special care that is availed by elderly players in condition where a person is no longer able to perform everyday tasks by themselves. These situations are mainly caused due to factors such as chronic illness, injury, disability and aging process. Under this services the patient is kept under supervision of the experienced and skilled professional due to a severe cognitive impairment of diseases.
Increase in disabilities among geriatric population, dearth of skilled nursing staff, government funding, and increased collaborations of private insurers are some of the prominent factors expected to drive the global long terms care market in the coming few years. A study conducted by Harvard Joint Center suggest that by 2030, the aged people in U.S. is expected to exceed by 70%. Along with this, government in the region has increased cost of insurance coverage by 6% to 9% from 2017. These is a prominent factor expected to boost the global long term care market in the coming few years. Long-term care settings include a range of services. Some of them are home care, nursing homes, hospices, and assisted living facilities.
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Similarly, there are several other factors which are expected to fuel the long term care market. We have discussed a few of them below, have a look-
- Extended life expectancy has increased in number of disability significantly in the recent past years. This is a prominent factor expected to drive the demand for long term care. Along with this, surge in costs of hospitalization is another prominent factor expected to drive the global long term care market. This is mainly because these services are comparatively affordable than prolong hospitalization.
- Additionally, increase in incidence of health conditions such as memory loss, chronic illnesses, and post-hospital care are some other factor expected to drive the global long term care market.
This post was originally published on The Market Plan