Long term care (LTC) service contains a variety of services provided by nursing homes, day care centres, home health agencies and from family or friends. Long term care service comprises a broad range of personal care, healthcare and supportive care services. It is required for geriatrics people and adult who are unable to take self care due to injury, cognitive or mental disability and chronic illness. Long term care service provides support to people in regain quality of life and in improving an optimal level of physical functioning of life.
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The global long term care market has been segmented on the basis of services provided such as social work services, therapeutic services, mental health or counselling services, skilled nursing or nursing services, pharmacy or pharmacist services, and hospice services. The long term care (LTC) services market caters to the needs of the geriatric population and other adults who are unfit to take care of themselves due to an injury, disease, or a chronic disability. Long term care service offers simple solutions that helps in improving the quality of life of the patients and enables them to live as normally as possible.
Research suggest that the global market for long term care is growing at a rapid pace across the world due to the growing geriatric population. Furthermore, the rise in the prevalence of chronic diseases is also fueling the growth of this market. The U.S. Census Bureau shows that the adult population ranging in the demographic of 85 years old and above will reach 17.9 million by 2050 in the U.S. alone. Faced by this glaring statistic, it is only obvious that the global long term care market will rise at a significant pace. Furthermore, this market will also be augmented by the supportive stance offered by several governments, which are ardently striving to provide good care to the elderly.
Some of the important players in the global long term care market are AARP Long Term Care, Lincoln Financial Group, American General Life (AIG), State Farm Insurance, New York Life Insurance Company, Thrivent For Lutherans, and others. The research report has profiled these companies and offered an accurate analysis of their financial overview, research and development activities, product portfolio, and investment outlook for the coming years.