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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In the United States social work services are provided by nursing homes and home health agencies. In addition, Medicare certification is required for providing social work services in the United States. Whereas, mental health and counseling services are provided by nursing homes and residential care communities while very few adult care centers are offered this kind of services. Likewise, therapeutics services are offered by mostly all home health agencies and nursing homes in the U.S. Majority of the adult day service centers in the U.S. are offered only therapeutic services. Pharmacy and pharmacist services are offered by nursing home and residential care communities in the U.S. while fewer adult care centers provided this kind of service. Moreover, hospice services are offered mostly by residential care communities while a small percentage (5.6%, CDC 2013) of home health agencies offered hospice services.
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.
North America and Europe are observed to be the largest long term care market due to growing geriatric population and extensive government support for long term care. Moreover, Asia – Pacific is considered as an emerging market due to strong economic growth forecasted in some Asian countries such as India, China, Japan and Malaysia.
Some of the major market players contributing in the global market share of long term care includes AARP Long Term Care, American General Life (AIG), Lincoln Financial Group, New York Life Insurance Company, State Farm Insurance, Thrivent For Lutherans and others.