PUBLISHER: Grand View Research | PRODUCT CODE: 1631154
PUBLISHER: Grand View Research | PRODUCT CODE: 1631154
The global long term care devices market size is expected to reach USD 361.7 billion by 2030, registering a CAGR of 8.1% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market is expected to grow owing to rising demand for elderly care in long-term care facilities; growing number of patients with devices, who need continuous monitoring; increasing prevalence of target diseases, especially Alzheimer's & dementia; growing awareness; and improving medical coverage for long-term care.
According to data published by the United Nations in 2017, the number of older people above 60 years of age is expected to double by 2050 of what it is in 2017. In 2017, the geriatric population above 60 years of age was estimated to be 962 million globally. Moreover, in August 2018, it was estimated that around 52% of the people turning 65 years are more likely to take some type of long-term care services. In addition, the preference for home care over hospitals has increased. The number of nursing facilities has reduced over the past several years, while the home nursing programs have doubled. This exhibits the increase in utilization of LTC facilities and demand for durable medical equipment.