Global Long Term Care Market Trends
The target market is growing as a result of government initiatives, healthcare reforms, and an aging population. For example, 962 million people worldwide were 60 years of age or older in 2017, according to UN.org. This is more than twice as many as there were in 1980, when there were 382 million older people globally. By 2050, there will likely be twice as many elderly people on the planet—nearly 2.1 billion. Furthermore, as long-term care is a service that assists in meeting the non-medical and medical needs of those with disabilities or chronic illnesses, the growing prevalence of chronic diseases is a significant driver of the target market's growth. For example, the National Health Council estimates that chronic illnesses disrupt around 133 million Americans, or about 40% of the nation's entire population, are expected to live here by 2020. Of them, 81 million will have various ailments. Furthermore, the target market is growing due to the diverse applications of long-term care (LTC), which include home health care, assisted living facilities, nursing homes, and adult daycare centers. Target market expansion is also being fueled by expanding healthcare advancements and the digitization of healthcare technologies. However, the target market's growth is constrained by the high maintenance costs of software and the poor uptake of software in developing economies.