According to the research report titled ‘Global Long-term Care (LTC) Devices Market Size study, by Type (Therapeutic, Diagnostic, Mobility Assist), by End Use (Home Health Care, Hospices, Nursing Care, Assisted Living Facilities) and Regional Forecasts 2021-2027’, available with Market Study Report, global long-term care (LTC) devices market was worth USD 165.07 billion in 2020 and is expected to register 8.2% CAGR with a valuation of USD 286.59 billion over 2021-2027.
 

Rising elderly populace across countries, soaring governmental investment in healthcare and insurance, coupled with surging prevalence of chronic diseases such as diabetes, Alzheimer’s, and dementia are catalyzing the growth of global long-term care (LTC) devices market.
 

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According to Diabetes Research Institute, 10.5% of the U.S population comprising of 34.2 million people had diabetes in 2020.  As per World Health Organization, 50 million individuals across the globe were suffering from dementia in 2019 and this number is slated to grow by three times till 2050.
 

For the unversed, long-term care is used to treat disabilities, terminal conditions, and infirmity of old age and is intended for those who are sick, injured, or have diminished mental and physical capabilities.
 

While insurance companies providing long-term medical expense coverage is acting as a catalyst, high cost associated with long-term care at home is likely to hamper the business domain during the projected timeframe.
 

Speaking of type, worldwide global long-term care (LTC) devices market is fragmented into diagnostic, therapeutic, and mobility assist, whereas based on end user terrain, the industry vertical is classified into hospices, assisted living facilities, home health care, and nursing care.
 

Moving on to regional scope, North America held major industry share in the recent past, owing to increasing per capita income as well as rising patient pool with access to medical facilities.
 

Parallelly, Asia Pacific market is anticipated to record the highest annual growth rate through 2027, creditable to escalating awareness for healthcare facilities as well as rising discretionary income.
 

Leading companies in global long-term care (LTC) devices industry sphere include Baxter International Inc., Medtronic Plc, The 3M Company, McKesson Medical-Surgical Inc., Abbott Laboratories, HillRom, F. Hoffmann-La Roche AG, Fresenius Medical Care AG & Co. KGaA, B. Braun, and Medline Industries Inc. among others.