Long-Term Care Insurance Market
The size of the worldwide long-term care industry, estimated at USD 991.6 billion in 2021, is predicted to expand at a compound annual growth rate (CAGR) of 6.55% during the next five years. The growing elderly population around the world is a primary driver of the long-term care (LTC) business. Additionally, a longer life expectancy drives demand for LTC services. Elderly people’s unmet requirements also contribute to market expansion. The provision of personal care at home prevents patients from needless hospitalisation, saving them from its high expense and declining quality of life.The prevalence of chronic illnesses is rising quickly. The elderly experience general age-related infirmity as well as chronic illnesses like cancer, heart disease, diabetes, dementia, Alzheimer’s, and mental stress. Hospitalization for chronic illnesses can be costly and involve the wasteful use of resources that patients in life-threatening situations could use instead. LTC offers the specialised care that the elderly need, and rising public awareness of these facilities and their advantages over hospitals is anticipated to spur market expansion.
Due to the elderly’s inclination for care and the huge demand from developing countries, nursing care dominated the market for services. The need for nursing care is expanding due to the growing elderly population and the development and prevalence of chronic diseases like cancer, Alzheimer’s disease, and heart difficulties. Home healthcare is often used by people over the age of 65, those who have just been released from the hospital, new moms, people with mental disabilities, and people who want to provide medical care for their parents in their own homes. The need for individualised, long-term care that may be provided at home at a reasonable price is on the rise. Home healthcare has become standard for many patients who require care as a result of rising healthcare costs.
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Long-Term Care Insurance Market: Segment Analysis
Global Long-Term Care Insurance Market: Top Key Players
State Farm Mutual Automobile
National Guardian Life
New York Life
Mutual of Omaha
LTC Resource Centers
CLTC Insurance Services
LTC Financial Solutions
Global Long-Term Care Insurance Market: By Types
Traditional Long Term Care Insurance
Asset-based Life/Annuity Plans with Long Term Care Insurance
Global Long-Term Care Insurance Market: By Applications
Between 18 and 64
Over 65 Years Old
Global Long-Term Care Insurance Market: By Countries
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Key Questions Answered in This Report:
• What is the driving factor for the growth of the Long-Term Care Insurance market?
• How will the COVID-19 pandemic impact the demand and consumption of the Long-Term Care Insurance market?
• What is the major application area of the Long-Term Care Insurance ?
• Who are the Long-Term Care Insurance manufacturers across the globe?
• Which geographical location is dominant in the Long-Term Care Insurance ?
• Which are the top industry players in the Long-Term Care Insurance?
The healthcare industry is surely facing disruptions with global economies giving high importance to individual health. In this scenario, we expect our clients to get deep insights to power their innovations in the right direction. We have been keeping a close watch on the changes and modifications happening in the healthcare domain. As per our understanding, these alterations are active and unexampled.
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