Global Long-Term Care Devices Market to Reach USD 68.41 Billion by 2032, Driven by Aging Population and Rising Demand for Home Healthcare.

The Long-Term Care Devices Market had a worth of USD 35.98 billion in 2022 and is expected to grow to USD 68.41 billion by 2032, with a compound annual growth rate of 7.4% during the forecast period. The growth is propelled by various factors, such as the rise in aging population, prevalence of chronic diseases, and the surging demand for home healthcare services.

Chronic diseases such as diabetes, cancer, and cardiovascular diseases are more common in the elderly population, leading to a significant increase in demand for long-term care devices. The trend of home healthcare services has also contributed to the increase in demand. Using these devices at home provides patients with essential medical care and monitoring, thereby reducing the need for hospitalization and associated expenses.

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Some of the major companies in the global long-term care devices market are:

• Medline Industries, Inc.
• Drive DeVilbiss Healthcare
• Invacare Corporation
• Hill-Rom Holdings, Inc.
• Sunrise Medical (US) LLC
• Stryker Corporation
• Permobil AB
• Arjo
• Etac AB
• Patterson Companies Inc.

The adoption of technologically advanced long-term care devices with improved patient comfort and safety is another factor contributing to market revenue growth. Bed alarms and fall detection systems, equipped with advanced sensors and alarms, help prevent falls and injuries among the elderly population. Moreover, the increasing prevalence of dementia and Alzheimer's disease has caused a rise in demand for long-term care devices such as wandering management systems and Global Positioning System (GPS) tracking devices, which help monitor the location and movement of patients with these conditions.

Long-term care devices such as ventilators, oxygen concentrators, and dialysis machines are essential for providing continuous medical care to patients with chronic conditions, thus reducing the need for hospitalization and associated costs, improving patient outcomes, and lessening the burden on the healthcare system. The market revenue growth is also boosted by government initiatives, like reimbursement for long-term care devices under the Medicare and Medicaid programs in the United States and funding for long-term care devices such as wheelchairs and mobility scooters by the National Health Service (NHS) in the United Kingdom.

However, there are limitations to the market revenue growth, such as the high cost of long-term care devices and a lack of skilled professionals to operate them. These factors make these devices unaffordable to many patients, especially in developing countries. Additionally, specialized training and expertise are necessary to operate these devices, and the lack of skilled professionals limits their adoption.

The long-term care devices market is expected to witness significant growth in the forecast period due to the surge in aging population, prevalence of chronic diseases, and the increasing demand for home healthcare services. The market growth is also propelled by the adoption of technologically advanced devices, government initiatives, and focus on improving patient outcomes and reducing healthcare costs. Nevertheless, the growth of the market is limited by the high cost of long-term care devices and a lack of skilled professionals to operate them.

Segments Covered in the Report

The global healthcare industry is witnessing a significant surge in demand for medical equipment and devices. With the rise in the number of patients and the increasing need for advanced medical care, the market for healthcare devices is booming. Among the different types of medical equipment, patient monitoring devices, mobility assist devices, medical furniture, and others are gaining popularity.

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Patient monitoring devices are essential tools that are widely used in hospitals and clinics. These devices help healthcare professionals monitor the vital signs of patients, including blood pressure, heart rate, and temperature. The demand for patient monitoring devices is expected to increase owing to the growing prevalence of chronic diseases and the need for continuous patient monitoring.

Mobility assist devices are designed to help patients with mobility issues move around with ease. These devices include wheelchairs, walkers, crutches, and mobility scooters. With the growing geriatric population and the increasing number of people with disabilities, the demand for mobility assist devices is expected to grow in the coming years.

Medical furniture is another essential category of medical equipment. It includes hospital beds, examination tables, chairs, and other furniture used in hospitals and clinics. The demand for medical furniture is expected to grow owing to the increasing number of hospitals and clinics across the globe.

Apart from these, there are other medical devices such as diagnostic devices, surgical instruments, and others that are also gaining popularity. These devices are used in various medical procedures, and their demand is expected to increase in the coming years.

In terms of end-use, the healthcare equipment market is segmented into home healthcare, nursing homes, hospice care, and others. Home healthcare is gaining popularity owing to the increasing demand for home-based medical care services. Nursing homes and hospice care facilities are also witnessing significant growth, owing to the growing geriatric population.

In conclusion, the healthcare equipment market is witnessing significant growth, owing to the increasing demand for advanced medical equipment and devices. The market is expected to witness further growth owing to the growing prevalence of chronic diseases, the increasing geriatric population, and the rising number of hospitals and clinics across the globe.

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Strategic development:

• Several companies in the healthcare industry have made strategic moves in recent years to enhance their product offerings and expand their market presence. In 2020, Hill-Rom Holdings, Inc. announced its plans to acquire Bardy Diagnostics, Inc., a remote cardiac monitoring and diagnostic solutions provider. The acquisition was aimed at strengthening Hill-Rom's digital health market position and improving its diagnostic solutions.
• Similarly, in the same year, Stryker Corporation announced its plans to acquire Wright Medical Group N.V., a provider of orthopedic products. This move was aimed at expanding Stryker's orthopedic market presence and product portfolio.
• In 2021, Medline Industries, Inc. partnered with HealthTrust, a healthcare performance improvement company, to provide innovative solutions for long-term care facilities. This collaboration was aimed at improving the quality of care provided to patients and reducing costs for long-term care facilities.
• Drive DeVilbiss Healthcare also announced a partnership in 2021 with eKincare, a digital health platform, to provide remote patient monitoring solutions. The partnership was designed to improve the quality of care provided to patients and enhance their overall health outcomes.
• Invacare Corporation also made a move in 2021, partnering with SomnoMed, a provider of sleep apnea solutions, to offer sleep therapy products to long-term care facilities. The partnership was aimed at improving the quality of care and enhancing the patient experience.
• Hill-Rom Holdings, Inc. launched the Progressa® bed system in 2021, a smart bed system designed to enhance patient outcomes and reduce hospital stays. The bed system includes advanced features such as respiratory monitoring, mobility tracking, and pressure injury prevention.
• Sunrise Medical (US) LLC launched the QUICKIE® Q500® M SEDEO® PRO power wheelchair in 2020, designed specifically for long-term care facilities. The wheelchair includes advanced features such as tilt, recline, and elevating legrests, and is designed to improve the mobility and comfort of patients.
• Lastly, Invacare Corporation also launched the Invacare® TDX® SP2 Power Wheelchair in 2020, another power wheelchair designed for long-term care facilities. The wheelchair includes advanced features such as tilt, recline, and elevating legrests, and is also intended to enhance the mobility and comfort of patients.

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