LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global long-term care market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Amber Chourasia, a lead health and wellness research analyst from Technavio, says, “The global long-term care market is expected to grow gradually during the forecast period. The growth is majorly attributed to the increase in demand due to rising cases of diseases among men and women and aging population. The increase in investment by the government and healthcare companies to develop healthcare facilities in developing countries is likely to have a positive impact on the market, as availability and accessibility of the long-term care services are likely to grow with the expansion of healthcare facilities in developing countries.”
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The top three emerging trends driving the global long-term care market according to Technavio research analysts are:
Increasing awareness through social media marketing
The vendors in the market are focusing on targeting potential user groups for older men and women residents to maximize the occupancy of their facilities. Also, various associations and organizations are creating awareness through various online channels. Marketing via social media is helping manufacturers reach out to a larger consumer pool and attract new consumers.
“The social media is also helping manufacturers to increase awareness of these services and their benefits. An increase in the number of social network users worldwide is encouraging vendors and marketers to invest in social media marketing to increase sales and maximize profits,” according to Amber.
Integration of mobile devices into home healthcare systems
The advances in technology and wireless communication have allowed the integration of personal devices such as tablets and smartphones to be linked or synchronized with home healthcare solutions. This offers more freedom and flexibility, as well as the ability to monitor vitals wirelessly on mobile devices.
Furthermore, with the rapid growth in the field of wearable technologies, there are likely to be several devices or sensors that require only a mobile device to transfer data and monitor the patient’s vitals. Adamm (Intelligent Asthma Management), Valedo Back Therapy, Quell Relief, and HealthPatch MD are some of the offerings currently available in the market.
Increase in M&As
The long-term care market has witnessed several M&As by the leading vendors in the market. This is mainly because of the factors such as the increase in vendors' global presence, increase in their product portfolios, and also vendors are looking to achieve economies of scale. Vendors can focus better on product innovation by collaborating with each other to increase their profit margins.
The key vendors are as follows:
- Atria Senior Living
- Sunrise Senior Living
- Kindred Healthcare
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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