During the forecast period, the long term care insurance market would continue to increase due to rising ageing and life expectancy. Individuals who require long-term care are generally healthy but unable to execute two of the six basic daily activities: dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Approximately 70% of people over the age of 65 will require long-term care services at some point in their lives. Today, almost 40% of individuals requiring long-term care are between the ages of 18 and 64. Long-term care insurance also cover things like assisted living, home care, respite care, adult daycare, nursing home, hospice care, Alzheimer's facilities, and house modification to accommodate disability.
MARKET SCOPE
The "Global Long Term Care Insurance Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Long term care insurance market with detailed market segmentation by product and age group. The report provides key statistics on the market status of the leading Long term care insurance market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product the market is segmented as, Partnership long-term-care Insurance, Indemnity long-term-care Insurance, Reimbursement long-term-care Insurance.
- Based on age group the market is segmented as, Above 60 years, below 60 Years.
MARKET DYNAMICS
Drivers:
- Presence of favourable long term insurance plans.
- Growing demand for long term insurance plans to protect entire family.
- Increasing geriatric population across the globe.
- Good network of long term care insurance providers in developed nations.
Restraints:
- Whereas, high cost of insurance plans and lack of awareness about long term care insurance services in some developing nations are likey to impede market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Long term care insurance market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Long term care insurance market in these regions.
IMPACT OF COVID-19 ON LONG TERM CARE INSURANCE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the Long term care insurance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Long term care insurance market are anticipated to lucrative growth opportunities in the future with the rising demand for Long term care insurance in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Long term care insurance market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- State Farm Mutual Automobile Insurance Company
- GoldenCare
- Sun Life Assurance Company of Canada
- ACSIA Partners,LLC
- New York Life Insurance Company
- Allstate Insurance Company
- MassMutual
- Anthem Insurance Group, Inc
- Long-Term Care Resources
- NerdWallet