Press release
Skilled Nursing Care Services Market Explores New Growth Opportunities & Industry Analysis By 2023
Skilled nursing care services are recommended when 24X7 nursing care is necessary mainly in case of elderly individuals who might stray if left unattended, unable to eat by their own, for medication and portability and when more help is needed than family or present caregiver can give. Based on the type of connectivity, global skilled nursing care services market is segmented as follows:
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• Connected to hospital
• Connected to assisted living community
• Connected to both hospital and assisted living community
• Freestanding
Factors such as aging of population globally, increasing incidences of chronic diseases such as dementia and Alzheimer’s disease, are driving the global skilled nursing care services market towards growth. While on the other hand, social stigma associated with residential nursing care services and high cost are some of the factors that are restraining the growth of the global skilled nursing care services market.
Geographically, global skilled nursing care services market is classified into North America, Europe, Asia Pacific and Rest of the World (RoW) regions. Currently, North America is dominating the global skilled nursing care services market and is closely followed by Europe. Some of the factors such as, availability of reimbursement coverage, highly developed healthcare infrastructure, well defined regulatory framework and high awareness about availability of skilled nursing care services are resulting in dominating position of North America in the global skilled nursing care services market. Asia Pacific is a lucrative market for skilled nursing care services. India and China account for the largest population pool in the world.
Thus, with rise in geriatric population, India and China would be largest geriatric population pool in the world. With rapidly improving healthcare infrastructure, government initiatives to improve healthcare facilities in countries mainly India and China on the grounds of swiftly growing medical tourism industry in these countries is expected to fuel the growth of the skilled nursing care services market in the Asia Pacific region. While on the other, in the Asia Pacific region, adoption of residential skilled nursing care services is challenged owing to presence of joint family culture. Presence of joint family culture has created strong social stigma for nursing homes and residential skilled nursing care services.
Apart from India and China, Japan is an attractive market for skilled nursing care services owing to increased focus of Japanese government on improving healthcare facilities in the country. Brazil, Argentina and Mexico are the countries in the Rest of the World (RoW) region where skilled nursing care services market is expected to grow rapidly as compared to other countries in the Rest of the World region. Skilled nursing care services market in the African countries will be growing at slower rate due to lack of supportive economic background.
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