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Nursing Care Services Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–202
Rising geriatric population to fuel the growth of nursing care services market
Increase in number of patients with chronic diseases such as Alzheimer’s disease and dementia is the major driving factor for the growth of nursing care services market. According to World Health organization (WHO), there are around 47.5 million patients suffering from dementia globally every year. Moreover, the increasing geriatric population is also stimulating the growth of nursing care services market. The data given by Centers for Disease Control and Prevention (CDC) informs that in 2014, there were around 15,600 number of nursing homes in the U.S. in that the proportion for nursing care services for-profit ownership was 69.8%.
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However, some restraints that are hindering the growth of nursing care services market include low acceptance of these services, high cost, reduced government funding, and reduction in medicaid and medical reimbursements. For instance, the current data published in Modern Health Talk (mHealthTalk) with U.S Department of Health and Services, the cost of nursing care services are expensive and around $83,000 per year for a private room and the Medicaid expenses paid by federal government are around 57% annually.
Growing patient population of Alzheimer’s disease contributing to the progress of nursing care services market in North America
Regional segmentation of nursing Care Service market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. North America holds the major share in the nursing care services market due to the increased awareness about importance of nursing care services in this region, well defined regulatory framework of this region, and provision of reimbursement coverage. Additionally, growing cases of chronic diseases which requires special care facilities is driving the growth of nursing care services in this region. For instance, the data provided by Alzheimer’s Association in Alzheimer’s disease Facts 2017 the number of people with Alzheimer’s are estimated 5.3 million of 65 age and older and 200, 000 young individual with Alzheimer’s disease in U.S.
Key business players are trying to provide quality service with the help of Internet of Things
Key industry players operating in the nursing care services market include Golden Living, Apria Healthcare Group Incorporated, Linacre Inc., Genesis healthcare, Sun Healthcare Group Incorporated, Sunrise Senior Living Incorporated, Genitive, Emeritus Co., and Brookdale Senior Living & Expenditure Incorporated. Market players have increased their spending in residential nursing care services and home healthcare services market. The industry players are approaching more patients with the help of Internet of Things (IoT). Through, IoT the centers can provide high quality service to patients and keep track on health of aged and chronically ill patients.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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