NURSING CARE SERVICES MARKET ANALYSIS

Nursing care services provide special care to patients suffering from chronic diseases such as Parkinson’s disease, Alzheimer’s disease, patients who need care for injury, and who are ill and require continuous attendance. At the nursing care services center, trained professionals provide care facilities such as dressing, personal hygiene, and timely medications. This industry provides patient nursing, rehabilitation services, and living accommodations to people with some disability or chronic disorders. These service centers also help the speech therapists and physical therapist by assisting them and monitoring interventional medications.

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%.

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.

For-Profit nursing care services segment holds the major share in the nursing care services market due to increase in awareness about skilled nursing care

The global nursing Care Services market is segmented by patients group, type of connectivity, and industry product.

On the basis of patients group, the nursing Care Services market is segmented into

• People with chronic diseases
• Aged people
• Injured people
• Disabled people
• Retirement homes
• Rest homes

On the basis of type of connectivity, the nursing care services market is segmented into

• Hospital connectivity
• Assisted living community connectivity
• Freestanding
• Others

On the basis of type of industry product, the nursing care service market is segmented into

• For profit nursing homes
• For non-profit nursing homes
• Government nursing homes
• Hospice centers
• Others

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.