Global Skilled Nursing Care Services Market: Overview
Mexico, Brazil and Argentina will grow to a large extent over the coming years in the global skilled nursing care services market as the aged population in these regions is increasing rapidly, finds Transparency Market Research (TMR). Skilled nursing care service centers cater to the needs of patients suffering from chronic conditions such as Parkinson’s or Alzheimer’s, as it is difficult to tend them at home. These centers also provide care on a temporary basis to injured or ill people who need constant attendance. At a skilled nursing care service center, personal hygiene, dressing, bathing, eating, and timely medications are taken care of by trained professionals. These service centers assist speech therapists and physical therapists, monitor interventional medications, take care of wounds and dressings, besides administering end-of-life care, laundry services, and educational and social activities.
The report furnishes an in-depth analysis of key market segments, growth drivers, opportunities, trends, and challenges. The business strategies and strengths and weaknesses of major companies are also analyzed.
Global Skilled Nursing Care Services Market: Drivers and Restraints
A substantial increase in the geriatric population across the globe has strengthened the demand for skilled nursing care services worldwide. The increasing number of patients suffering from Alzheimer’s along with high incidence of dementia, a common form of Alzheimer’s, is one of the key factors fuelling the growth of global skilled nursing care services market. On a global scale, around 47.5 million people suffer from dementia, and 7.7 million new cases are reported each year, according to the World Health Organization (WHO). Moreover, ongoing research shows that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle factors has led to an increased incidence of Alzheimer’s, thereby driving the market for skilled nursing care services. On the contrary, high costs of skilled nursing care services, along with low acceptance of these services have been restraining the market.
Global Skilled Nursing Care Services Market: Regional Outlook
On the basis of geography, Asia Pacific, North America, Europe, and Rest of the World (RoW) are the key segments of the global skilled nursing care services market. North America holds the foremost position in the global skilled nursing care services market as an increased awareness about the significance of skilled nursing care services, infrastructural development, provision of reimbursement coverage, and a well-defined regulatory framework are driving the market’s growth. On account of the rising prevalence of diseases, the U.S. is the leading country in the North America market. Europe ranks second in the regional segment because of high healthcare expenditure coupled with elevated sense of awareness about these services.
It is expected that Asia Pacific will exhibit immense opportunities, with countries such as China, India, and Japan at the top. China and India has the largest geriatric population pool in the world. Furthermore, favorable factors such as beneficial government policies, an increase in disposable incomes of people, and improved healthcare facilities are stepping the growth up in these regions. The growth of medical tourism in Asia Pacific will also benefit the market for skilled nursing care services. The institution of joint family, on the other hand, along with social stigma regarding nursing homes, will be some of the major challenges faced by the global skilled nursing care services market. In the Rest of the World region, Argentina, Brazil, and Mexico will witness phenomenal growth. The African countries, on the other hand, will display a sluggish rate of growth due to unfavorable economic conditions in the region.
Companies Mentioned in the Report
Some of the key players operating in the global skilled nursing care services market are Lincare, Inc., Apria Healthcare Group Inc., Golden Living, Emeritus Corporation, Genesis Healthcare., Sunrise Senior Living Inc., Sun Healthcare Group Inc., Gentiva, Life Care Centers of America, Atria, Brookdale Senior Living, and Extendicare, Inc.
Global Skilled Nursing Care Services Market, By Type of Connectivity-
- Connected to hospital
- Connected to assisted living community
- Connected to both hospital and assisted living community
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.