Skilled Nursing Care Services Market Foreseen to Grow Exponentially by 2023

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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.

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.

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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.