The launch of different government programs in the healthcare market is resulting in the growth of the insurance business and are relatively increasing the growth of the nursing care industry.
According to the latest Arizton's market research report, the US nursing care industry to be valued at around USD 460 billion by 2020, growing at a CAGR of approximately 6% during the forecast period.
Nursing Care Industry Growth
The launch of different government programs in the healthcare market is resulting in the growth of the insurance business and are relatively increasing the growth of the nursing care industry. The skilled nursing facility market has undergone a dramatic growth is last two decades, marked by the emergence of assisted living communities and it remains highly fragmented with numerous local and regional operators. The nursing care industry is in the growth stage and has achieved popularity and high penetration in developed countries such as the US.
Value-Based Purchasing and Patient-Driven Payment Model
Value-based purchasing is a methodology of healthcare payment reform that focuses on paying providers for quality and value, not just volume. This model attempts to reduce inappropriate care and to identify and reward the best -performing providers. It links provider payments to improved performance by health care providers. It also enables nurses to get back to their core skill sets, allowing them to focus on patient care rather than spending more time on administrative tasks such as documentation. Medicare is changing the way skilled nursing operators are paid. The value-based purchasing and patient-driven payment model will do away with the glitches in the old and traditional healthcare payment system. Hence reducing the time and complexities in payments in nursing care facilities and is likely to boost the growth of the nursing care industry in the coming years.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by service type, expenditure, gender, and geography
- Competitive Landscape – 6 Key Company Profiles and 48 Other Prominent Vendors
Nursing Care Industry – Geographic Analysis
Technological development will transform the US healthcare industry and the nursing care industry during the forecast period. Nursing plays a key role in the US healthcare system, especially after the reforms under the Patient Protection and Affordable Care Act. Nursing is an attractive way to increase purchasing power for oneself in the US. Health is becoming a major concern, especially among the millennials generation in the US. The rise of the geriatric population year to year is surging the demand for long term nursing and the required treatment is expected to increase the demand for nursing care in the US for both residential nursing care and group care homes.
The rapid change in technological environment, such as telemedicine is becoming beneficial for both nursing care companies as well as patients and their families. The present scenario of healthcare is driving companies to change and refine their unique value proposition to achieve a strong market presence. The demand for nursing care is not limited to hospital but also at homes, as staying at hospitals for longer duration gets expensive for the patients which in turn, is fueling the growth of the nursing care industry globally. Nursing care industry is competitive due to presence of numerous organizations including not-for-profit entities. However, these entities provide similar communities and services, such as home health care and hospice agencies, community-base service program, other senior living providers, and more.
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