The Nursing Care Market in US to Generate Revenues of Around $612 Billion During the Period 2020 −2025 - Market Research by Arizton
CHICAGO, April 23, 2020 /PRNewswire/ -- According to Arizton's recent research report, Nursing Care Market in US - Industry Outlook and Forecast 2020-2025 is expected to grow at a CAGR of approximately 6% during the period 2019−2025. This market research report includes data-driven and deep market insights on the impact of COVID-19 across geographies, segments, and vendor landscape. Leverage Arizton's market analysis to take real-time strategic business decisions and enhance your product portfolios.
Key Highlights Offered in the Report:
- Registering a growth CAGR of approximately 6%, the US Nursing Care Market will contribute over $175 billion incremental revenue during 2019-2025.
- Buoyed by the growing demand for skilled nursing facility segment during the ongoing COVID-19 pandemic, the market revenue will reach over $196 billion in 2020.
- Skilled nursing facility dominated the market in 2019 with revenue of around $188 billion.
- The nursing care market segments such as assisted living facility and hospice care are witnessing highest traction in the market
- Most of the revenue of the nursing care market in the US comes from the public sources such as Medicare, Medicaid, and other public insurance payers amounting to around $238 billion for 2019.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by service type, expenditure, gender, and geography
- Competitive Landscape – Profile of 6 key vendors and 48 other vendors
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Nursing Care Market in US – Segmentation
- The rise in the geriatric population, coupled with increasing chronic diseases and age-associated diseases, is expected to boost the hospice segment. Hospice programs generally are home-based; however, they sometimes provide services in freestanding facilities, in nursing homes, or within hospitals.
- The growth in the private insurance market, coupled with increased funding received through philanthropic fund-raising organizations such as the United Way, is boosting the growth of the private expenditure segment. For instance, private health insurance comprises around 15% of total nursing care expenditures in 2019.
- More than 70% of people getting admitted to nursing facilities are women. Almost two-thirds of the paid home care users and unpaid care recipients are women. The demand is further expected to increase among women owing to their improved savings, increased employability, high literacy, the surge in divorce cases, and an increase in chronic diseases.
Market Segmentation by Service Type
- Hospice
- Home Healthcare
- Assisted Living Facility
- Skilled Nursing Facility
Market Segmentation by Expenditure
- Public
- Private
Market Segmentation by Gender
- Male
- Female
Nursing Care Market in US – Dynamics
Value-based purchasing is a methodology of healthcare payment reform that focuses on paying providers for quality and value, not just volume. Also known as pay-for-performance, value-based purchasing is replacing to the Resource Utilization Group (RUG), linking provider reimbursements to quality measures and cost-efficiency. 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.
Key Drivers and Trends fueling Market Growth:
- Technological Developments
- Increasing Health Awareness
- Health Insurance Reforms
- Changes in Social Patterns
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Major Vendors
- Brookdale Senior Living
- Sunrise Senior Living
- Diversicare
- Amedisys
- Kaiser Permanente
- Ensign Group
Other vendors include - 24/7 Nursing Care, A-1 ACTION NURSING CARE, A-1 Nursing Care, AdventHealth, Affinity Living Group, All Ways Caring, Allamericancare, American House, Apple Home Healthcare, At Home Healthcare, At Home Nursing Care, Atria Senior Living, BAYADA Home Health Care, Bickford Senior Living, BrightStar Care, Bristol Hospice, Brotoloc North, Capital Senior Living, Century Park, Compassionate Nursing Services, Elmcroft Senior Living, Encompass Health, Enlivant, Erickson Living, Evangelical Community Hospital, Frontier Management, HCR ManorCare, Holiday Retirement, Hospice of Southern Illinois, Hospice of the Valley, Human Touch Home Health Care, LCS, Life Care Centers of America, Living Assistance Services, Nurse Care of North Carolina, Nurse Next Door, Pacifica Senior Living, Preferred Care, Premier Home Health Care Services, PruittHealth, Right at Home, Senior Lifestyle, Seasons Hospice & Palliative Care, Senior Care Centers, Trinity Health, Valeo Home Health & Hospice, Visiting Nurse Service of New York, and VITAS.
Explore our health & wellness profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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