High Expenditure On Healthcare Drove The European Nursing Care Market
2 Jul, 2019
High expenditure by public on long-term care, and public healthcare funds that provide free healthcare services to citizens in some countries drove the Western and Eastern Europe nursing care markets from 2014 to 2018. In 2018, Western Europe’s nursing care market at 36% market share was nearly the same size as North America’s nursing care market, the largest market globally. Eastern Europe was the fifth largest region in the nursing care market. Germany and Russia had the highest revenues for the nursing care market in Western Europe and Eastern Europe respectively.
Going forward, Western Europe’s nursing care market will grow at an annual growth rate of around 9% to 2022, while Eastern Europe’s market is expected to grow at an annual growth rate of around 9.3%. Faster growth of the Eastern European market in the forecast period than in the historic period can be attributed to increasing rate of ageing populations in the region and an expected increase in dementia cases.
The nursing care market is segmented by type into nursing care facilities, retirement communities, home health care providers and group care homes. Nursing care facilities was the largest segment of the nursing care market in both, Western and Eastern Europe, accounting for about half of the market share in each region in 2018. Going forward, retirement communities will be the fastest growing segment for both regions at 9.7% growth rate for Western Europe, and 10.6% growth rate for Eastern Europe.
To increase revenues, companies present globally in the nursing care market are offering integrated care services to provide additional services to patients. Integrated care offers a wide variety of medical care at various levels of intensity including transitional hospital care, short-term rehabilitation, home health, hospice, palliative care, and personal home care assistance, allowing health care companies to provide services to the patients in a range of settings. Home health care service providers, such as Kindred Healthcare, are providing home integrated care services which are being adopted by patients.