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2022
Private Nursing Services Market

Private Nursing Services Market

by Service Type (Retirement Communities, Group Care Homes, Nursing Care Facilities, Home Healthcare Provider), by Gender (Female, Male): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A13408
Pages: 270
Oct 2022 | 1245 Views
Author(s) : Neha M, Rohini K , Vitika V
Tables: 118
Charts: 62
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Private Nursing Services Market Research, 2031

The global private nursing services market size was valued at $415.7 billion in 2021, and is projected to reach $848.7 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.Private nursing servicesĀ are provided by nurses who hold a Licensed Practical Nurse (LPN) or Registered Nurse (RN) license. Professionals offer these services to patients on an individual basis.

The COVID-19 pandemic has had a significant impact on nursing care, even though private nursing services have long been acknowledged as key players in public health crises. This is due to the challenges associated with the emergency preparation and response capacities demonstrated by diverse healthcare systems in varied care contexts. In the face of a massive workload, private nursing services have been obliged to wear Personal Protective Equipment (PPE), despite a shortage of PPE, staff, and other resources.

Private Nursing Services Market

The increase in the prevalence of chronic diseases and the rise in the number of nuclear families are anticipated to have a positive impact on the private nursing services market. Nowadays, people prefer to live in nuclear families, which is the primary cause of the rise in demand for private nursing services. Taking care of a geriatric person within the family is challenging due to the lesser number of family members in nuclear family. It might be difficult for family members to keep a constant eye on a patient who has chronic conditions as they require extra care. Therefore, the private nursing services market size is anticipated to expand owing to an increase in the incidence of several diseases across the globe.

The major obstacles to private nursing services are the lack of private nursing services providers in rural regions and unavailability of skilled workers. Rural populations generally face a variety of challenges regarding healthcare services, which makes it difficult for them to get the treatment they need. The expansion of the nursing services industry is constrained by a variety of factors, including the high costs of private nursing services. The primary barriers to the expansion of the private nursing services industry are the shortage of qualified professionals owing to a lack of education and appropriate skills these factor are going to hinder the private nursing services market opportunity.

The need for home healthcare services is increasing globally due to the increase in the elderly population. For the elderly population to receive end-to-end nursing services, service providers concentrate on covering all the aspects of homecare settings. Personalized disease management strategies are developed to treat cardiac illness symptoms and to take into account the particular physical needs of patients suffering from Alzheimer's disease and dementia.

Private nursing services providers offer qualified home care nurses as per the requirement. Healthcare experts are those who offer skilled home care nursing services. Nursing home care services are offered to patients who require isolated service facilities. Skilled home healthcare services dominated the market in 2020, due to the increase in the costs of healthcare associated with hospital stays.

The key players profiled in the report include The Ensign Group, Inc., Kindred Healthcare, LLC, Genesis HealthCare, Brookdale Senior Living Inc., Kaiser Foundation Health Plan, Inc., CBI Health., Trinity Health, Columbia Asia, Apollo Hospitals Enterprise Ltd., and Grand World Elder Care

The private nursing services market forecast is segmented on the basis of service type, gender, and region. By service type, the market is divided into retirement communities, group care homes, nursing care facilities, and home health care providers. By gender, the market is classified into female and male. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The private nursing services market is segmented into Service Type and Gender.

Private Nursing Services Market
By Service Type

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Home health care provider is anticipated to continue its dominance over the forcast period

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By service type, the home health care providers sub-segment dominated the market in 2021. Home healthcare providers, commonly referred to as home health assistants, should have completed some type of formal medical education and be competent in their field. Home health care providers may be approved as occupational or physical therapists (OT or PT), a Certified Nursing Assistant (CNA), or a Licensed Practical Nurse (LPN). House healthcare includes a variety of services that can be provided at home, including monitoring a medical condition, IVs and injections, patient and caregiver education, and wound care. The goal of home healthcare is to treat a sickness or injury and assist in recovering so that the patient can live independently again, or at the very least be self-sufficient as possible.

Private Nursing Services Market
By Gender

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Male is anticipated to grow at a fastest CAGR during the forcast period

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By gender, the female sub-segment dominated the global private nursing services market share in 2021. The female sector dominated the nursing care market as they are more sensitive than male nurses and treat patients with greater care. It is observed that patients prefer female nurses over male nurses for private nursing. As demand for female nursing continues, the female nursing care sub-segment is expected to drive the private nursing services market growth during the forecast period.

Private Nursing Services Market
By Region

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North America held the highest market share in 2021

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By region, North America dominated the global private nursing services market in 2021 and is projected to be the fastest growing region during the forecast period. In the U.S., 3.1 million nurses are frontline healthcare practitioners and members of the largest healthcare profession. The increase in geriatric population in the region, as well as the rising medical infrastructure and technologies, creates new potential for the expansion of the private nursing service industry. Moreover, higher per capita income of the people in the region is further expected to support the market development as people tend to spend more on healthcare and personal care facilities.

Impact of COVID-19 on the Global Private Nursing Services Industry

  • The COVID-19 pandemic has negatively impacted various industries such as healthcare that has led to a drastic decline in healthcare sales. As private nursing service is widely used in the healthcare industry there was a significant reduction in the private nursing service demand globally due to fear of getting infected with the COVID-19.
  • Demand of private nursing services are expected to grow at a rapid pace owing to rising healthcare infrastructure spending, demand for at-home care, and others. However, the demand for private nursing services in the healthcare industry was affected owing to lack of skilled nurses.
  • The economic slowdown has affected the setup of new private nursing service projects across the world as the majority of government funding was diverted towards the healthcare sector owing to the rapid spread of the COVID-19 virus, impacting the market to a great extent.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the private nursing services market analysis from 2021 to 2031 to identify the prevailing private nursing services market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the private nursing services market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global private nursing services market trends, key players, market segments, application areas, and market growth strategies.

Private Nursing Services Market Report Highlights

Aspects Details
Market Size By 2031 USD 848.7 billion
Growth Rate CAGR of 7.5%
Forecast period 2021 - 2031
Report Pages 270
Service Type
  • Retirement Communities
  • Group Care Homes
  • Nursing Care Facilities
  • Home Healthcare Provider
Gender
  • Female
  • Male
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest Of Asia Pacific)
  • LAMEA  (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
Key Market Players The Ensign Group, Inc., Knight Health Holdings, LLC, Genesis HealthCare, Inc., Brookdale Senior Living Inc., Kaiser Foundation Health Plan, Inc., CBI Health, Trinity Health, Columbia Asia, Apollo Hospitals Enterprise Ltd., Grand World Elder Care
 

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The increase in demand for private nursing services including the availability and skill of caregivers, professional development, openness about the caliber of care, and remote patient management is predicted to boost the market expansion. In addition, the high cost of nursing services is projected to hinder the market share of private nursing service. The overall healthcare expenses associated with managing geriatric care are increasing due to an increase in intervention costs and greater survival rate, which result in patients requiring medical services resources for a longer period. The increase in the prevalence of various chronic diseases especially among the elderly population leads to increased demand for long-term therapy. This factor is expected to drive market growth during the forecast period. In addition, the market is predicted to expand during the forecast period as a result of a general shift in preferences and change in people's social life.

Among the analyzed regions, North America is expected to account for the highest revenue in the market by 2031, followed by Asia-Pacific, Europe, and LAMEA. The increase in the number of hospitals and the geriatric population are the key factors responsible for the leading position of North America and Asia-Pacific in the global private nursing service market.

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FREQUENTLY ASKED QUESTIONS?

A. The diverse applications of private nursing services across healthcare, pharmaceutical, medical equipment, and other sectors is the major market driver. In addition, increase in health expenditure capacity and availability of experienced personnel are some of the reasons for the development of the private nursing services industry.

A. The major growth strategies adopted by the private nursing services market players are customer satisfaction and business expansion.

A. Increase in chronic diseases and change in the social life is anticipated to boost the private nursing services market in the upcoming years.

A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global private nursing services market from 2021 to 2031 to determine the prevailing opportunities.

A. Home health care providers sub-segment of the service type holds the maximum share of the global private nursing services market in 2021.

A. Healthcare industry leaders and pharmaceutical manufacturers are the major customers in the global private nursing services market.

A. Asia-Pacific will provide more business opportunities for the global private nursing services market in the future.

A. The Ensign Group, Inc., Kindred Healthcare, LLC, Genesis HealthCare, Brookdale Senior Living Inc., Kaiser Foundation Health Plan, Inc., CBI Health., Trinity Health, Columbia Asia, Apollo Hospitals Enterprise Ltd., and Grand World Elder Care are the major players in the private nursing services market.

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