Private Nursing Services Market Expected to Reach $848.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Private Nursing Services Market," The private nursing services market size was valued at $415.70 billion in 2021, and is estimated to reach $848.7 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

The increase in the geriatric population, rise in the incidence of chronic illnesses, cost-effective treatment, and increase in demand for nursing services are some of the primary factors anticipated to drive the private nursing services market growth. The rising prevalence of chronic illnesses necessitates disease management and methods for continuous patient monitoring are driving the demand for healthcare equipment including thermometers (oral, rectal, forehead, and in-ear), bandages, ace bandages, heating pads, and snakebite kits. This equipment is linked to computerized patient health records and enable access to vital health information during therapy.  

One of the major restraints for the private nursing care services sector is a lack of skilled professionals. According to the World Health Organization (WHO), in 2017, there was a 4 million worker deficit in the global health force, which primarily comprised nurses and community healthcare professionals. Lack of education, insufficient skill sets, and shortage of experienced professionals has a significant influence on the expansion of the private nursing services industry.

Home care settings provide comfort and convenience, which will eventually increase demand for respiratory care devices. The goal of providing home care services to patients with respiratory disease is often to reduce morbidity, increase chances of survival, and encourage self-management and independence. Various respiratory care devices are used for pain management and psychological comfort depending on the patient's criticality. The adoption of devices used in home care settings will reduce total healthcare expenditures majorly by lowering acute care hospital admissions.

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

The key players profiled in the private nursing services market 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 report offers a comprehensive analysis of the global private nursing services market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

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

• The increase in the growth rate of private nursing service is mainly due to rising healthcare infrastructure spending, rising per capita income, establishment of various healthcare welfare programs and others. However, these sectors were negatively impacted by the COVID-19 pandemic which has affected the demand for private nursing service due to disrupted supply chain.
• The COVID-19 pandemic impacted almost all industries and private nursing service companies ceased their operations owing to lockdowns imposed across several countries, shortage of labor; the fear of contracting the novel coronavirus resulting in low demand in the market
• Social distancing norms, closed borders, and delays in the manufacturing of healthcare products due to the pandemic across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on service type, the home health care providers sub-segment emerged as the global leader in 2021 and the retire communities sub-segment is anticipated to be the fastest growing during the forecast period
• Based on gender, the female sub-segment emerged as the global leader in 2021 and the male sub-segment is predicted to witness the fastest growth in the upcoming years
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain its position during the forecast period