Private Nursing Services Market Share, Size, Trends, Industry Analysis Report, By Service Type (Retirement Communities, Group Care Homes, Nursing Care Facilities, and Home Health Care Providers); By Gender; By Region; Segment Forecast, 2023-2032
- Published Date:Jun-2023
- Pages: 118
- Format: PDF
- Report ID: PM3378
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global private nursing services market was valued at USD 446.28 million in 2022 and is expected to grow at a CAGR of 7.6% during the forecast period. Rising number of nuclear families, and emerging trend of small families across the world, and the rapid rate of urbanization in many countries, coupled with the rapid surge in the penetration among people moving to private nursing communities on their own, as these types of community nursing centers provide better facilities as compared to what they get at their home, which are the major factors propelling the global market growth. In addition, the continuous improvements in healthcare and the introduction of highly innovative services and solutions by major players, along with the increasing prevalence of healthy lifestyles that increase the life expectancy of patients, are also expected to boost the demand and growth of the market.
To Understand More About this Research: Request a Free Sample Report
For instance, in September 2022, Athulya Senior Care introduced its new assisted living facility in Bengaluru. The new 150 bedded premium facility is deemed to be a first-of-its-kind tech-enabled facility that will be known for providing an assisted living facility for its senior citizens.
Moreover, increasing government support and various advantageous reimbursement policies and rising implementation of both government and private institutions to make extremely beneficial services easily available, especially in areas with large numbers of patients, are anticipated to open several new opportunities for the market in the forecast period. The outbreak of the COVID-19 pandemic has positively impacted the growth of the private nursing services market. The rapid emergence of the deadly coronavirus has made people hesitant to go to the hospital, especially elderly patients. Many people across the globe were opting for home-based private nursing care facilities for their aged and elderly parents and even for themselves, which resulted in a higher need for these services during the pandemic.
For Specific Research Requirements, Speak With the Research Analyst
Industry Dynamics
Growth Drivers
Homecare or private nursing services have seen a manifold rise in the need and demand in recent years; people are becoming increasingly concerned regarding their health and well-being, which encourages them to spend higher on healthcare services, positively affecting the global market. Additionally, the aging population across the globe is tremendously rising; as this age group is more prone to several types of diseases and requires better care, the demand for private nursing services is growing rapidly globally. Furthermore, various large private nursing service providers have started incorporating modern technologies and advancements into their service offerings, which resulted in several improvements and innovations in these services, such as remote monitoring and on-call doctor services, and easy access to patients all health records and history in case of emergency, that is further projected to create huge growth opportunities for the market.
Report Segmentation
The market is primarily segmented based on service type, gender, and region.
|
By Service Type |
By Gender |
By Region |
|
|
|
For Specific Research Requirements: Request for Customized Report
Home health care providers segment accounted for the largest market share in 2022
The home healthcare providers segment had the largest market share in 2022. The rapid growth in the aging population across the globe, rising healthcare expenditure across both developed and developing regions, high advances in medicine and technology, and an increase in outpatient surgery are among the key factors driving the demand and growth of the segment market. As the world’s population ages, the demand and need for home healthcare services has grown drastically in recent years, resulting in higher penetration to reduce medical cost, lengths of hospital stay, and early discharge expectations are likely to influence the market growth.
The retirement communities’ segment is anticipated to grow at a significant growth rate during the forecast period, which is largely attributed to the increasing acceptance of nuclear families and continuous reduction in the number of people living at home, which led to a decline in providing the required and adequate care to older people in the home. Moreover, the extensive rise in various cardiovascular diseases incidences like diabetes, heart disease, cancer, and high blood pressure among the elderly is further stimulating the demand for healthcare experts at home and positively affecting the market.
Male segment is expected to witness highest growth during forecast period
The male segment is expected to grow at the highest rate during the anticipated period, mainly driven by a critical global shortage of nurses and a global labor deficit; more and more males are entering the field. In addition, with a rapid increase in the number of patients suffering from numerous types of diseases and requiring adequate care from someone, the need for nurses is drastically increasing; thus, to meet the rising demand and fulfill the requirements of patients, the penetration for accepting male nurses is rising, which is likely to fuel the segment market in the coming years.
The female segment held a significant market revenue share in 2022 with a considerable growth rate, mainly due to high sensitivity among female nurses compared to male nurses and their increased ability to treat patients with greater care. Despite the passage of equal opportunity across several countries has remained dominated and led by females. For instance, the male-to-female ratio of nurses in various developed countries like the US and Canada is 1:9, and this proportion reflects almost all over the world.
North America region dominated the global market in 2022
North America dominated the global market with a significant market share and is expected to maintain its dominance throughout the projected period. The regional market growth can be highly attributable to a rapid increase in the prevalence of various types of chronic diseases and continuous growth in the geriatric population along with this large number of healthcare practitioners and the prevalence of advanced healthcare facilities in the region. The tremendous rise in the medical infrastructure and innovative technologies created new potential and opportunities for market expansion. Additionally, the higher per capita income of people in highly developed countries like the United States and Canada and increased awareness regarding adopting private nursing services will further stimulate market growth.
Asia Pacific region is expected to be the fastest growing region with a significant CAGR over the study period, mainly driven by shifting patterns and diseases, rising rates of noncommunicable diseases related to dependency and need for care, and a surge in disposable income. In addition, the widening gap between the supply and demand for aged care, amid a change in the family and shift in cultural norms, is further estimated to create huge demand for private nursing services in the region over the coming years.
Competitive Insight
Some of the major players operating in the global market includes Kindred Healthcare, Brookdale Senior Living, CBI Health Group, Apollo Hospitals, Helping Hands Home Care, Genesis Healthcare, Trinity Health, Grand World Elder Care, LHC Group, Addus Homecare, Columbia Asia, Kaiser Permanente, Aveanna Healthcare, Alliance Homecare, & Accredited Home Care.
Recent Developments
- In March 2022, Antara, a part of the Max Group, announced its latest 10-bedded Care Home facility in New Delhi. This facility will mainly deliver dedicated pre & post-care in the Delhi-NCR region with improved and special emphasis. The Care Home services will specially cater to seniors over 55 years, requiring more immersive interventions in their daily lives due to medical issues.
- In November 2022, Orlando Health started delivering hospital-level acute care in adult patient’s homes. The company also plans to launch its home care services for a few special patients who meet various clinical criteria determined by the emergency department.
Private Nursing Services Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 478.50 million |
|
Revenue forecast in 2032 |
USD 922.79 million |
|
CAGR |
7.6% from 2023–2032 |
|
Base year |
2022 |
|
Historical data |
2019– 2021 |
|
Forecast period |
2023– 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Service Type, By Gender, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Kindred Healthcare LLC, Brookdale Senior Living, CBI Health Group Inc., Apollo Hospitals Enterprise Ltd., St. Augustine Health Ministries, Helping Hands Home Care, Genesis Healthcare, Trinity Health, Grand World Elder Care, LHC Group, Hcr Manorcare Inc., Addus Homecare, Columbia Asia, Kaiser Permanente, Aveanna Healthcare, Alliance Homecare, and Accredited Home Care. |
FAQ's
key companies in private nursing services market are Kindred Healthcare, Brookdale Senior Living, CBI Health Group, Apollo Hospitals, Helping Hands Home Care, Genesis Healthcare.
The global private nursing services market expected to grow at a CAGR of 7.6% during the forecast period.
The private nursing services market report covering key segments are service type, gender, and region.
key driving factors in private nursing services market are rising concerned regarding their health and well-being.
The global private nursing services market size is expected to reach USD 922.79 million by 2032.
