Global Private Nursing Services Market to Observe Widespread Growth with the Growing Incidence of Deadly Diseases
In today’s fast-paced environment, it can be difficult for office workers to care for their sick, disabled, and dying loved ones of all ages. Private nursing services are the best choice for a person's collaborative care, which includes the promotion of health while taking into account the patient's convenience. The nursing service is a pioneer in offering individualized and expert services to enable a quicker and better recovery while considering comfort.
Private nursing services are provided by nurses who hold the titles of registered nurses (RN) or licenced practical nurses (LPN). However, experts offer these services to treat patients on an individual basis. Additionally, these services are offered to patients considering their needs, whether they are receiving care at home or in a medical facility such as a hospital or nursing home. These services are provided to patients who have serious illnesses or who require assistance in caring for elderly or young children. The global private nursing services market is expanding at a rapid pace due to the rise in the number of nuclear households and the growth in the incidence of chronic diseases.
Newest Insights in the Private Nursing Services Market
The rise in the prevalence of chronic conditions, such as COPD and asthma, as well as the economic benefits of home care equipment and services (compared to hospital visits), have boosted the demand for private nursing services. As per a report by Research Dive, the global private nursing services market is expected to surpass a revenue of $848.70 million in the 2022–2031 timeframe. The North America private nursing services market is expected to experience dominant growth in the coming years. This is because the region has a massive demand for private nursing services owing to the growing number of government initiatives aimed at lowering healthcare expenses by increasing home treatment in the region.
How are Market Players Responding to the Rising Demand for Private Nursing Services?
Market players are hugely investing in innovative research and developments to cater for the increasing need for the therapeutic equipment used in private nursing services. Some of the foremost players in the private nursing services market are The Ensign Group, Inc., LLC, Genesis Healthcare, Kindred Healthcare, Kaiser Permanente, Brookdale Senior Living, CBI Health Group, Inc., Apollo Hospitals Enterprise Ltd., Trinity Health, Columbia Asia, Grand World Elder Care, and others. These players are focused on planning and implementing strategies such as mergers and acquisitions, collaborations, novel advances, and partnerships to attain a remarkable position in the global market. For instance:
- In November 2021, Woodlands Hospital, a renowned healthcare facility in Kolkata, announced home care services that will allow individuals to access a variety of healthcare services at home. Nursing care, health check-ups, and physiotherapy are among the services provided.
- In June 2022, Marwari Hospitals, an extensive medical facility in Guwahati, launched two new programmes for the general public's benefit. The schemes are called 'Home Care Service' and 'Home Sample Collection'.
- In September 2022, Athulya Senior Care, one of the largest and most specialized suppliers of home healthcare and assisted living services in India, announced the launch of a new assisted living facility on Hosa Road, close to the electronic city, in Bengaluru.
COVID-19 Impact on the Global Private Nursing Services Market
The abrupt rise of the coronavirus pandemic in 2020 has adversely impacted the global private nursing services market. The COVID-19 pandemic put a burden on the world's healthcare system, and it is expected that wealthy countries will experience a downturn. The pandemic made a significant impact on the healthcare system, resulting in a revenue loss of 50% to 70% since March. Smaller medical facilities like hospitals, clinics, and nursing homes have been forced to close. Additionally, social isolation and local curfews have caused a delay in elective surgical procedures. Furthermore, the private nursing services sector may be hampered by visa cancellations, which have slowed medical tourism. However, after the relaxation of the pandemic, the private nursing services market is expected to grow significantly in the post-pandemic period.
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