Private Nursing Service Market Share Projected to Generate $848.70 Million by 2031Download Sample Reports Overview
The Global Private Nursing Service Market Size is predicted to be valued at $ 848.70 million by 2031, surging from $ 415.70 million in 2021, at a noteworthy CAGR of 7.5%.
Impact Analysis of COVID-19 on the Private Nursing Service Market
During COVID-19, there were a few general precautions that were put into place in nursing homes (NHs). These include immunizing residents and staff, putting in place visitor limits, using source control (such as masks), screening for symptoms, and testing both residents and medical staff (HCP). Since symptomatic and asymptomatic transmission can occur and symptom screening alone may not discover all instances of COVID-19, it is crucial that these broad precautions be put in place. Despite the fact that private nursing services have long been recognized as crucial players in public health crises, the COVID-19 epidemic has had a significant impact on nursing care. 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 middle of a significant workload, private nursing services have been obliged to wear personal safety equipment (PPE), despite a lack of PPE, staff, and other resources. Their mental health and well-being, occupational satisfaction, and infection rates have all worsened as a result. All these factors have negatively impacted the growth of private nursing services market share in the pandemic period.
However, high demand for nursing services for elderly patients at home during COVID-19 pandemic, as they were either not able to visit any nearby healthcare facility or was not allowed to be attended by any healthcare professional in hospitals and clinics, is increased the private nursing services market share growth in the pandemic.
Global Private Nursing Service Market Analysis
The private nursing services market revenue growth is expected to be driven by an increase in nuclear families and chronic diseases. The primary force behind the expansion of private nursing services nowadays is the preference of people to remain in nuclear families. Caregiving for elderly family member becomes challenging due to the smaller number of family members in nuclear families. Patients with chronic illnesses require specific care, and it can be challenging for family members to constantly monitor the patient. Thus, it is anticipated that the market for private nursing services will be driven by the increase in the incidence of fatal diseases.
However, one of the biggest barriers to the growth of the private nursing care services industry is a lack of competent people. Around the world, the market is lacking in skilled workers. The World Health Organization (WHO) projected that there was a 4-million-person labor shortage in the global health workforce, which was primarily made up of nurses and community healthcare workers. This is primarily caused by a dearth of professionals with the necessary education, skill set, and experience, which has a significant negative impact on the expansion of the private nursing services sector.
The primary reasons boosting the growth of the private nursing services market are the increased incidence of chronic diseases (including COPD and asthma) and the cost benefits of home care devices and services (compared to hospital visits). Some of the key drivers that are anticipated to provide the participants in the respiratory home healthcare market with considerable growth prospects include the high growth potential of emerging markets, healthcare decentralization, and the development of smaller devices. Numerous individuals with chronic respiratory illnesses choose to receive their care at home due to the escalating cost of healthcare. Since patients utilize these products to treat, identify, and keep track of a range of respiratory conditions in home care settings, it is anticipated that this trend would raise demand for goods including nebulizers, ventilators, and CPAP equipment.
Global Private Nursing Service Market, Segmentation
The global private nursing service market is segmented based on service type, gender, and region.
The service type segment is further classified into retirement communities, group care homes, nursing care facilities, and home health care providers. Among these, the home health care providers sub-segment is anticipated to have a dominant market share in 2021. Home care is any form of expert assistance that enables a person to live comfortably in their own home. In-home care services can benefit senior citizens who require assistance to live independently, people who are managing long-term health conditions, people who are recuperating from an illness, people who have special needs, and people who are disabled. Depending on the desires of the patient, trained caregivers such as nurses and therapists offer either short-term or long-term care in the patient's home.
The gender segment is further classified into female and male. Among these, the female sub-segment is anticipated to have a dominant market share in 2021.Female nurses pre-dominate the market since they are more frequently able to give the patient specialized care and attention. In addition, patients prefer female nurses over male ones. The end use segment for private nursing services is predicted to be driven by these factors.
The private nursing service market in the Asia-Pacific is projected to show the fastest growth. The Asia Pacific region's ageing population, changing family structures, and rise in per capita income are some of the major factors driving the growth of the private nursing service market. The private sector offers a substantial proportion of health care to the underprivileged in the majority of Asia-Pacific. Since the private sector is stepping in to fill a critical void, this might either be "good" or "bad" (due to cost, quality issues, and equity). Since the effects of the private sector are obviously far more complex than just positive or negative, it is unclear which at the moment. But using the private sector almost invariably results in significant out-of-pocket medical costs, which increases the chance of household poverty.
Key Players in the Global Private Nursing Service Market
Some of the leading private nursing service market players are
- The Ensign Group Inc.
- Kindred Healthcare LLC
- Genesis Healthcare
- Brookdale Senior Living
- Kaiser Permanente
- CBI Health Group Inc.
- Trinity Health
- Columbia Asia
- Apollo Hospitals Enterprise Ltd.
- Grand World Elder Care
In November 2021, Kaiser Permanente nurse unions criticize Advanced Home Healthcare from Kaiser Permanente. In a joint statement, the National Nurses United and the California Nurses Association warned that initiatives to monitor patients remotely could put them in danger and undermine the role of nurses in providing care.