New York, April 18, 2023 (GLOBE NEWSWIRE) -- The global Private Nursing Service Market size was valued to be worth USD 609.7 Billion in 2022. From 2023 to 2032, it is estimated to reach USD 1,179 billion growing at a CAGR of 7.0%. Private nursing services mean the provision of medical care and assistance to individuals in their homes or in another non-hospital setting. Private nursing services are provided by nurses who hold a Licensed Practical Nurse (LPN) or Registered Nurse (RN) license. From professionals, individual individuals receive these services. This market has grown in recent years because of a number of factors including increasing population, advancement in medical technology, and rising demand for more personalized care.
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Key Takeaway:
- By Gender, the female nursing care segment dominated the largest market share.
- By Application, the children segment dominated the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 40%.
Factors Affecting the Growth of the Private Nursing Service Market
There are several factors that can have an impact on the growth of the private nursing service market. Some of these factors include:
- Aging Population: There is a rising demand for private nursing services with an increasing number of aging populations. Aged people require specialized care and assistance in their daily activities, which private nursing services can provide.
- Increase in Chronic Diseases: Some Chronic diseases require continuous monitoring and care such as cancer, diabetes, and heart diseases. Private nursing services offer personalized care to such patients, which is driving the growth of the market.
- Technological Advancements: The availability of advanced medical tools and technologies has led to the private nursing service market growth. Advancement technology in telemedicine, remote monitoring, and digital healthcare have enabled private nursing services to offer better and more effective care.
- Increasing Healthcare Costs: The high cost of healthcare has made private nursing services attractive to hospital care. Private nursing services are often more cost-efficient and can offer the same level of care as hospitals.
- Government Policies: Government policies and initiatives to encourage home healthcare services and aging in place also contributed to the growth of the private nursing service market.
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Top Trends in Private Nursing Service Market
Private nursing services are in high demand due to the rising number of chronic diseases and an aging population. To enhance patient care and streamline operations, technology is being utilized alongside private nursing services - this includes mobile apps, telehealth, and electronic records. Private nursing services are increasingly focusing on personalized care plans with a holistic approach and patients and their families are even involved in decision-making regarding treatment plans.
Market Growth
The private nursing service market has been growing frequently in recent years and is expected to continue its growth trajectory in the coming years. The aging population, a rising in chronic diseases, technological advancement, increasing healthcare costs, increasing awareness, and government policies are the factors driving the private nursing market growth. The private nursing service market is expected to have an increasing demand for quality healthcare services in the comfort of one’s home.
Regional Analysis
North America dominates the private nursing Services market with the highest share of the revenue. During the forecast period of the private nursing services market an increasing number of chronic illnesses, the increasing number of geriatric populations in the region, a growing number of healthcare practitioners, and the increasing number of healthcare facilities are expected to be the key growth drivers.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 609.7 Billion |
| Market Size (2032) | USD 1,179.3 Billion |
| CAGR (from 2023 to 2032) | 7.0% |
| North America Revenue Share | 40% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Growing Average Age of Population: Worldwide, the elderly population is growing rapidly. The percentage of people over 60 in the globe is currently 13%, and this number is projected to grow sharply in the coming years. Life expectancy has increased significantly around the globe as a result of ongoing improvements in healthcare and healthy lifestyles. The private nursing or homecare services demand has multiplied during the COVID phase. Health-related concerns are more prevalent than ever. The following is the list of all the upcoming events; In order to receive superior care, many patients pick private nursing over general or group care facilities. Therefore, the growing demand for private nursing services is anticipated to drive the growth of the private nursing service market.
- Rising Occurrence of chronic diseases: In recent years has been rising in the prevalence of chronic diseases and these diseases needed long-term treatment. Chronic condition management and treatment have grown to be a global issue. These patients need both emotional and medical care. The main factor that enhances the demand for private nursing services is likely to be the possibility that professional nurses can care for patients more effectively. The alteration in social life had an important effect on the growth of the private care services industry. Joint families are broken up into nuclear families, which minimizes the size of the families and makes it more difficult to support the dependent family members.
Market Restraints
- Absence of services in rural areas: The deficiency of private nursing services in rural areas is likely to remarkably impede the growth of the market for private nursing services. Rural communities often struggle to access healthcare services, making it hard for them to get the necessary healthcare services.
- Shortage of skilled professionals and high cost of services: Lack of education is the reason for the shortage of trained professionals, and this is a major restraint of the growth of the private nursing service market.
Market Opportunities
Incorporating modern technology started by private service providers into their service offerings. As a result, everything is ready at hand, from remote monitoring to on-call doctor services. In the system, all patient information is recorded, which eventually helps in the development of a client database. Doctors and nurses have access to the patient’s data in the event emergency. Both service recipients profit and service providers profit from technological advancements in the private nursing sector. With the help of technology, market players can care for more patients, and customers may receive good and quicker services.
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Report Segmentation of the Private Nursing Services Market
Service Type Insight
Home health care providers are the dominant segment in the service types, commonly referred to as home health assistants, nurses should have completed some of the proper medical education and be skilled in their field. A Licensed Practical Nurse (LPN) or a Certified Nursing Assistant (CAN) can provide this service who needs medical assistance. Home healthcare includes varieties of services that can be provided at home, including monitoring a medical condition, wound care injections and IVs, and patient and caregiver education. The home healthcare goal is to treat a sickness or injury of a patient and assist in recovering, in order to live independently again or the very least be sufficient as possible.
Gender Insight
With the highest market share female segment dominated the global private nursing service market. Because nurses are more profound and treat patients with greater care, they dominated the private nursing care market. Female nurses are chosen by patients over male nurses for private treatment. As demand for female nursing rises, the female nursing care sub-segment is anticipated to propel the development of the private nursing services market during the forecast period.
Application Insight
Children who need important medical care receive one-on-one nursing care from private duty nurses. Children who are improving from surgery or who need specialized care for conditions like cerebral palsy or autism are included in this. It can offer crucial support to kids and their families who need specialized medical treatment or help with daily assignments. These programs give kids the opportunity to receive care in the convenience of their own homes or in combined settings, which can enhance the quality of life for kids and their families. Older persons can get medical care, assistance with daily living tasks, and other support services from private nursing services in the comfort of their own homes. This can involve dispensing medication, caring for wounds, and paying attention to vital signs.
Recent Development of the Private Nursing Services Market
In 2022, the private Nursing service market continued to develop and expand driven by several factors
- Growing Demand for Private Nursing Services: There has been a significant rising in demand for private nursing services with the aging of the baby boomer generation.
- Advancement in Technology: In the Development of the private nursing market Technology has played an important role. New technologies, such as remote monitoring and telemedicine have made it easier for nurses to deliver care to patients remotely.
- Government Initiatives: in the development of the private nursing service market in 2021 Government initiatives have also played an important role. For example, the Government of the US has increased funding for home healthcare services as part of its response to the COVID-19 pandemic.
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Market Segmentation
By Service Type
- Retirement Communities
- Group Care Homes
- Nursing Care Facilities
- Home Healthcare Provider
- Other Service Types
By Application
- Children
- Adult
- Special Groups
- Other Applications
By Gender
- Male
- Female
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The private nursing services market is a competitive landscape, with many companies vying for market share.
- The Ensign Group, Inc.
- Knight Health Holdings, LLC
- Genesis Healthcare, Inc.
- Brookdale Senior Living Inc.
- CBI Health Group Inc.
- Trinity Health
- Columbia Asia
- Apollo Hospitals Enterprise Ltd.
- Grand World Elder Care
- Kaiser Permanente
- Kindred Healthcare, LLC
- Other Key Players
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