Private Nursing Services Market to Witness Significant Incremental Opportunity By 2026
According to Research Dive, the global private nursing services market is predicted to grow at a CAGR of 5.7%, and will surpass $1,299.8 billion by 2026
Private nursing services are the services provided to the client as per their requirement and convenience. Private nursing services are run by companies that provide quick access to treatments, choice of when the treatment should commence, along with providing an opportunity to select or change the professional. To avail the services, the client must pay a chargeable fee to the company or the hospital from where the professional has been selected. These services are mostly provided to clients, who have chronic health issues, by giving special attention to the geriatric people and kids and people suffering from serious damages in the outer and inner parts of the bodies.
Increasing chronic diseases and rise in the number of nuclear families are anticipated to drive the private nursing care services market. At present, people prefer to stay in a nuclear family, and this is the biggest driving factor for the growth of private nursing services. Due to lesser number of family members in the nuclear family, it turns out to be a tough task to take care of the geriatric person in the family. A patient with chronic diseases needs special attention and it becomes difficult for the family members to keep an eye on the patient every time. Thus, it is predicted that the rise in the occurrences of deadly diseases will drive the private nursing services market.
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The lack of skilled workers is one of the biggest restraints for the private nursing care services market. The market lacks trained professionals across the globe. According to the World Health Organization (WHO), it was estimated that there was a shortage of 4 million workers in the global health force, which mainly consisted of nurses and community healthcare worker. This mainly arises due to the lack of education, appropriate skill set and experienced professionals, causing a huge impact on the private nursing services market growth.
Depending on the service type, the market is further segmented into nursing care facilities, group care homes, retirement communities, and home healthcare providers. Retirement communities held the largest market share of 25.0% in 2018. The retirement communities segment was $208.6 billion in 2018 and is further projected to grow at a CAGR of 6.8% in the forecast. Increasing geriatric population and an increase in the number of nuclear families are predicted to drive the market for the service type segment in the private nursing services market.
Depending on the end use, the market is further divided into female nursing care and male nursing care. In 2018, female nursing care segment held the largest market share of 61.0%. Female nursing care is predicted to generate a revenue of $773.4 billion by 2026 with a CAGR of 5.4% in the forecast period. The market is majorly dominated by female nurses because female nurses more often than not are able to provide special care and attention to the patient. Moreover, patients prefer female nurses over male nurse. These factors are estimated to drive the end use segment in the private nursing services.
Depending on the region the market is further segmented into Asia-Pacific, North America, Europe and LAMEA. In 2018, North America held the largest market share of 38.0%. North America is predicted to grow at a CAGR of 5.4% by generating a revenue of $483.5 billion by 2026. Favorable government regulations with regards to healthcare and rise in the geriatric population are predicted to give boost to this region. Asia Pacific accounted for the highest growth across the globe in the forecast period. Asia-Pacific private nursing services market size is predicted to grow at a CAGR of 6.3% by generating a revenue of $300.2 billion by 2026. The presence of a large population having chronic diseases like blood pressure, asthma and diabetes is predicted to drive the market for the region.
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The key players in the private nursing services market are
- Grand World Elder Care
- Apollo Hospitals Enterprise Ltd.
- Columbia Asia,
- Trinity Health
- CBI Health Group Inc.
- Kaiser Permanente
- Brookdale Senior Living
- Genesis Healthcare
- Kindred Healthcare, LLC
- The Ensign Group, Inc., among others.