Private Nursing Services Market: Global Industry Analysis and Forecast (2023-2029)

The Private Nursing Services Market size was valued at USD 598.19 Billion in 2022 and the total Private Nursing Services revenue is expected to grow at a CAGR of 9.2% from 2023 to 2029, reaching nearly USD 1107.65 Billion.
Private Nursing Services Market Overview:
Nurses with a Licensed Practical Nurse (LPN) or Registered Nurse (RN) license provide private nursing services. These services are provided to patients on an individual basis by professionals. The rising frequency of chronic illnesses and the rise in the number of nuclear families are expected to benefit the private nursing services market during the forecast period.

People nowadays prefer to live in nuclear households, which is the fundamental reason for the increase in demand for private nursing services. Taking care of a geriatric person inside the family is difficult owing to the smaller number of family members in a nuclear family. It may be tough for family members to maintain a continual check on a patient who has a chronic disease since they demand extra care. As a result of an increase in the occurrence of many diseases throughout the world, the private nursing services market size is expected to grow.

However, the unavailability of private nursing service providers in rural areas, as well as the scarcity of trained workers, are expected to be significant restraints on the growth of the private nursing services market. In addition, the high costs of private nursing services are also expected to be the major restraint for market growth. The extensive use of modern technologies in private nursing services is expected to provide lucrative opportunities for the growth of the private nursing services market.To know about the Research Methodology :- Request Free Sample Report
Private Nursing Services Market Dynamics:
Market Drivers:

Growing geriatric population across the world

The aging population across the world is increasing rapidly. Currently, 13% of the world's population is over the age of 60, and this figure is expected to rise rapidly in the future years. Continuous advancements in healthcare and healthy lives have considerably boosted life expectancy across the world. Homecare or private nursing services have seen a multifold increase in their demand during the COVID period. People are more concerned about their health than ever before. Private or public hospitals are expected to have many more people/ patients than home-based healthcare or private nursing facilities. As a result, many patients choose private nursing over general or group care facilities for better care. Thus, the rising demand for private nursing services is expected to increase the private nursing services market growth.

Rising prevalence of chronic diseases

There has been an increase in the prevalence of chronic diseases in recent years, and these diseases require long-term medication. Chronic condition management and treatment have become major concerns all across the world. This patient requires personal care and treatments. Professionals in nursing may provide better care to patients by paying close attention to them, and this is expected to be the primary driver of the private nursing services market growth. In addition, the shift in social life was critical to the growth of the private nursing services market. Due to the separation of joint families into nuclear families, the families are divided into smaller units, and it becomes difficult to provide care to the dependent member of the family. As a result, the demand for private nursing services is expected to increase rapidly during the forecast period.
Market Opportunities:
Technology Integration in Private Nursing Services

Private nursing service providers have already started to incorporate modern technology into their service offerings. As a result, everything is at the tip of the finger, from remote monitoring to on-call doctor services. All patient data is recorded into a system, which eventually aids in the development of a client database. In the case of an emergency, physicians and nurses have access to all of the patient's records. Technological improvements in the private nursing services industry benefit both service providers and service recipients. Market participants can handle more patients with the use of technology, while customers may obtain better and timelier services. As a result of the growing technological improvements to keep patients’ records and monitor their health remotely, the demand for private nursing services is expected to increase and drive the private nursing services market growth during the forecast period.
Market Restraints:
Unavailability of services in rural areas

Rural populations experience many challenges when it comes to healthcare services, making it difficult for them to receive the care they require. The lack of private nursing services in rural regions is expected to be a key market restriction for the private nursing services market growth. Rural populations typically confront several barriers in healthcare services, making it difficult for them to acquire the necessary care. Multiple factors, such as the prices for private nursing services, as well as the means to access and use the services, such as commute, restrict the market's growth during the forecast period.

Scarcity of skilled professionals and high cost of services

The shortage of highly trained professionals as a result of a lack of education, the necessary skills, and suitable working professionals with experience are expected to be major restraints for the growth of the private nursing services market. In addition, the lack of nursing care reimbursements and the high cost of private nursing services is also expected to be major limitations and may hamper the growth of the private nursing services market during the forecast period. The low-income population segment in developing nations cannot afford private nursing care due to the high cost of services.
Private Nursing Services Market Segment Analysis:
By Service Type, the home healthcare providers segment dominated the global private nursing services market with the highest market share in 2022. The region is further expected to maintain its dominance at the end of the forecast period. Home healthcare providers, often known as home health aides, should have some sort of formal medical education and be competent in their specialty. Home health care providers may be certified as occupational or physical therapists (OT or PT), Certified Nursing Assistants (CNAs), or Licensed Practical Nurses (LPNs) (LPN).

House/home healthcare includes a broad range of services that can be delivered at home, such as medical condition monitoring, IVs and injections, patient and caregiver education, and wound care. The purpose of home healthcare is to cure a disease or injury and support recovery so that the patient may live independently or as self-sufficiently as possible.

Home healthcare is the fastest-growing industry in the healthcare market, with 66 percent growth expected over the next 10 years. Home care is becoming very important due to the rapid growth of the aging population, growth in healthcare expenditure advances in medicine and technology, a short duration of hospital stay, and an increase in outpatient surgery. Home care services are continuous, structured, and comprehensive preventative, curative, and rehabilitative services provided to persons and their families by a multi-professional team. As the world's population ages, the need for home care services has increased in recent years. As a result, to reduce the medical cost, lengths of hospital stays and early discharge expectations are expected to be the major growth drivers driving the segment growth during the forecast period.



The Retirement Communities segment is expected to grow at a CAGR of 8.85% and is expected to hold the second-highest position in the service type segment at the end of the forecast period. The rising acceptance of nuclear families, as well as the reduction in the number of individuals living at home, which results in a decline in providing adequate care to the elderly in the home, are expected to be the primary drivers driving the segment growth.

Previously, people lived in joint families, and because there were so many family members, the elderly and retired were cared for by other family members in the house. Because of this shift in societal trends and the rise of nuclear families, family manpower has been diminished. This has resulted in an increase in the hiring of healthcare experts, which has benefited retirement communities in the service-type segment.

Based on Gender, the Female Nursing Care segment dominated the global private nursing services market with the highest market share in 2022 and is further expected to maintain its dominance by end of the forecast period. Because female nurses are more sensitive than male nurses and treat patients with greater care, they dominated the nursing care market. Female nurses are preferred by patients over male nurses for private nursing. The female nursing care sub-segment is expected to drive the growth of the private nursing services market during the forecast period as demand for female nursing increases.

Despite the passage of equal opportunity legislation in many countries, the nursing profession has remained dominated by a female. In developed countries such as Canada and the United States, the male-to-female ratio of nurses is 1:9. This proportion reflects the entire world. Male nurses outnumber female nurses in Francophone Africa. This is a noteworthy exception. Over 20% of nurses in Europe are men.

The Nursing and Midwifery Council has registered 11% of male nurses and midwives in the United Kingdom. The Times of India stated in its November 2018 issue that the number of male nurses registered in the Maharashtra Nursing Council in India climbed from 578 to 1,038 in 2017. Between 2015 and 2018, 97 men and 276 females registered for the Bachelor of Science in the nursing program. In 2016, the proportion of male nurses in the United States (7.2%), the United Kingdom (10.2%), and Canada (6%) was low.



The male nursing care segment is expected to grow at a significant rate during the forecast period. The nursing role of caring has been equated to the feminine personality characteristics, as a result, the men in nursing are seen as misplaced and therefore faced with restrictions. Despite existing stereotypes, a global critical shortage of nurses, and a global labor deficit, more males are entering the field. As a result, the segment is expected to generate a significant revenue share during the forecast period.

Men, on the other hand, are having difficulty gaining professional acceptability in their nursing roles, both by society in general and by their colleagues in particular. Many male and female patients dislike male nurses and frequently request that a female nurse be substituted. Many female nurses discriminate against their male coworkers, seeing them as homosexuals and so not accepting them as equals, resulting in the loss of a sense of camaraderie vital for a sense of fulfillment in one's profession for the males. Healthcare executives, too, have been pushed to justify rules that discriminate against male and female nurses. This is expected to restrict segment growth during the forecast period.
Private Nursing Services Market Regional Insights:
North America dominated the global private nursing services market with the highest revenue share in 2022 and is expected to be the fastest-growing region during the forecast period. The rising number of chronic diseases, a growing number of geriatric populations in the region, a growing number of healthcare practitioners, and the growing number of healthcare facilities are expected to be the major growth drivers for the North American private nursing services market during the forecast period.

The U.S. country held the largest market share of the private nursing services market in 2022 and the region is expected to maintain its dominance at the end of the forecast period. In the U.S., 3.1 million nurses are frontline healthcare practitioners and members of the largest healthcare profession. The increase in the geriatric population in the countries, as well as the rising medical infrastructure and technologies, creates new potential for the expansion of the private nursing service industry in the country. Moreover, the higher per capita income of the people is further expected to support the market development as people tend to spend more on healthcare and personal care facilities.



The Asia-Pacific region is expected to hold the second-highest position in the global private nursing services market at the end of the forecast period. The growing aging population, rising chronic diseases, the shifting patterns of disability and disease, increasing rates of noncommunicable diseases associated with dependency and need for care, and rising disposable income are expected to be the major drivers driving the Asia-Pacific regional market during the forecast period. The share of the region’s population aged 65 years and over is estimated to increase almost 2.5-fold from 2020 to 2050 to surpass 14% for women and reach 11% for men. The widening gap between supply and demand for aged care, amid changing family and labor market patterns and shifts in cultural norms around care for parents, is the further major factor driving regional growth.

Japan is expected to grow at the highest CAGR and dominate the Asia-pacific private nursing services market at the end of the forecast period. The number of home-visit nursing agencies in Japan has greatly increased over the past 20 years since the Japanese government first introduced it in 1992 to meet the increased needs of home-bound elderly. Since then, home-visit nursing has come to serve a variety of populations such as those with terminal-stage cancer, neurological diseases, psychiatric conditions, or children with chronic conditions; currently, the number of agencies has reached 14,801 (as of 2019).

Many patients despite their extensive medical care needs have been discharged and returned to their communities early. Thus agencies with nurses who can attend to their medical care needs are in great demand. As a result, private nursing services are expected to increase and drive the japan private nursing services market during the forecast period.

India is expected to hold the second-highest position in the Asia-pacific private nursing services market at the end of the forecast period. India’s healthcare industry is growing at a tremendous pace on the back of a growing population and urbanization. Both Government and the private sector have responded with significant investments in hard infrastructure, capabilities, and institutional mechanisms resulting in healthcare becoming one of the largest sectors - both in terms of revenue and employment. In India both the public and private sector health services co-exist. Unfortunately, the involvement of the public or government sector in health care is very less and about 50 percent of the inpatient and 60-70 percent of outpatient services in India are provided by the private sector.



The healthcare industry in the country is poised to reach greater heights, both in growth in volumes and in the quality of care. Nurses play a vital and major role in taking care of the medical needs of patients. Nurses are the largest segment of staff in any healthcare setting. FICCI’s Healthcare Service Committee has formed a task force on Nursing Reforms to provide inputs on the present and futuristic requirements for closing demand-supply challenges, advancing nursing skills for modern-day medicine, accreditation models, regulation, and most importantly, for restoring the due position nursing deserves in society, and the hospital hierarchy. This is expected to help the private nursing services market during the forecast period.
Private Nursing Services Market Scope: Inquiry Before Buying



Private Nursing Services Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 598.19 Billion


Forecast Period 2023 to 2029 CAGR:
9.2 %
Market Size in 2029:
USD 1107.65 Billion


 Segments Covered:
by Service Type
1. Retirement Communities
2. Group Care Homes
3. Nursing Care Facilities
4. Home Health Care Providers


by Gender
1. Male Nursing Care
2. Female Nursing Care



Private Nursing Services Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
 South America (Brazil, Argentina Rest of South America)
Private Nursing Services Market, Key Players are
1. The ensign group, Inc.
2. Kindred Healthcare, LLC
3. Genesis Healthcare
4. Brookdale senior living
5. Kaiser Permanente
6. CBI health group Inc.
7. Trinity Health
8. Columbia Asia
9. Apollo Hospitals Enterprise Ltd.,
10. Grand world elder care
11. Addus HomeCare
12. Hcr Manorcare Inc.
13. LHC Group
14. St. Augustine Health Ministries
15. Helping Hands Home Care
16. Manorcourt Care
17. Able Community Care
18. Care UK
19. 3 C Costa Blanca Care Agency
20. Memorial Sloan Kettering Cancer Center
21. ParaMed
22. Bayshore HealthCare
23. EXTENDICARE
24. Basin Home Health & Hospice, Inc.
25. Homage
26. Aveanna Healthcare
27. Tri-City Medical Center
28. Accredited Home Care
29. Alliance Homecare
30. NurseRegistry

FAQs:

1. What are the growth drivers for the Private Nursing Services market?
Ans. The rising frequency of chronic illnesses and the rise in the number of nuclear families, and the growing geriatric population across the world, are expected to be the major driver for the Private Nursing Services market.

2. What are the major restraints for the Private Nursing Services market growth?
Ans. The high costs of private nursing services, the unavailability of private nursing service providers in rural areas, as well as the scarcity of trained workers, are expected to be the major restraining factor for the Private Nursing Services market growth.

3. Which region is expected to lead the global Private Nursing Services market during the forecast period?
Ans. The North American market is expected to lead the global Private Nursing Services market during the forecast period due to the rising number of chronic diseases, a growing number of geriatric populations in the region, a growing number of healthcare practitioners, and a growing number of healthcare facilities.

4. What is the projected market size & growth rate of the Private Nursing Services Market?
Ans. The Private Nursing Services Market size was valued at USD 598.19 Billion in 2022 and the total Private Nursing Services revenue is expected to grow at a CAGR of 9.2% from 2023 to 2029, reaching nearly USD 1107.65 Billion.

5. What segments are covered in the Private Nursing Services Market report?
Ans. The segments covered in the global Private Nursing Services market report are Service Type, Gender, and Region.