New York, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global private nursing services market is envisioned to generate a revenue of $848.70 million and grow at a CAGR of 7.5% throughout the analysis period from 2022 to 2031.
As per our analysts, the growing prevalence of chronic diseases among individuals is increasing the need for private nursing services which is predicted to boost the growth of the private nursing services market during the forecast period. Besides, the changing social life among people globally is expected to bolster the growth of the market throughout the analysis timeframe. Moreover, the rising demand for therapeutic equipment used in private nursing services is expected to create wide growth opportunities for the market during the forecast period. However, the shortage of skilled workers and a lack of service in rural areas may hinder the growth of the market over the analysis timeframe.
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Segments of the Private Nursing Services Market
The report has divided the market into segments based on service type, gender, and region.
Service Type: Home Healthcare Providers Sub-Segment to be Most Profitable
The home healthcare providers sub-segment is predicted to hold the highest share of the market during the forecast timeframe. The increased need for healthcare services among individuals due to the rising adoption of nuclear families is expected to fortify the growth of the market sub-segment over the estimated period.
Gender: Female Sub-Segment to be Most Productive
The female sub-segment is expected to hold the maximum share of the market during the analysis timeframe. Patients prefer female nurses over male nurses as they are more compassionate than male nurses which is expected to uplift the growth of the market sub-segment throughout the forecast period.
Region: North America to Hold the Largest Share of the Market
The North America region of the private nursing services market is expected to register the dominant share of the market during the estimated timeframe. This is mainly due to the advanced healthcare infrastructure, huge senior population, and higher levels of disposable income. Furthermore, the increasing demand for long-term care for chronic health conditions among people, and expensive in-hospital healthcare facilities in this region are the major factors expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Private Nursing Services Market
The outbreak of the Covid-19 pandemic has had a negative impact on the private nursing services market. This is mainly due to regional curfews and social isolation during the pandemic period. Moreover, travel restrictions, prolonged lockdowns, and visa cancellations have halted medical tourism during the period of crisis which has declined the growth of the market.
Key Players of the Market
The major players of the private nursing services market include
- Kaiser Permanente
- Trinity health
- CBI health group Inc.
- Brookdale senior living
- Columbia Asia
- Genesis healthcare
- Apollo Hospitals Enterprise Ltd.
- Kindred Healthcare LLC
- Grand World Elder Care
- The ensign group Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in October 2022, The Ensign Group In., the parent company of the Ensign™ group of companies offering nursing and rehabilitative care services announced its acquisition of Fountain Hills Post Acute, a 64-bed skilled nursing facility located in Arizona. With this acquisition, the companies aimed to add skilled nursing operations across the country.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Private Nursing Services Market:
- Why do Individuals Opt for Private Nursing Services?
- Global Private Nursing Services Market to Observe Widespread Growth with the Growing Incidence of Deadly Diseases
