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Private Nursing Services Market

Private Nursing Services Market Size, Share & Growth Analysis, By Type (Personal Care, Hospice, Home Health), By Location (Home-based, Community-based), & Region - Global Market Insights 2022 to 2032

Private Nursing Services Market Outlook (2022-2032)

The global private nursing services market has reached a valuation of US$ 772.5 billion in 2022 and is expected to climb to US$ 1,436.5 billion by 2032, expanding at a healthy CAGR of 6.4% during the forecast period of 2022 to 2032.

According to Fact.MR, a market research and competitive intelligence provider, worldwide demand for private nursing services witnessed a growth rate of 5.8% during the historical period of 2017 to 2021.

The world population is aging faster than expected. It is estimated that by 2040, 21% of the global population will be more than 60 years of age. Improved life expectancy, better healthcare, and a healthier lifestyle are some of the key factors for this growing aging population.

An increasing number of nuclear families across the world is also driving the demand for home care services. Urbanization is also playing a key role in creating a huge demand for nursing care facilities for aging parents. Apart from health issues, many aged couples or individuals are moving to private nursing communities on their own as these community nursing centers provide better facilities in comparison to what they can get at home.

The market is still being influenced by the effect of COVID. People are still hesitant to go to hospitals, especially elderly patients. Many are opting for home-based private nursing care facilities for their elderly parents or themselves. Developments in the insurance sector concerning home healthcare or private nursing are also expected to shape market progress. Growth in demand will be mostly led by insurance companies and service providers.

Overall, market trends such as remote patient care, value-based private nursing, and a large aged population will shape the future of the private nursing services market.

Report Attributes

Details

Private Nursing Services Market Size (2021A)

US$ 726 Billion

Estimated Market Value (2022E)

US$ 772.5 Billion

Forecasted Market Value (2032F)

US$ 1,436.5 Billion

Global Market Growth Rate (2022-2032)

6.4% CAGR

North America Market Share (2021)

~37%

East Asia Market Growth Rate (2022-2032)

~8.2% CAGR

United States Market Growth Rate (2022-2032)

~5.8% CAGR

Key Companies Profiled

  • Addus HomeCare
  • Apollo Hospitals Enterprise Ltd.
  • Brookdale senior living
  • CBI health group Inc.
  • Columbia Asia
  • Ensign Group, Inc. 
  • Genesis Healthcare
  • Grand world elder care
  • Hcr Manorcare Inc.
  • Kaiser Permanente
  • Kindred Healthcare, LLC
  • LHC Group
  • St. Augustine Health Ministries
  • The Ensign Group Inc.
  • Trinity Health

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What are the Main Factors Driving Demand for Private Nursing Services?

“Growing Average Age of World Population”

The world is becoming older faster than expected. Currently, 13% of the world’s population is more than 60 years and the number is expected to rise rapidly over the coming years. Continuous improvements in healthcare and healthy lifestyles have increased life expectancy significantly across the world.

Homecare or private nursing services saw a multifold increase in their demand during the COVID period. People have now become more conscious than ever before about their health. Generally, in hospitals that are private or public, there will be a lot more people in comparison to home-based healthcare or private nursing facilities. That’s why people are opting for more private nursing over general or group care facilities.

“Integration of Technology into Private Nursing Services”

The adoption of technology into service offerings by private nursing service providers has already started. From remote monitoring to on-call doctor facilities, everything is available at the tip of the finger.

All the data of patients are being recorded into a system, which is ultimately helping in creating a database of clients. In case of emergencies, doctors and nurses are well-equipped with all the prior records of the patient. Technology advancements in the private nursing industry are helping both service providers as well as service receivers. With the help of technology, market players can manage more patients, and customers, on the other hand, can receive improved and on-time services.

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What Challenges are Faced by Private Nursing Companies?

“Shortage of Skilled Staff”

As the demand for nursing services is increasing across the world, market players are facing difficulties in finding a skilled workforce. High training fees for professional nursing courses and long working hours are some of the factors that have led to a decrease in the number of skilled staff.

The training cost for professional nursing courses has skyrocketed in the past few years. In the U.S., on average, it costs around US$ 40k to study professional nursing courses, and not everyone is comfortable spending such amounts. Even if one is pursuing such a course, post-completion of the course, they are not getting the desired salary, which has led to a shortage of skilled medical staff.

Private nursing services market forecast by Fact.MR

Under type of private nursing services, 53% of the market share is accounted for by personal care services. North America accounts for more than 1/3 of the global market share.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Country-wise Insights

Why Does the U.S. Command a Large Share of the Global Market?

Given its culture and lifestyle, people in the U.S. prefer living in nuclear families.

  • As per recent estimates by the U.S. Census Bureau, around 60 million residents are above the age of 65.

The nursing services market in the U.S. is mature in comparison to other countries of the world. The U.S. private nursing market is also pretty much organized in terms of service providers. It has become common for the elderly in the country to move to healthcare communities to spend the rest of their lives.

The US private nursing services market is expected to reach a valuation of US$ 268.6 billion in 2022 and continue to grow at a healthy rate amid an increasingly aging population.

How Can India Be a Highly Lucrative Market for Private Nursing Service Providers?

Healthcare as a whole in India is gaining momentum and is expected to grow at a double-digit rate. India accounts for one of the largest shares of the population who are above the age of 60 years.

Apart from an aging population, India is also facing the heat from a high number of chronic diseases. The requirement for high-quality healthcare facilities is also aiding the growth of the Indian private nursing services market. The Indian market is expected to expand at a CAGR of 10.3% during the forecast period. Increase in spending power will also push the demand for private/home-based nursing in India in the future.

Category-wise Insights

Why is Personal Care the Most Demanded Service Type?

Most of the demand for private nursing arises pre- or post-hospitalization. People need someone who can look after them during those periods when the situation is not that critical.

Under personal care services, the staff performs different tasks such as maintaining the personal hygiene of the patient, dressing, housekeeping, and meal prep, among others. Under the service type, personal care services account for almost 53% of the market share.

In most cases of private nursing requirements, customers look for someone who can take care of the patients in the absence of family members. Continuous rise in urbanization, nuclear family, etc., will create more demand for personal care services under private nursing.

Will Demand for Community-based Private Nursing Remain High?

In comparison to home-based nursing care, community-based nursing care facilities tend to offer more sophisticated services. They are also cost-effective in comparison to home-based private nursing as they do not require traveling from the service provider’s end and all the services are provided within a confined range.

It has been observed that the patient recovery rate is also high at community-based private nursing facilities as community facilities have a lot to offer such as spiritual and cultural activities, timely counseling, etc. The reasonably low cost associated with community-based private nursing services is also one of the key factors for such high demand for private nursing services.

Competitive Landscape

Key market players of private nursing services are Addus HomeCare, Apollo Hospitals Enterprise Ltd., Brookdale senior living, CBI health group Inc., Columbia Asia, Ensign Group, Inc., Genesis Healthcare, Grand World Elder Care, Hcr Manorcare Inc., Kaiser Permanente, Kindred Healthcare, LLC, LHC Group, St. Augustine Health Ministries, The Ensign Group Inc., and Trinity Health.

The global market for private nursing services is highly competitive due to the presence of many small and large market players. The industry has witnessed some of the largest mergers and acquisitions in the recent past. Companies are trying to capture a higher market share by expanding their services to different cities/countries. Integration of technology has also helped service providers in gaining a competitive edge over their competitors.

  • In October 2022, Addus Homecare, one of the leading home healthcare providers, acquired Apple Home Healthcare. With this acquisition, Addus was able to expand its services to Illinois. In the last few years, Addus has acquired more than 5 companies for millions of dollars.
  • In October 2022, UnitedHealth completed the acquisition of Change Healthcare for more than US$ 7.5 billion.

Fact.MR has provided detailed information about the providers of private nursing services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of Private Nursing Services Industry Survey

  • By Type:

    • Personal Care
    • Hospice
    • Home Health
  • By Location:

    • Home-based
    • Community-based
  • By Region:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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The global private nursing services market is expected to reach a valuation of US$ 772.5 billion in 2022.

Personal care services account for 53% of the total market share.

East Asia’s private nursing service industry is expected to surge at 8.2% CAGR during the forecast period.

North America accounts for almost 37% share of private nursing services.

From 2017 to 2021, the revenue of private nursing service providers increased at 5.8% CAGR.

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