Nursing Care Market Size
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Nursing Care Market Analysis
The nursing care market is expected to register a CAGR of 4.4% over the forecast period.
The nursing care market was significantly impacted during the COVID-19 pandemic. The COVID-19 pandemic had put extreme stress on the healthcare workforce, leading to workforce shortages as well as increased healthcare worker burnout, exhaustion, and trauma. According to Kaiser Family Foundation data published in April 2022, nursing staff shortages were nearly as prevalent during the pandemic, with 24% of facilities reporting nursing staff shortages in the United States. Furthermore, because of a nursing staff shortage during the pandemic, hospital labor costs, including nursing care, have increased. For instance, according to the study published in the Journal of Vascular Surgery in January 2021, nursing costs have risen from USD 4.9 million to USD 13.6 million per month in 2021 as compared to pre-pandemic. Nursing labor expenses are broken down on a per-case and per-patient-day basis, demonstrating sustained and severe increases through May 2021. As a result of the shortage of nursing staff and the high cost of nursing care, the market was greatly impacted during the pandemic. However, the market recovered in the post-pandemic period due to a drop in COVID-19 cases, and it is likely to grow at a normal pace during the post-pandemic period.
The rising concern for better healthcare, the rising prevalence of many diseases like diabetes and cancer, rising healthcare awareness, the long-term care system, and the geriatric population are the factors driving the nursing care market's growth.
The growing burden of various chronic diseases requires effective monitoring and care by healthcare professionals. Utilizing nursing care services improve patient outcomes, nurse & physician satisfaction, as well as patient satisfaction and improves the health of communities. For instance, the "UK Factsheet January 2022" published by the "British Heart Foundation (BHF)" shows that around 7.6 million people are living with heart and circulatory diseases in the United Kingdom. Further, according to the National Health Institute's article on neurodegenerative diseases published in June 2022, over 6.2 million people in the United States were estimated to be affected by Alzheimer's disease, and over a million adults were estimated to be affected by Parkinson's in the year 2022. Age-related macular degeneration makes a significant contribution to degenerative disorders. Thus, the growing burden of chronic diseases, which require nursing care, will boost the studied market over the forecast period.
Moreover, strategic activities by the market players, such as expansion of the service portfolio, collaboration, and partnerships, are expected to boost market growth. For instance, in March 2022, Hicuity Health expanded its virtual nursing telemedicine services. The company's extended spectrum of care services builds on its 16 years of virtual nurse experience in telemedicine care delivery. Additionally, various government initiatives to promote nursing care services are also propelling the growth of the market. For instance, in June 2022, Kathmandu's Ministry of Health and Population announced plans to develop ward-level community nursing services. The program will strive to improve people's access to maternity and newborn health care, as well as geriatric treatments, at the local level.
Thus, all aforementioned factors, such as the growing burden of chronic diseases, the introduction of nursing care services, as well as government initiatives, are expected to boost market growth. However, lack of reimbursement and high prices of medical care may restrain market growth over the forecast period.
Nursing Care Market Trends
Home Health Care Providers Segment is Expected to Hold a Significant Share Over the Forecast Period
An in-home nursing service provides personalized nursing care at home, similar to what is provided in a hospital, while being more empathetic to the patient, becoming integrated into the patient's family, and developing an emotional link with the patient and their family. Registered nurses, physiotherapists, and occupational therapists are among those who provide home care nursing services. The presence of several facilities offering home nursing care to the growing aging population worldwide is a major factor driving the nursing care segment's growth.
The growing geriatric population is expected to boost the market as older people living with chronic conditions have unmet care needs related to their physical and psychological health. For instance, in June 2022, the United Nations Population Fund (UNPF) stated that one in five Europeans is 65 years of age or older, which will be close to 30% by 2050. In addition, according to the statistics published by the UNPF, 24% of the population in Italy is estimated to be aged 65 years and older in 2023. Additionally, as per the World Social Report 2023 published in January 2023, in the years between 2021 and 2050, the number of adults 65 and older is expected to more than quadruple, going from 761 million to 1.6 billion. The number of people aged 80 or older is growing even faster.
The introduction of home nursing services is expected to boost the segment's growth over the forecast period. In June 2023, Medicover Hospitals offered home healthcare services to provide medical treatments and access to doctors and nurses to patients who were unable to travel to the hospital. Additionally, in November 2022, the Woodlands Hospital established home care services, allowing patients to seek a variety of healthcare treatments at home rather than having to go to a hospital. Nursing care, physiotherapy, and health screenings are among the services provided. The hospital's healthcare providers will supply the services.
Thus, all the aforementioned factors, such as the growing geriatric population and the launch of home care nursing services, are expected to boost market growth.
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North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America dominates the nursing care market due to the region's high healthcare expenditures, growing prevalence of diseases, and growing geriatric population.
The growing burden of chronic diseases is expected to propel the demand for nursing care over the forecast period. According to the American Cancer Society statistics published in 2023, in 2022, there were 1,918,030 new cancer cases diagnosed, and it is estimated that approximately 1,958,310 new cancer cases will be diagnosed in the United States in 2023. This is equivalent to 5,370 new cases per day. As cancer treatments are long-term and expensive at hospital facilities, the rising cancer burden in the United States is likely to necessitate nursing care, thereby boosting the market growth. Similarly, as stated in the American Heart Association 2021 Journal, it is estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease. Similarly, according to the CDC, in July 2022, 12.1 million Americans are expected to have atrial fibrillation (AFib) by the year 2030. Hence, the growing burden of chronic diseases is expected to propel the growth of the market.
Furthermore, rising disposable income in the United States is expected to propel the growth of the market. For instance, according to Trading Economic Data published in 2023, in the United States, disposable personal income grew to USD 19,742.3 billion in April 2023 from USD 18,384.3 billion in April 2022. The rising disposable income may increase spending on health, which is likely to contribute to market growth.
Further, various initiatives taken by public and private institutions to cope with the nursing shortage and increase the number of nursing professionals may drive the nursing care services market over the forecast period. For instance, in November 2022, Chamberlain University, the nation's biggest nursing school, announced the start of a home health specialty effort with funds from the American Nurses Foundation's Reimagining Nursing Initiative (RN Initiative).
Thus, all the above-mentioned factors, such as the growing burden of chronic diseases and rising disposable income in the region, are expected to boost market growth over the forecast period.
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Nursing Care Industry Overview
The nursing care market is moderately competitive, with the presence of a number of players. The market players adopt various strategies to compete in the market, such as strengthening the services portfolio and partnership with the nursing homes. Some of the key market players are Bayshore HealthCare, Brookdale Senior Living Solutions, CBI Health Group, Trinity Home Health Care, Sunrise Senior Living Inc, and others.
Nursing Care Market Leaders
Brookdale Senior Living Solutions
CBI Health Group
Trinity Home Health Care
Sunrise Senior Living Inc
*Disclaimer: Major Players sorted in no particular order
Nursing Care Market News
- October 2022: Symcor, a renowned Canadian organization that enables safe data exchanges, has reached an agreement with CarePartners, an Ontario-based service provider offering nursing care and rehabilitation, to further improve the caregiving experience for CarePartners' patients.
- October 2022: Allina Health and Flare Capital Partners announced the launch of Inbound Health, a new company that enables health systems and health plans to offer hospital-at-home and skilled nursing-at-home programs.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidences of Chronic Diseases Due to Lifestyle Changes
4.2.2 Growth in Healthcare Expenditures
4.2.3 Increasing Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Services In Rural Regions and Shortage of Skilled Professionals
4.3.2 Lack of Reimbursement and The High Prices of Medical Care
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD million)
5.1 By Service Type
5.1.1 Home Health Care Providers
5.1.2 Nursing Care Facilities
5.1.3 Orphanages and Group Homes
5.1.4 Retirement Communities
5.2 By End User
5.2.1 Female Nursing Care
5.2.2 Male Nursing Care
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayshore HealthCare
6.1.2 Brookdale Senior Living Solutions
6.1.3 CBI Health Group
6.1.4 Extendicare Inc.
6.1.5 Genesis Healthcare
6.1.6 Infinity HomeCare (Amedisys Inc)
6.1.7 Kaiser Permanente
6.1.8 Life Care Centers for America
6.1.9 Lincare Holdings Inc.
6.1.10 Sunrise Senior Living Inc
6.1.11 Ensign Group Inc
6.1.12 Trinity Home Health Care
6.1.13 CVS Caremark
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the current Nursing Care Market size?
The Nursing Care Market is projected to register a CAGR of 4.4% during the forecast period (2023-2028).
Who are the key players in Nursing Care Market?
Bayshore HealthCare, Brookdale Senior Living Solutions, CBI Health Group, Trinity Home Health Care and Sunrise Senior Living Inc are the major companies operating in the Nursing Care Market.
Which is the fastest growing region in Nursing Care Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Nursing Care Market?
In 2023, the North America accounts for the largest market share in the Nursing Care Market.
Nursing Care Industry Report
Statistics for the 2023 Nursing Care market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nursing Care analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.