Nursing Care Market Size

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.