Market Trends of Nursing Care Industry
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.
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.
