New York, USA, May 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global private nursing services market generated a revenue of $834.2 billion in 2018, and is further expected to garner a revenue of $1,299.8 billion and rise at a CAGR of 5.7% during the forecast period 2019-2026. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Growing occurrences of chronic diseases among people across the globe is expected to drive the growth of the market. In addition, gradual shift in the social life of people and intensive care provided by professionals is further expected to accelerate the growth of the private nursing services market during the forecast period.
Restraints: Unavailability of ideal services in rural areas is expected to impede the growth of the market during the forecast period.
Opportunities: Growing prevalence of geriatric population across the globe is expected to create tremendous opportunities for the growth of the private nursing services market during the forecast period.
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Segments of the Market
The report had divided the market into various segments based on service type, application, and region.
Service Type: Retirement Communities Sub-segment to Have the Highest Growth Rate
The retirement communities’ sub-segment is expected to generate a revenue of $353.5 billion during the forecast period. Growing prevalence of nuclear families, and alteration in the social trend among people is expected to bolster the growth the private nursing services market sub-segment during the forecast period.
Application: Female Nursing Care Sub-segment to be Most Profitable
The female nursing care sub-segment is expected to generate a revenue of $773.4 billion during the forecast period. Expanding preference of female nurses over male nurses by the patients, owing to their sensitive nature which enables them to prove better care, is expected to stimulate the growth of the sub-segment during the forecast period.
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Region: North America Region to Dominate the Global Market
The North America region is expected to grow expeditiously at a CAGR of 5.4% during the forecast period. Extensive presence of hospitals in this region is expected to drive the growth of the market. In addition, remarkable surge in the geriatric population in this region is further expected to accelerate the growth of the regional private nursing services market during the forecast period.
Key Players of the Market
The major players of the private nursing services market include
- Trinity Health
- Columbia Asia
- Apollo Hospitals Enterprise Ltd.
- Kindred Healthcare
- LLC
- Genesis Healthcare
- Brookdale Senior Living
- Kaiser Permanente
- CBI Healthcare Group
- The Ensign Group Inc
- Grand World Elder Care.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in December 2021, Aveanna Healthcare Holdings, Inc., a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, acquired Accredited Home Care, a leading private duty services company based in Southern California, in order to strengthen Aveanna’s strong private duty services business. The acquisition will further optimize Aveanna’s position by enabling people to utilize a growing variety of home-based care options for patients and their families.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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Related links:
- Private duty nursing offers more patient and consistent professional services
- Rising Number of Nuclear Families to be a Driving Factor for the Growth of Private Nursing Services
