Industry Analysis 2020: Rising Number of Nuclear Families to be a Driving Factor for the Growth of Private Nursing Services

Professional health care includes patients with severe disease leading to a critical stage of disability or suffering serious injury. Personal nursing facilities are healthcare programs that are provided at any pharmacy or home health provider for individuals that need ongoing and independent treatment. Private nursing is commonly referred to by individual patients as the work of nurses to provide healthcare services to individuals. Such nurses are charged according to fixed rates for those facilities. Actually, these people are hired for a specific period of sickness, so they take care of one individual at a time.

Highly individualized care is provided for the benefit of families in the case of private health facilities, as well as consumer wants and could compensate for those programs. Many institutes such as accredited home health organizations provide only part-time facilities that are not appropriate for people with severe diseases such as cancer and those suffering from serious injury. Private nursing facilities are appropriate for Medicaid recipients because they need treatment and rehabilitation assistance outside the control of any home health provider. The idea of home care is one that is rooted in basic human needs such as familiar surroundings, freedom, (Øvretveit,2003) and person-care companionship.

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Market Drivers:

Personal care facilities are a cost-effective means of providing patients in a peaceful environment with skilled professional staff. This included skilled and dedicated staff who are enthusiastic enough to provide the patients with the necessary service. Changes in social behavior such as separating joint family into nuclear families and growing female participation in work increased demand for home health care and home nursing care. The division of the conventional large family families into small family divisions reduced the number of individuals who could provide for dependent family members. The same was due to the increase in the rate of participation of women in the labor market. Both developments culminated in a lack of voluntary providers for the elderly and disabled, and increased demand for home care and skilled nursing.

Market Restraints:

The main constraints on the nursing sector include: the shortage of skilled human resources-a scarcity of trained doctors, specialists, nurses and caregivers in both developed and developing countries is projected to hinder the nursing care industry. Developing countries are experiencing a significant shortage of health care professionals as demand for nursing is growing. According to the World Health Organization (WHO), the global healthcare workforce, which included nurses and community healthcare workers, had a shortfall of about 4.3 million employees as of 2018. Developed nations are facing a similar situation, too. The US currently faces a shortage of doctors, especially primary care doctors, according to ResearchDive's study. The world has only 2.5 doctors per 1000 population according to the World Bank. This is partly due to the lack of appropriate qualifications among the applicants, and lack of education and the right work experience. The lack of health care workers is likely to continue to serve as a restraint on the nursing market in the future.

Segments

The demand for nursing care is segmented into service type, end-user class, and geography.

By Service Type

The demand for nursing care can be segmented into-
o Retirement Communities
o Group Care Homes
o Nursing Care Facilities
o Home Health Care Providers

Over the historic era, retirement communities had the highest growth rate of almost 8%. The highest increase in the historic period can be attributable to shifts in aged people's lifestyles and active career-oriented demographic behaviors that reduced the number of family members staying at home and providing care to elderly people, which ultimately had a positive influence on the appearance of retirement communities.

By end-user

The nursing industry can be segmented into -
o Male Nursing Care
o Female Nursing Care

Growth has increased by the end-user demographic in both sectors of the global nursing care industry.

By geography

The healthcare industry for private nursing is spread across countries such as U.S., Canada, Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Middle west, Africa

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Regional

North America is the biggest healthcare industry for the private nursing sector, comprising about 40% of the global market. Western Europe, Asia-Pacific and then the other continents followed. The Middle East and Asia-Pacific will continue to be the fastest-growing areas in this market. North America market stood at $317.0 billion in 2018 and is expected to rise in the forecast period at a CAGR of 5.4%. The country of North America expected to grow due to the increase in the geriatric population, as well as providing the greater number of hospitals and higher per capita income of the people in this region is expected to drive the private nursing care industry. It is projected that Asia-Pacific has the highest growth rate on earth. Asia-Pacific is expected to rise by 6.3 % at a CAGR by producing $300.2 billion in revenue by 2026.

Key participants in Private nursing services:

The major key players in the private nursing services are The Ensign Group, Inc., Kindred Healthcare, LLC, Genesis Healthcare, Brookdale Senior Living, Kaiser Permanente, CBI Health Group Inc., Trinity Health, Columbia Asia, Apollo Hospitals Enterprise Ltd., and Grand World Elder Care among others.

Key Strategies

IoT Driving Home Healthcare Market

IoT (Internet of Things) systems are introduced by many home healthcare providers to control and manage the health of chronically ill and geriatric patients. The program integrates drug dispensers, biosensors, and self-care glucose meters for remote monitoring of patients, clinical care management, and medication management related. Such technology allows home care services to monitor the safety of patients and home care professionals to control their wellbeing from remote areas without a formal doctor appointment.

Care providers Choose personalization.

The adoption of custom-care packages in the recent past has improved. The design products offer a high degree of operation versatility. The home health and skilled nursing facilities companies provide a wide range of custom-care packages. Shopping support, food or medication pickup at the home, and extensive patient supervision are the custom-care services offered by nursing care facilities. Such personalized programs increase the potential for the nursing care market.

Mr. Abhishek Paliwal
Research Dive
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