Market Analysis Reports

Market Analysis - World Nursing Summit 2024

The nursing care market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.4% throughout the forecast period.

The nursing care sector faced significant challenges during the COVID-19 pandemic. The healthcare workforce experienced substantial strain, resulting in workforce shortages and heightened levels of burnout, fatigue, and trauma among healthcare workers. Data from the Kaiser Family Foundation, published in April 2022, indicated that nursing staff shortages were nearly as widespread during the pandemic, with 24% of U.S. facilities reporting deficits in nursing staff. Moreover, due to the shortage of nursing staff during the pandemic, hospital labor costs, including nursing care expenses, surged. For instance, a study published in the Journal of Vascular Surgery in January 2021 revealed that nursing costs escalated from USD 4.9 million to USD 13.6 million per month in 2021 compared to the pre-pandemic period. These expenses were assessed on a per-case and per-patient-day basis, illustrating sustained and substantial increases up to May 2021. Consequently, the nursing care market was significantly impacted by the staffing shortage and elevated nursing care costs during the pandemic. However, the market rebounded in the post-pandemic era following a decline in COVID-19 cases, and it is anticipated to resume normal growth patterns in the post-pandemic phase.

Addressing the increasing burden of chronic diseases necessitates effective monitoring and healthcare delivery by professionals. The utilization of nursing care services not only enhances patient outcomes but also contributes to the satisfaction of nurses and physicians, along with boosting patient contentment and overall community health. As an example, data from the "UK Factsheet January 2022," published by the "British Heart Foundation (BHF)," indicates that there are approximately 7.6 million people in the United Kingdom who are affected by heart and circulatory diseases.

Additionally, a June 2022 article from the National Health Institute reports that over 6.2 million Americans were estimated to be affected by Alzheimer's disease, with another million adults estimated to be grappling with Parkinson’s in 2022. Age-related macular degeneration is also a substantial contributor to degenerative disorders. Consequently, the mounting burden of chronic illnesses requiring nursing care is poised to drive growth in the studied market during the forecast period.

Furthermore, strategic initiatives undertaken by market players, including the expansion of service portfolios and collaborations or partnerships, are expected to fuel market expansion. For example, in March 2022, Hicuity Health extended its range of virtual nursing telemedicine services, leveraging its 16 years of experience in delivering telemedicine care through virtual nurses. Additionally, government initiatives aimed at promoting nursing care services are acting as catalysts for market growth. As an illustration, in June 2022, Nepal's Ministry of Health and Population unveiled plans to establish ward-level community nursing services, aiming to enhance access to maternity, newborn healthcare, and geriatric treatments at the grassroots level.

Participate in the World Nursing Summit 2024 in Singapore and seize the opportunity to network and interact with a diverse community of more than 800 nurse researchers, students, healthcare practitioners, and influential leaders dedicated to advancing evidence-based research in the field.