As per The Business Research Company’s Nursing Care Market By Service Type (Nursing Care Facilities, Home Health Care Providers, Retirement Communities, Group Care Homes- Global Forecast To 2022, the aging population profile of most countries contributed to the growth of the nursing care market. During the historic period, the number of people globally over the age of 65 grew from below 450 million to 601 million, an increase of 33%, according to estimates based on Population Reference Bureau data. As home health care and residential nursing care are primarily needed by elderly people, this significantly boosted the growth of the market during this period. Furthermore, the increase in the aging population increased the patient pool suffering from chronic diseases such as rheumatoid arthritis, hypertension, diabetes and cancer.
The aging population will continue to be a driver of the nursing care market during forecast period, as the number of people over 65 is expected to increase by18% according to the Population Reference Bureau. The need for home health care and residential nursing care is high for elderly people with chronic diseases. An increase in the size of aging population, which is a major risk factor for many chronic diseases, such as cardiovascular disease, cancer, arthritis, dementia, cataract, osteoporosis, diabetes, hypertension and Alzheimer’s disease, is expected to continue to drive the nursing care market going forward.
The global nursing care market reached a value of nearly $860 billion in 2018, having grown at an annual growth rate of almost 7% during the historic period. The global nursing care market is expected to grow to about $1 trillion by 2022 at an annual growth rate of more than 8.5%. A faster growth in the forecast period than in the historic period can be attributed to the increasing prevalence of chronic diseases among the elderly, increasing acceptance of home healthcare physicians and nurses, and advances in medical technologies.