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Registered Nurses Market Overview
Registered Nurses Market size is estimated to reach $8.1 billion by 2027,
growing at a CAGR of 5.7% during the forecast period 2022-2027. Registered nurses
are healthcare professionals authorized by the state to offer and
coordinate patient care after acquiring specific education and passing
a comprehensive national test (NCLEX-RN). Registered nurses perform an
extensive range of direct patient care roles and can concentrate on one particular area in any medical care field presently. Acute care is
short-term health care that includes effective treatment and care but
not over a lengthy course of time. This care is usually utilized for
injuries, sicknesses, critical and crisis requirements, and restoration or
rehabilitation after surgery. Candidates must register with the Nursing and Midwifery Council to become acute care nurses. However, they must
have finished a degree in nursing earlier. Registered nurses (RN) offer direct care to
patients, while licensed practical nurses (LPN) usually support medical
practitioners or registered nurses. Licensure as a registered nurse is customarily
sought after graduation from a 4-year undergraduate nursing program and a fruitful
finish of the NCLEX-RN. Licensed practical nurses are usually may require to finish a 12-14 month
post-high school program and the NCLEX-PN. Registered nurses, physiotherapists, and occupational therapists offer home healthcare services, among others.
The surging trend of travel nursing in countries like the U.S., owing to
the flexibility, soaring pay, enthusiasm, and capability to tour the nation even
in fields like acute care, is set to drive the Registered Nurses Market. The boost
in the percentage of men in the nursing field is set to propel the growth of
the Registered Nurses Market during the forecast period 2022-2027. This
represents the Registered Nurses Industry Outlook.
Report Coverage
The report: “Registered Nurses Market Forecast
(2022-2027)” by Industry ARC covers an in-depth analysis of the following
segments of the Registered
Nurses Market.
Key Takeaways
- Europe Registered Nurses Market geographically accounted for the highest revenue share in 2021. It is poised to dominate the market over the period 2022-2027 due to countries like Norway, Denmark, and Switzerland, with the most nurses and midwives per capita (per 1000 people), including acute care in the European region.
- Registered Nurses Market growth is being driven by the superior job prospects of the nursing profession in conjunction with nursing being an emotionally fulfilling and personally beneficial career with challenging aspects like acute care. However, registered nurses may be needed to work for very long hours, with hospitals frequently employing nurses to work for 12 hours. This is one of the major factors hampering the growth of the Registered Nurses Market.
- Registered Nurses Market Detailed Analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Registered Nurses Market report.
Registered Nurses Market: Market Share (%) by Region, 2021
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Registered Nurses Market Segment Analysis – By Gender:
The Registered Nurses Market
based on gender can be further segmented into females and Male. The Female
Segment held the largest
market share in 2021. This growth is owing to the soaring concentration
of female nurses, with 88% of registered nurses being female, making them the
more typical gender in the occupation. Female nurses do work in acute care too.
The heightened sensitivity required in the nursing profession is further
propelling the growth of the Female segment.
Furthermore, the Male segment is estimated to grow with the fastest CAGR
of 6.5% during the forecast period 2022-2027, owing to the more excellent suitability
of male nurses for handling critical care roles compared to their female counterparts and the gradual and steady increase in the count of male
nurses in the decades gone by.
Registered Nurses Market Segment Analysis – By End Use:
The Registered Nurses
Market based on end-use can be further segmented into Hospitals, Ambulatory Care Settings, Nursing Homes, and Others. The Hospitals held the largest market share in 2021. This growth is owing to the high employment
of registered nurses in state, regional, and private hospitals. There are
opportunities for registered nurses in acute care also. The rich experience and
skill set of senior nurses contributing to the top of the hierarchical
structure of nurses in hospitals are further propelling the growth of this
segment.
Furthermore, the Nursing Homes segment is
estimated to grow with the fastest CAGR of 6.7% during the forecast period 2022-2027 owing to the registered
nurses holding the highest nursing position in nursing homes, attributed to
their supervision of the actions of the rest of the nursing staff, while also
providing acute care as needed.
Registered Nurses Market Segment Analysis – By Geography:
The Registered Nurses
Market based on geography can be further segmented into North America, Europe,
Asia-Pacific, South America, and the Rest of the World. Europe (Registered Nurses
Market) held the largest share, with 40% of the overall market in 2021. This region's growth is due to the soaring
count of nurses and midwives per capita (1000 people) in countries like Norway,
Denmark, Switzerland, and Iceland. The
number ranges from about 16.3 to almost 18 nurses and midwives for every 1000 people, and there are opportunities for registered nurses in acute care. The
permission granted to nurses to practice independently as professionals in the numerous EU Member States, apart from the conventional care offered to patients
under the guidance of a doctor, is further propelling the growth of the Registered
Nurses Market in the European region.
Furthermore, the Asia-Pacific region is estimated to have the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the existence of countries like Australia and New Zealand which feature positions 7 and 12 with 12.47 and 10.80 nurses and midwives per capita (per 1000 people) respectively. The high occupational prestige leading to enhanced job satisfaction, improved abilities in health promotion actions, and independence in decision-making connected to patient care are further fuelling the progress of the Registered Nurses Market in the Asia-Pacific region.
Registered Nurses Market Drivers
Surging Applications Of Acute Care Nurse Practitioners Are Projected To Drive The Growth Of Registered Nurses Market:
An acute care nurse practitioner (ACNP) is an advanced practice registered nurse (APRN) who practices exclusively in the care of acutely sick or hurt patients. They generally perform in hospitals and urgent care centers. They diagnose medical issues and order treatments and medicines to assist patients in recouping from sudden illness/injury or exacerbated chronic conditions. Presently, the U.S. is amidst a deficit of doctors. The American Association of Medical Colleges (AAMC) estimates a shortage of 40,800 to 104,900 doctors.
Furthermore, more patients are looking for health care services principally owing to an aging population and current health care legislation. As more patients use health care services, the number of doctors accessible to attend to their requirements is inadequate. Nurse practitioners are priceless members of the health care team to fill the gap between patient care requirements and the deficit of doctors. The surging applications of Acute Care Nurse Practitioners are therefore fuelling the growth of the Registered Nurses Market during the forecast period 2022-2027.
Soaring Applications Of Registered Nurses In-Home Healthcare Services Are Expected To Boost The Demand Of Registered Nurses:
As per the Occupational Outlook Handbook on Healthcare, the number of jobs for registered nurses in 2020 is 3,080,100. Home health nursing is a specialty accessible to registered nurses (RNs), licensed vocational nurses (LVNs), and nurse assistants. Home healthcare services staff are accountable for caring for patients in their homes, carrying out different tasks if patients and their families cannot care for themselves. Skills from numerous distinct specialties are essential in the field of home health as follows:
- Medical-surgical
- Mental health
- Gerontology
- Pediatrics
- Community/public health
Combining these skills and carrying out task-based services is part of home health nursing. Registered nurses can administer medicine, including intravenous infusions and wound care/ dressing alterations. The soaring applications of registered nurses' in-home healthcare services are therefore driving the growth of the Registered Nurses Market during the forecast period 2022-2027.
Registered Nurses Market Challenges
Limitations Of Being A Registered Nurse Are Hampering The Growth Of The Registered Nurses Market:
The initials "RN" stand for "Registered Nurse." As per the Bureau of Labor Statistics, more than 2.5 million people in the U.S. with licensure as registered nurses. While being an RN can be beneficial, some facets of the job can make it very hard. Nurses in numerous states are needed to take added courses within a given time frame to keep their licenses current. Alabama, for example, needs RNs to finish 24 hours of additional education every two years. California nurses are required to spend 30 hours. Classes may cost hundreds of dollars and might not be compensated by the employers of the nurses. A nurse may also be asked to take examinations every two years to be certified in particularized skills like neonatology and pediatric CPR. The job of an RN can be both mentally and physically demanding. RNs frequently challenge demanding patients. Managing these patients can be emotionally taxing. These issues are thus hampering the growth of the Registered Nurses Market.
Registered Nurses Industry Outlook:
Recruitment and retention strategies, acceptance into workplace culture, communication strategies, educational activities, and clinical training are key strategies adopted by players in the Registered Nurses Market. Key companies in this market are:
- Atrium Health
- NewYork – Presbyterian Hospital
- U.S. Department Of Veteran Affairs
- Houston Methodist
- Northside Hospital
- Memorial Hermann Health System
- Advocate Aurora Health
- AMITA Health
- SSM Health
- Ascension
Recent Developments
- In March 2022, Atrium Health Wake Forest Baptist introduced a novel virtual service to better meet the requirements of patients faster hospitalized at the health system’s hospitals in North Wilkesboro and Lexington. Greater than 200 non-acute patients – both with and without COVID-19 – have been observed through the Virtual Hospital program that commenced Dec. 24, 2021, at Wake Forest Baptist Wilkes Medical Center and in early January 2022 at Wake Forest Baptist Lexington Medical Center and Wake Forest Baptist Davie Medical Center. Once a patient has consented to a clinician for a virtual visit, a nurse brings a cart to the bedside – complete with a remote camera, microphone, speaker, and stethoscope, permitting a doctor within the Atrium Health Wake Forest Baptist system to analyze the patient and hear and pay attention to their lung, chest and bowel sounds.
- In August 2021, New York-Presbyterian, in conjunction with LiveOnNY, the nonprofit organ procurement organization (OPO) for the greater New York City area, and innovative Los Angeles-based medical software provider, Transplant Connect, collaborated to automatize mission-critical hospital and OPO workflows across the greater New York City area. Centers for Medicare and Medicaid Services (CMS) and additional regulations mandate that all hospitals in New York and the U.S. inform their assigned OPO of possible organ, tissue, and eye donors within a particularized time frame. The phone-based referral procedure needs nurses to manually relay to the OPO medical and additional information required to commence the donation procedure and can be slow.
- In April 2020, in acknowledgment of the “tremendous burden” on the front lines of treating patients with COVID-19, the parent firm of Aurora Health Care enforced unspecified “special pay” for employees in those roles. Advocate Aurora Health will make the pay accessible to employees who perform in committed COVID-19 units and emergency departments or additional units with COVID-19 patients as 50% or more of their population, CEO Jim Skogsbergh pronounced in a Wednesday message to employees. If the COVID-19 cases rise to a great level, supplementary employees in the embedded facilities will also have access to what he termed a separate “special COVID-19 pay practice.”
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