The demand for nurses is rising due to healthcare advances, increased life expectancy, chronic illnesses, and an aging population. The market for healthcare professionals will likely experience higher quantities of employment and increased wages.
The demand for nurses is increasing for several reasons that align with the principles of supply and demand within the healthcare industry. Advances in healthcare have created a need for more skilled nursing personnel. Additionally, an increase in life expectancy and chronic illnesses means that there is a greater need for long-term care. The aging population, particularly the Baby Boomers, is also contributing to this increased demand for nursing services.
As the supply of nurses grows at a slower rate than the demand, this situation is expected to result in higher wages for nurses, suggesting both economic and employment growth within the nursing field.
The legislation expanding access to healthcare for millions of Americans also contributes to higher demand for nurses. With more people having access to healthcare services, the number of patients requiring care naturally rises, necessitating additional nursing staff. Economists predict that the labor market for nurses will experience both higher quantities of employment and increased wages due to the larger shift in the demand curve relative to the supply curve.