The global pediatric home healthcare market has achieved a significant milestone, currently valued at USD 38 billion. According to recent market analysis, this sector is on the brink of unprecedented expansion, with projections indicating a remarkable rise to USD 197 billion by 2033. This growth reflects a robust Compound Annual Growth Rate (CAGR) of 16.3% from 2023 to 2033.
Pediatric home healthcare services play a critical role in providing essential care to children with respiratory, neurological, and cardiac disorders. The National Survey of Children with Special Healthcare Needs reports that over 20% of children aged 5 to 19 require specialized medical attention. As the number of children with special healthcare needs continues to rise, the importance of these home healthcare services becomes increasingly apparent.
Advancements in medical technology have revolutionized pediatric care. The use of assistive devices such as CPAP machines, ventilators, apnea monitors, and nebulizers has transformed the landscape of pediatric healthcare. These innovations enable infants with complex medical conditions to be discharged from neonatal intensive care units and continue their care at home through specialized nursing services. The demand for skilled nursing is also growing, driven by a rise in diagnoses of complex conditions including cerebral palsy, epilepsy, asthma, and cystic fibrosis.
FMI commented on the market trends, stating, “The pediatric home healthcare market is experiencing unparalleled growth, fueled by technological advancements and the increasing prevalence of complex medical conditions among children. These services not only improve the quality of life for pediatric patients but also play a crucial role in reducing overall healthcare costs.”
The anticipated surge in the pediatric home healthcare market highlights the expanding need for these vital services. As the market continues to evolve, stakeholders across the healthcare industry are encouraged to collaborate and innovate to ensure the delivery of high-quality and accessible pediatric home healthcare.
Key Takeaways from Pediatric Home Healthcare Market:
- North America holds more than 30% of the market share. This could be credited to increasing awareness regarding pediatric home healthcare. Research states that close to 500K adolescents and infants with exclusive medical needs need several therapeutic and medical services at their homes. Also, pediatric home healthcare market cuts down on hospital expenditure.
- The Asia-Pacific is expected to witness growth at the highest rate in the pediatric home healthcare market in the near future with India and China leading from the front. This could be attributed to call for being budget-friendly regarding pediatric care.
- Europe holds the second-largest market share with the UK being the torchbearer; and the situation is expected to remain unchanged even in the forecast period.
Pediatric Home Healthcare Trends on the Rise: Uncover the Full Scope with Our In-Depth Report!
Competitive Analysis:
- Netsmart, in October 2020, entered into collaboration with Aveanna Healthcare with the objective of aligning over 200 sites in 23 states, thereby facilitating significant expansion as well as scale while ascertaining quality during treatment.
- Bayada Home Health, in November 2020, entered into a joint venture with Baptist Home health to be able to treat patients better at home where they are capable of flourishing and recuperating.
- Mary’s Home Care, in December 2020, did announce the offering of novel rehabilitation services for critically ill children.
- Expressable, in December 2020, did create telemedicine solution for those suffering from speech-language challenges.
What does the Report drive home?
- The research study is based on specialty (skilled nursing service, personal care assistance, and rehabilitation therapy services).
- With increase in the number of children needing special care, the global pediatric home healthcare market is expected to grow well in the forecast period.
Key Companies Profiled:
- Aveanna Healthcare, Inc.
- DJK Home Healthcare LLC
- BAYADA Home Health Care
- Tendercare Home Health
- BrightStar Care
- Angels of Care Pediatric Home Health
- New England Home Care, Inc.
- Pediatric Home Healthcare
- Enviva Paediatric Care
- Interim Healthcare Inc.
Segments Covered in Pediatric Home Healthcare Market Analysis:
By Specialty:
- Skilled Nursing Service
- Personal Care Assistance
- Rehabilitation Therapy Services
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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