The global pediatric home healthcare market demand has reached a significant milestone, currently valued at US$ 38 Billion. A recent market analysis indicates that this figure is expected to skyrocket to US$ 197 Billion by the year 2033, driven by a remarkable Compound Annual Growth Rate (CAGR) of 16.3% between 2023 and 2033.
Pediatric home healthcare services play a vital role in providing life-sustaining care for children with respiratory, neurological, and cardiac disorders. According to the National Survey of Children with Special Healthcare Needs, over 20% of children aged between 5 and 19 require exclusive medical attention. As the prevalence of Children with Special Healthcare Needs (CSHCN) continues to rise, the availability of pediatric home healthcare services becomes increasingly crucial, significantly improving the quality of life for these children while drastically reducing medical expenses.
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The utilization of assistive devices and equipment such as CPAP machines, ventilators, apnea monitors, and nebulizers has revolutionized pediatric healthcare. These tools enable infants with complex diseases to be discharged from neonatal intensive care units and receive continued medical assistance through pediatric nursing care at home. Furthermore, the demand for skilled nursing services is on the rise, driven by the increasing number of children diagnosed with complex medical conditions such as cerebral palsy, epilepsy, asthma, and cystic fibrosis.
Commenting on the market trends, FMI, stated, “The pediatric home healthcare market is experiencing unprecedented growth, driven by advancements in medical technology and the rising prevalence of complex medical conditions among children. These services not only enhance the quality of life for pediatric patients but also contribute significantly to reducing healthcare costs.”
The projected surge in the pediatric home healthcare market underscores the growing importance of these services in addressing the evolving healthcare needs of children worldwide. As the market continues to expand, stakeholders across the healthcare spectrum are urged to collaborate and innovate to ensure the delivery of high-quality, accessible pediatric home healthcare services.
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.
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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)
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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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