PUBLISHER: Allied Market Research | PRODUCT CODE: 1344492
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344492
According to a new report published by Allied Market Research, titled, "Pediatric Home Healthcare Market," The pediatric home healthcare market was valued at $37.2 billion in 2022 and is estimated to reach $71.2 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.
Pediatric home healthcare can include a wide range of services, depending on the specific needs of the child. Some common services provided by pediatric home healthcare agencies or professionals may include skilled nursing care, respiratory care, physical, occupational, and speech therapy, personal care assistance, and various others.
Major factors that drive the growth of the global pediatric home healthcare market include surge in technological advancement for providing continuous care and medical assistance at home to children with medical complexities (CMC) and increase in prevalence of chronic diseases such as cerebral palsy, congenital heart diseases, cystic fibrosis, muscular dystrophy, epilepsy, and cancer in pediatric population worldwide. For instance, according to the Centers for Disease Control and Prevention (CDC) 2021, more than 40% of school-aged children and adolescents have at least one chronic health condition, such as asthma, obesity, other physical conditions, and behavior/learning problems. The healthcare needs of children with chronic illness can be complex and continuous and includes both daily management and addressing potential emergencies.
Furthermore, cost effectiveness of pediatric home healthcare compared to hospital care as it eliminates the need for prolonged hospital stays and reduces healthcare expenditures associated with inpatient care, favorable government initiatives and policies aimed at promoting home healthcare services, and dearth of pediatric specialists in many regions, particularly in rural areas boost the growth of the pediatric home healthcare market. In addition, an increase in the life expectancy of premature babies due to improved medical interventions has created demand for in-home pediatric care services which propels the market growth.
However, lack of awareness and shortage of skilled workforce are expected to restrict the growth of the pediatric home healthcare market. On the contrary, increase in prevalence of chronic diseases in children, surge in preference for patient-centric care, and government initiatives and support are expected to create immense opportunities for the expansion of the global pediatric home healthcare market in the future.
The pediatric home healthcare market is segmented on the basis of service, application, and region. On the basis of service, the market is classified into skilled nursing services, personal care assistance, and rehabilitation therapy services. As per application, the market is classified into cancer, respiratory disease, cardiovascular disease, physical disabilities, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The major players profiled in the report are Aveanna Healthcare, LLC, BAYADA Home Healthcare, Tendercare Home Health, Angels of Care Pediatric Home Health, New England Home Care, Inc., EKIDZCARE Corporate, Children's Home Healthcare, MGA Homecare, ParaMed Home Healthcare, and Interim Healthcare. The major players in the market have adopted agreement, partnership, acquisition, and business expansion as key developmental strategies to improve the product portfolio of the pediatric home healthcare market.