PUBLISHER: The Business Research Company | PRODUCT CODE: 1414481
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414481
“Pediatric Home Healthcare Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pediatric home healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pediatric home healthcare? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pediatric home healthcare market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pediatric home healthcare involves providing a spectrum of medical and non-medical services directly to children within their homes. This specialized care caters to children grappling with complex medical needs, chronic illnesses, or disabilities, offering essential support and attention in the comfort of their residences.
Key services within pediatric home healthcare encompass skilled nursing services, personal care assistance, and rehabilitation therapy. Skilled nursing services entail a broad spectrum of medical care, including occupational therapy, physical therapy, and speech-language pathology, aiming to address diverse medical requirements. The utilization of diagnostic and monitoring devices, therapeutic tools, and home mobility assistive devices is common in pediatric home healthcare. These devices serve various purposes, aiding conditions such as premature births, cardiovascular ailments, intricate intravenous therapies, pediatric oncology, chronic illnesses, infectious diseases, among other applications, facilitating comprehensive care within a home setting.
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The pediatric home healthcare market size has grown strongly in recent years. It will grow from $43.22 billion in 2023 to $47.45 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth witnessed in the historical period owes much to several factors. There was a notable surge in the demand for streamlined talent acquisition processes, driven by the need for more efficient and effective recruitment strategies. The globalization of the workforce played a significant role, accompanied by an increased volume of job applications across industries. Efforts aimed at enhancing the candidate experience became a focal point, influencing recruitment practices. Compliance with regulations and adherence to evolving standards, particularly in the realm of employment, also contributed significantly to this growth trajectory. Moreover, the emphasis on diversity and inclusion initiatives within recruitment processes further shaped and influenced the growth observed in this period.
The pediatric home healthcare market size is expected to see rapid growth in the next few years. It will grow to $69.87 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. Anticipated growth in the forecast period is likely driven by several key factors. There's a heightened focus on employee retention strategies, signaling a shift towards retaining valuable talent within organizations. Remote onboarding solutions and video interviewing technologies are expected to play crucial roles in enhancing recruitment processes, particularly amidst remote work trends. The adoption of mobile recruiting is poised to expand, accommodating the evolving job market and candidate preferences. Additionally, the proliferation of the gig economy is anticipated to impact recruitment dynamics significantly, altering the nature of employment.
The pediatric home healthcare market is experiencing growth due to the rising prevalence of chronic conditions requiring continuous medical attention. Conditions such as heart disease, cancer, stroke, diabetes, and arthritis necessitate ongoing care, and pediatric home healthcare offers treatment and support for children managing these long-term health issues. By delivering licensed professional care in the comfort of their homes, these services reduce extended hospital stays. According to the NCBI Report 2022, the projected increase in individuals with at least one chronic disease from 71.522 million in 2020 to 142.66 million by 2050 signifies the driving force behind this market growth.
The pediatric home healthcare market is witnessing an upsurge due to the escalating rate of preterm births, where infants are born before completing 37 weeks of gestation. This trend necessitates specialized medical care and monitoring for preterm infants within the home environment. As reported by March of Dimes in November 2022, the U.S. experienced a notable 10.5% increase in preterm birth rates in 2021 alone, showcasing a significant rise in this demographic. Consequently, this surge in preterm births stands as a driving factor for the growth of the pediatric home healthcare market.
A prominent trend shaping the pediatric home healthcare market involves the adoption of advanced technologies by industry players to fortify their market presence. Companies within this sector are integrating new technologies to remain competitive. An illustrative case is CognitiveBotics Technologies, which launched an artificial intelligence-based eLearning platform for children with Autism Spectrum Disorder in April 2023. This groundbreaking product employs Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) to offer comprehensive special education tailored for children aged two to 18, enhancing their social, communicative, motor, and emotional skills.
Companies vying in the pediatric home healthcare landscape are prioritizing innovation, particularly in services such as respiratory therapy, to gain a competitive advantage. Respiratory therapy, focusing on breathing and cardiopulmonary disorders, constitutes a pivotal facet of these services. For instance, PHS introduced its Infusion Nursing And Pharmacy services in Wisconsin in April 2021. These services encompass Respiratory Therapy, Durable Medical Equipment, Enteral Nutrition, and Online Education, benefiting over 500 patients. PHS emphasizes patient-centered care, collaborating with on-site pharmacies to ensure integrated, safe, and tailored care for each child's unique medical requirements, fostering a sense of comfort and assurance.
In January 2022, Entrusted Pediatric Home Care, a leading U.S. provider specializing in pediatric nursing services, completed the acquisition of Advance Medical Pediatric Home Health (AMP). This strategic acquisition marks a significant milestone for Entrusted Pediatric Home Care as it extends its reach into the North Texas market. By integrating AMP into its operations, Entrusted Pediatric Home Care aims to enhance its service capabilities, ensuring improved client care across various communities within the Dallas-Fort Worth metroplex. AMP, a well-established pediatric home health agency based in the United States, now becomes an integral part of Entrusted Pediatric Home Care's expanded presence and service portfolio.
Major companies operating in the pediatric home healthcare market report are Aveanna Healthcare LLC, BAYADA Home Health Care Inc., Tendercare Home Health Services Inc., BrightStar Group Holdings Inc., Angels of Care Pediatric Home Health, New England Home Care Inc., Pediatric Home Healthcare, Enviva Pediatric Care, Interim Healthcare Inc., eKidzCare, MGA Homecare LLC, At Home Healthcare, Paramed Inc., Kindred Healthcare LLC, LHC Group Inc., National HealthCare Corporation, 3A Composites, Air Liquide S.A., B. Braun Melsungen AG, BPL Medical Technologies, Cardinal Health Inc., Sunrise Medical LLC, Maxim Healthcare Services, Team Select Home Care, Portea Medical, EKIDZCARE CORPORATE, OMRON Corporation, Amedisys Inc., Extendicare Inc., Home Instead Senior Care Inc.
North America was the largest region in the pediatric home healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global pediatric home healthcare market during the forecast period. The regions covered in the pediatric home healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pediatric home healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The pediatric home healthcare market includes revenues earned by entities by providing physical therapy, speech therapy and psychosocial support. Establishments that prepare sites for new construction and those that subdivide land for sale as building sites are included in this market. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.