PUBLISHER: The Business Research Company | PRODUCT CODE: 1435405
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435405
Home health care and residential nursing care services offer medical assistance to patients in their homes, especially for those unable to travel to hospitals.
These services encompass home health care providers, retirement communities, nursing care facilities, and orphanages/group homes. Nursing care facilities are staffed medical institutions providing in-patient rehabilitation and treatment. Expenditure types include both public and private, utilized by both male and female recipients.
The home health care and residential nursing care services market research report is one of a series of new reports from The Business Research Company that provides home health care and residential nursing care services market statistics, including home health care and residential nursing care services industry global market size, regional shares, competitors with a home health care and residential nursing care services market share, detailed home health care and residential nursing care services market segments, market trends and opportunities, and any further data you may need to thrive in the home health care and residential nursing care services industry. This home health care and residential nursing care services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The home health care and residential nursing care services market size has grown strongly in recent years. It will grow from $1210.77 billion in 2023 to $1288.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.The growth observed in the historic period can be credited to demographic changes, government healthcare policies, a preference for in-home care, shortages in caregivers, and the increasing prevalence of chronic diseases.
The home health care and residential nursing care services market size is expected to see steady growth in the next few years. It will grow to $1516.79 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. Forecasted growth is due to cost-effective alternatives, aging population dynamics, telehealth integration, value-based care models, COVID-19 impacts, and collaborations among payers and providers. Major trends include technological innovations, preventive care focus, workforce challenges, personalized patient-centered approaches, and the expansion of value-based care models.
Access to healthcare services is anticipated to improve in developing countries, thereby driving growth in the nursing care market within those regions. The effective implementation of health plans stands out as a central reason behind the enhancement of healthcare access in several developing countries, including India, China, and various Latin American nations. Country-specific health reforms have been pivotal in this regard, such as China's Urban Resident Basic Medical Insurance and New Rural Cooperative Medical Insurance schemes, Brazil's Unified Health System, and Mexico's Popular Health Insurance. The anticipated improvement in healthcare access is poised to have a positive impact on the expansion of the nursing care market.
The growth of the home health care and residential nursing care services market is expected to be propelled by the increasing geriatric population. The geriatric population, comprising older adults typically aged 65 and above, is expanding globally. Home health care and residential nursing care services play crucial roles in providing various levels of care and assistance to support the aging population, ensuring the maintenance of quality of life, independence, and overall well-being. As reported by the World Health Organization in October 2022, it is projected that globally, 1 in 6 individuals would be 60 or older by 2030, and this number is expected to reach 2.1 billion elderly people by 2050. Consequently, the growing geriatric population emerges as a significant driver fueling the growth of the home health care and residential nursing care services market.
The growth of the home health care and residential nursing care services market is anticipated to be hampered by a shortage of trained healthcare professionals, including doctors, consultants, nurses, and caregivers, in both developed and developing countries. Developing nations, in particular, face a significant shortage of healthcare professionals as the demand for nursing care services increases. The World Health Organization (WHO) projects a shortage of 18 million health workers by 2030, with a significant proportion of this deficit concentrated in low- and lower-middle-income countries. Developed nations are also grappling with a similar crisis, primarily attributed to a lack of appropriate skills, insufficient education, and inadequate work experience among potential candidates. Looking ahead, the scarcity of healthcare personnel is expected to persist, acting as a constraint on the growth of the home health care and residential nursing care services market.
The home health care and residential nursing care services industry is embracing big data technologies to monitor patients' health and provide tailored care solutions. Big data, characterized by large amounts of data that can be analyzed to extract insights and inform decision-making, enables nursing care providers to access a significant volume of data. This data is instrumental in assisting healthcare professionals to identify potential health risks and recommend appropriate interventions. Home care providers leverage big data to pinpoint irregularities in patient treatment, thereby enhancing the overall effectiveness of care. An example of this adoption is evident in MJHS, a prominent home care, palliative, and hospice provider in the United States, which has incorporated eCaring, a big data technology solution. This solution enables the continuous monitoring of a patient's health on an hourly basis, tracking individual patient behaviors and health outcomes.
Major companies operating in the home health care and residential nursing care services market are prioritizing the development of advanced technologies, including telehealth technology, to maintain their market positions. Telehealth technology involves the use of digital and communication technologies to deliver remote healthcare services, consultations, monitoring, and support to patients. An illustration of this commitment is seen in the actions of AvaSure, a U.S.-based healthcare company, which introduced a novel virtual nursing application and care model in April 2023. This innovative model integrates telehealth technology with a team of nurses, fostering collaboration between virtual teams and on-site healthcare professionals. The aim is to enhance patient care and safety, addressing the evolving demands in the healthcare market and empowering hospitals and health systems to elevate their patient care services. This reflects a strategic focus on incorporating advanced technologies to meet the dynamic needs of the nursing care industry.
Major companies operating in the home health care and residential nursing care services market report are Assisted Living Inc.; UnitedHealth Group Incorporated; Kaiser Permanente; Kindred Healthcare; Orpea; Encompass Home Health; Option Care Health Inc. - Registered Shares; Elara Caring; Genesis Healthcare Corp.; The Ensign Group Inc.; Brookdale Senior Living; AdaptHealth Corp; LHC Group Inc; Chemed Corp.; Sunrise Senior Living; The LHC Group Company; Amedisys Inc.; BrightStar Care; Aveanna Healthcare Holdings Inc; Gentiva Health Services; Apria Inc; Enhabit Inc; Addus HomeCare Corporation; Extendicare; Signify Health Inc.; Atria Senior Living Group; Natur International Corp; Rotech Healthcare Holdings Inc; Emeritus Corporation; eWellness Healthcare Corporation; Senior Care Centers of America; Home Instead Senior Care
Western Europe was the largest region in the home health care and residential nursing care services market in 2023. North America was the second largest region in the home health care and residential nursing care services market. The regions covered in the home health care and residential nursing care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the home health care and residential nursing care services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The home health care and residential nursing care services market includes revenues earned by entities by providing home health care and residential nursing care, including personal services, counseling services, vocational therapies, rest home services, social services, and nutritional services. 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.
Home Health Care And Residential Nursing Care Services 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 home health care and residential nursing care services 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 home health care and residential nursing care services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The home health care and residential nursing care services 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.