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Home Health Care And Residential Nursing Care Services Global Market Report 2022

Home Health Care And Residential Nursing Care Services Global Market Report 2022

  • February 2022
  • 350 pages
  • ID: 6229150
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the home health care and residential nursing care services market include UnitedHealth Group Incorporated, Kaiser Permanente, Encompass home health, Orpea, Genesis Healthcare, Brookdale Senior Living, Golden Living, The Ensign Group, Inc, LHC Group and Amedisys Inc.

The global home health care and residential nursing care services market is expected to grow from $1004.12 billion in 2021 to $1102.28 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1517.16 billion in 2026 at a CAGR of 8.3%.

The home health care and residential nursing care services market consists of sales of home health care and residential nursing care services and related goods by entities (organizations, sole traders and partnerships) that provide home health care and residential nursing care, including personal services, counselling services, vocational therapies, rest home services, social services, and nutritional services.

The main types of home health care and residential nursing care services are home health care providers, retirement communities, nursing care facilities, and orphanages and group homes.A nursing care facility is an in-patient rehabilitation and medical treatment institution staffed by qualified medical personnel.

The different expenditure types include public and private which are used by male and female.

Western Europe was the largest region in the home health care and residential nursing care services market in 2021.North America was the second largest region in the home health care and residential nursing care services market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Access to health care services is expected to improve in developing countries, driving the nursing care market in those geographies.Effective implementation of health plans is the core reason for the improvement in healthcare access in many developing countries such as India, China and Latin American countries.

Some country-specific health reforms which were set to improve healthcare access include 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. Improvement in healthcare access is expected to have a positive impact on the growth of the nursing care market.

The nursing care market is expected to be limited by a shortage of trained doctors, consultants, nurses and caregivers in both developed and developing countries.Developing countries face a high shortage of healthcare professionals as demand for nursing care rises.

For example, according to the World Health Organization (WHO), there will be a shortage of 18 million health workers by 2030, with the majority of these personnel coming from low- and lower-middle-income countries.Developed nations are also experiencing a similar crisis.

According to a 2019 report by the Association of American Medical Colleges, the United States could face a physician shortfall of between 37,800 and 124,000 by 2034 .This is mainly due to the lack of right skills, and lack of education and right work experience among the candidates.

Going forward, the shortage of healthcare personnel is likely to continue to act as a restraint on the nursing care market.

The nursing care industry is adopting big data technologies to monitor patients’ health and offer appropriate care.Big data is large amounts of data that can be analyzed to gain insights and drive decision-making.

Big data allows the nursing care providers to access to a significant amount of data that can be used to aid health care professionals to identify future health risks and suggest suitable remedies.Home care providers can also use this data to identify the irregularities in the treatment of patients and improve the effectiveness of the treatment.

For example, MJHS, a leading home care, palliative and hospice provider in the US has adopted eCaring, a big data technology solution, to monitor a patient’s health every hour and track individual patient behaviors and health outcomes.

The countries covered in the home health care and residential nursing care services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.

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