Pediatric Home Healthcare Market Set to Witness an Uptick during 2019 to 2026Posted by Mrudula Anil Karmarkar on April 19th, 2021 According to a recent report published by Grand View Research Inc., a rise in the population of Children with Medical Complexities (CMC) demanding in-home care is anticipated to accelerate market expansion. According to a report, “Pediatric Home Healthcare Market Size, Share, & Trends Analysis Report By Service (Skilled Nursing Services, Personal Care Assistance, Rehabilitation Therapy Services), By Region, Competitive Insights, And Segment Forecasts, 2019 – 2026”, published by Grand View Research, Inc. The global pediatric home market size is expected to reach USD 58.5 billion by 2026, registering a CAGR of 8.3%, as per a new report by Grand View Research, Inc. Life-sustaining pediatric home healthcare services provided in a comfortable environment have aided in reducing hospital stays for infants with complex neurological, cardiac, and respiratory disorders. With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor. According to a 2016 study by the National Survey of Children with Special Healthcare Needs, one in every five children in the age group of 5 to 19 require special medical attention. While the prevalence of Children who require Special Healthcare Needs (CSHCN) is on the rise, availability of pediatric home healthcare services to enhance the quality of life for these children and radically increasing. The pediatric care service is a thriving sector within the home healthcare market and offers enormous potential for new and established players to expand their services. One of the major players in the market, BAYADA Home Health Care, mentioned pediatric nursing services as its largest revenue generating specialty, accounting for about one-third of its revenue. Pediatric Home Healthcare Market Highlights
Life-sustaining pediatric home healthcare services in a comfortable environment have reduced hospital stays for infants with complex cardiac, neurological, and respiratory disorders. According to the National Survey of Children with Special Healthcare Needs, in 2016, one in every five children aged 5 to 19 requires special medical care. While the prevalence of Children with Special Healthcare Needs (CSHCN) is increasing, availability of pediatric home healthcare services improve quality of life for these children and radically reduce their medical expense. Rising prevalence of chronic conditions such as cerebral palsy, congenital heart diseases, cystic fibrosis, muscular dystrophy, epilepsy and cancer in pediatric pollution worldwide has created opportunities for key players to invest in the pediatric home healthcare market. According to 2009-10 NS-CSHCN, around 5.6 million children in the U.S. required at least 5 hours of in-home medical care. Parents spend around 1.5 billion hours a year in taking care of their children, which leads to economic burden of USD 3,200 for each family. Favorable insurance policies aid to rising demand for pediatric healthcare services. According to American Academy of Pediatrics, home healthcare services for children such as nursing care, primary care, personal care assistance, and hospice care are covered under Medicaid. Majority of pediatric expenditure is covered by Medicaid and the remaining is covered by private insurance coverage. For instance, DJK HOME HEALTHCARE LLC-a Texas-based agency-offers various programs waivered by Medicaid such as STAR Kids, STAR Health, Respite, Community Living Assistance and Support Services (CLASS), and CSHCN. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6653/ibb Some of the key players in are Aveanna Healthcare; 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.; eKidzCare; MGA Homecare; At Home Healthcare; and ParaMed. Major players are undertaking various strategic initiatives such as mergers & acquisitions, collaborations, and geographical as well as services expansion to drive the market. For instance, in March 2017, PSA Healthcare and Epic Health Services-two leading companies-collaborated to form Aveanna Healthcare LLC-one of the largest pediatric care company. Pediatric Home Healthcare Market Segmentation Grand View Research has segmented the global pediatric home healthcare market on the basis of service and region: Pediatric Home Healthcare Service Outlook (Revenue, USD Million, 2015 - 2026)
Pediatric Home Healthcare Regional Outlook (Revenue, USD Million, 2015 - 2026)
Key Players in Pediatric Home Healthcare Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author
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