The global pediatric home healthcare market was valued at USD 37.12 billion in 2020 and is expected to grow at a CAGR of 7.9% during the forecast period. The market is driven by a growing prevalence of children with special care requirements, expanding awareness regarding residential healthcare, advancements in technology, and rising disposable income. The improvement in medical intervention procedures has resulted in an upsurge of life expectancies of newborns.
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The increasing prevalence of chronic diseases in children, like congenital heart disease, cerebral palsy, muscular dystrophy, cystic fibrosis, cancer, and epilepsy, has provided opportunities for significant players to enter the pediatric home healthcare market.
The rising number of preterm births across the globe is one of the major contributors to the growth of the global market. Every year, nearly 15 million premature babies are born globally. These babies are associated with various health conditions, including long-term intellectual and developmental disorders and problems with the brain, lungs, heart, eyes, and other organs. These people will require utmost care that needs continue medical assistance with the help of pediatric care at the house.
The emergence of COVID-19 is expected to boost global market growth during the forecast period due to the increased use of virtual communication between healthcare professionals and parents to promote pediatric care, which will reduce hospital visits during pandemic times. For instance, in December 2020, St. Mary's Home Care, based in New York, has introduced new rehabilitative care for critically ill and injured children.
Nurses, speech therapists, physical therapists, occupational therapists, nutritionists, and social workers communicate virtually with the parents of the kids to guide them in the rehabilitation of affected kids at the residence in the pandemic period. Before the start of the pandemic, consultations used to happen face-to-face at residence.
The global market is primarily driven by factors such as the rising number of preterm babies born each year and the increasing prevalence of many congenital neurological, cardiac, and respiratory disorders worldwide. The advancement of technology and increased public awareness of pediatric house care are expected to drive the pediatric home healthcare market growth during the forecast period.
There is a rise in the number of congenital diseases across the globe. At the time of birth, many babies develop serious chronic health complications that include cystic fibrosis, muscular dystrophy, cerebral palsy, congenital heart diseases, intellectual disability, epilepsy, and cancer. Globally, cerebral palsy affects three children in every 1000 birth. In the U.S. alone, 764,000 people are affected due to cerebral palsy.
According to the U.S. National Institute of Health reports, 8,000 to 12,000 children every year, children are born in the country with cerebral palsy. Congenital heart disease is the most common congenital disorder identified in 0.8% to 1.2% of live births globally, and in the U.S. alone, the incidence rate is around 1%. All these factors augment the growth of the global market for pediatric house healthcare.
Many new developments are taking place in the global market. For instance, in 2020, Expressable, a company, announced the service that offers patients speech-language difficulties through telehealth services.
The firm has recently raised USD 4.5 million in funding to support this cause. RSVP Home Care and Pulmonary Partners entered a partnership with Pediatric Home Service in February 2020 to facilitate specialized in-house, respiratory care, enteral nutrition, and patient equipment.
The market is primarily segmented on the basis of service, indication, and region.
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In 2020, the rehabilitation therapy services segment dominated the market and generated the most revenue, owing to the greater risk of preterm newborns suffering from muscular and neurological deficiencies. Moreover, numerous rehabilitation service providers for the pediatric population, such as occupational therapy, speech therapy, and physical therapy, are responsible for a large portion of the market for pediatric house healthcare.
The skilled nursing services segment is anticipated to grow at a high growth rate during the forecast timeframe. These services are required for children with complicated medical disorders like cerebral palsy, cystic fibrosis, asthma, and epilepsy. These services have considerably lowered children's inpatient costs, and as a result, market demand for services is constantly increasing.
In 2020 North America dominated the market for pediatric house healthcare and is expected to maintain the same during the forecast period owing to the surging awareness regarding house-based pediatric medical services, increased spending on pediatric healthcare among people, and adoption of modern healthcare technology.
On average, every family in the U.S. spends around USD 3,200 every year, and at least 40 million people have a communication disorder. In addition, the rising number of complex illnesses in infants and the increased availability of numerous providers in the United States have resulted in a significant reduction in long-term morbidity from multiple chronic diseases following premature birth. As a result, many organizations are undertaking initiatives to improve pediatric care.
Asia Pacific market is projected to be the fastest-growing region for the global market during the forecast period owing to increasing awareness, the introduction of new market participants, improving the economic stability of people in emerging economies, and a significant increase in the survival rate of neonates and premature infants due to the increased adoption of innovative medical technologies. These premature newborns are more likely to have neurological and physical abnormalities, necessitating house pediatric care.
Major players in the market for pediatric house healthcare are investing heavily to develop new technologies to treat developmental and intellectual disorders in children. Companies are devising key strategies such as collaborations, partnerships, raising funds, and acquisitions to increase their penetration in the market.
Angels of Care Pediatric Home Health, At Home Healthcare, Aveanna Healthcare, LLC, Bayada Home Health Care, BrightStar Care, Djk Home Healthcare, LLC, eKidzCare, EnViva Paediatric Care, Interim HealthCare Inc., MGA Homecare, New England Home Health Care, ParaMed, Pediatric Home Healthcare, LLC, Tendercare Home Health Services Inc. are some of the major players in the market.
Market size value in 2020
USD 37.12 billion
Revenue forecast in 2028
USD 67.44 billion
7.9% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Service, By Indication, By Region
North America Europe Asia Pacific Latin America; Middle East & Africa
Angels of Care Pediatric Home Health, At Home Healthcare, Aveanna Healthcare, LLC, Bayada Home Health Care, BrightStar Care, Djk Home Healthcare, LLC, eKidzCare, EnViva Paediatric Care, Interim HealthCare Inc., MGA Homecare, New England Home Health Care, ParaMed, Pediatric Home Healthcare, LLC, Tendercare Home Health Services Inc.