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Improved Healthcare Access In Developing Countries To Drive Market Growth: Pivotal Factor Influencing Home Health Care And Residential Nursing Care Services Market Growth in 2025
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Will the Home Health Care And Residential Nursing Care Services Industry Market Size Be by 2025?
The market size for home health care and residential nursing care services has been on a consistent growth trajectory in recent times. It is projected to expand from $1256.59 billion in 2024 to $1315.42 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.7%. The growth observed in the previous period can be credited to factors such as demographic changes, government measures in healthcare, the growing preference for at-home care, lack of adequate caregivers, and the prevalence of chronic diseases.
What's the Long-Term Growth Forecast for the Home Health Care And Residential Nursing Care Services Market Size Through 2029?
The market size for home health care and residential nursing care services is anticipated to experience consistent growth in the upcoming years, aiming to reach a value of $1569.22 billion by 2029, with a CAGR of 4.5%. The expected growth during this time can be linked to various factors including affordable alternatives, changes in the age distribution of the population, the incorporation of telehealth, value-based care models, as well as effects brought on by the COVID-19 pandemic and collaborations with payers and providers. Furthermore, key trends set to mark this forecast period are technological advancements, integration of technology, an emphasis on preventive care, workforce challenges and training, personalised and patient-centred care, and further implementation of value-based care models.
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What Are the Key Growth Drivers Fueling the Home Health Care And Residential Nursing Care Services Market Expansion?
The expectation is that developing countries will witness an improvement in the availability of healthcare services, thereby fuelling the expansion of the nursing care market in these regions. The prevalent reason for the enhancement in healthcare access in many developing nations, including India, China, and Latin American countries, is the effective execution of health strategies. Health reforms unique to certain countries established to augment healthcare access count China's Urban Resident Basic Medical Insurance and New Rural Cooperative Medical Insurance plans, Brazil's Unified Health System, and Mexico's Popular Health Insurance among them. The projected improvement in healthcare availability is likely to positively influence the growth of the home health care and residential nursing care services market.
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What Are the Key Trends Driving Home Health Care And Residential Nursing Care Services Market Growth?
Leading businesses within the home health care and residential nursing care services industry are focusing on creating novel solutions, such as at-home healthcare services, to revolutionize patient care and enhance the quality of life. These services include a plethora of medical and non-medical aid provided to individuals in the comfort of their homes, assisting them in managing their health conditions and conducting day-to-day tasks. Take, for example, Star Health and Allied Insurance, a health insurance firm based in India, which in July 2024, unveiled its home healthcare services in more than 50 cities throughout India, delivering tailored medical care right to the patient's doorstep. This initiative lets customers access treatment for a variety of infectious diseases, including fever and urinary tract infections, in collaboration with providers like Care24, Portea, CallHealth, and Athulya Homecare. The service is crafted to be completely cashless, covering all relevant costs such as professional fees and lab tests without requiring any direct payment from the patient.
How Is the Home Health Care And Residential Nursing Care Services Market Segmented?
The home health care and residential nursing care services market covered in this report is segmented -
1) By Type: Home Health Care Providers, Retirement Communities, Nursing Care Facilities, Orphanages And Group Homes
2) By Type of Expenditure: Public, Private
3) By End User Gender: Male, Female
Subsegments:
1) By Home Health Care Providers: Skilled Nursing Services, Physical Therapy Services, Occupational Therapy Services, Home Health Aide Services, Medical Social Services
2) By Retirement Communities: Independent Living Facilities, Assisted Living Facilities, Continuing Care Retirement Communities (CCRCs), Memory Care Facilities
3) By Nursing Care Facilities: Skilled Nursing Facilities (SNFs), Long-Term Care Facilities, Rehabilitation Facilities, Hospice Care Facilities
4) By Orphanages And Group Homes: Group Homes For Children, Residential Treatment Centers, Foster Care Homes, Specialized Care Facilities For Individuals With Disabilities
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Which Companies Are Leading the Charge in Home Health Care And Residential Nursing Care Services Market Innovation?
Major companies operating in the home health care and residential nursing care services market include 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
Which Regions Are Leading the Global Home Health Care And Residential Nursing Care Services Market in Revenue?
Western Europe was the largest region in the home health care and residential nursing care services market in 2024. 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.
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