LOS ANGELES, Jan. 07, 2020 (GLOBE NEWSWIRE) — The global pediatric home healthcare market is expected to grow at a CAGR of around 8.5% from 2019 to 2026 and reach the market value of around US$ 55.9 Bn by 2026.
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North America dominated the global pediatric home healthcare market in 2018 and is anticipated to observe its dominance during the forecast period. This can be attributed to the presence of awareness among parents, increasing number of complex conditions in infants, and availability of various providers in the U.S. Improvements in neonatal care has been result in a substantial decline in long-term morbidity from various chronic conditions following premature birth.Hence, various organizations are taking initiatives to increase pediatric care at home. However, low reimbursement is anticipated to limit the growth of the market. The Asia pacific is expected to observe the fastest growth during the forecast period. This can be attributed to rising awareness, entry of various market players, and significantly improved survival expectancy of neonatal babies and premature infants due to growing adoption of advanced medical technologies. These premature infants are at higher risk of developing neurological and physical disorders, requiring home pediatric care.
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Children need home health care services due to a chronic illness, an injury, or some medical complexity present at the birth. Hence, based on the service need, the market has been segmented into rehabilitation therapy services, personal care assistance, and skilled nursing services. In 2018, the rehabilitation therapy services segment accounted for the maximum share of the market and is expected to maintain its dominance during the forecast period. Large numbers of premature birth with muscular and neurological deficit across the world further need care at home is the key factor for the dominance of the segment. Furthermore, presence of ample number of rehabilitation service providers such as speech therapy, occupational, and physical therapies for the pediatric population is responsible for accounting major share of the market. However, the skilled nursing services segment is anticipated to observe the significant growth during the forecast period. These services are necessary for children with complex medical conditions such as cystic fibrosis, cerebral palsy, epilepsy, and asthma. Skilled nursing services have significantly reduced inpatient cost of children and hence demand of services is continuously growing.
Key players operating in the pediatric home healthcare market are DJK Home Healthcare LLC; Aveanna Healthcare; BAYADA Home Health Care; BrightStar Care; Tendercare Home Health; Angels of Care Pediatric Home Health; Pediatric Home Healthcare.; New England Home Care, Inc.; EnViva Paediatric Care; eKidzCare; MGA Homecare; Interim HealthCare, Inc.; At Home Healthcare; and ParaMed. Collaboration, mergers, partnerships, and geographical as well as service expansion are some of the key strategies being adopted by the market players to accelerate their growth in the recent years.
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Some of the key observations regarding the pediatric home healthcare industry include:
- In February 2019, Aveanna Healthcare signed an agreement to acquire home health care division of Maxim Healthcare Services to expand company’s service portfolio.
- In January 2019, Pediatric Home Service, a Pennsylvania -based company signed a partnership agreement with InTandem Capital Partners, LLC. This partnership is anticipated to expand Pediatric Home Service’s service lines in the local and international markets.
- In December 2018, Pediatric Home Service, a home care provider, has signed a partnership agreement with InTandem Capital Partners, LLC, a private equity firm focused on healthcare services, to expand its existing lines both nationally and locally.
- In July 2018, Aveanna Healthcare, one of the largest pediatric home healthcare companies in the U.S., acquired Premier Healthcare Services, LLC. This acquisition helped Aveanna to expand its presence in key regional market such as California.
- In September 2017, BAYADA Pediatrics has signed a partnership agreement with doForms, a provider of workflow automation software, to develop an electronic documentation system, BAYADA Pediatrics Care Connect. The new system will help to save time, improve efficiency, reduce errors, and enhance quality of clinical care, which could further lead to a better quality of life for pediatric patients and a decrease in hospitalizations.
- In March 2017, PSA Healthcare merged with Epic Health Services to form Aveanna Healthcare and become one of the largest pediatric home health care providers in the U.S.Aveanna Healthcare provides a unique and differentiated pediatric care platform that offers the best clinical outcomes for medically fragile children in 23 states of the U.S.
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