Increasing Demand For Home Health Care Services
Posted: Dec 15, 2018
Home health care refers to wide range of health care services that are provided to individuals at their residence for any illness or injury. Residential nursing care refers to provision of long- or short-term care for individuals who suffer from serious or persistent health issues or need recuperation services.
The home health care providers service industry consists of establishments that provide skilled nursing or medical care at an individual’s home under the supervision of a physician.
The residential nursing care service industry is comprised of establishments that provide inpatient nursing and recuperation services.
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The global home health care and residential nursing care services market has been growing in the past years with a CAGR of almost 4%.
North America was the largest region in the home health care and residential nursing care services market in 2017, accounting for above 41% market share.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global home health care and residential nursing care services market to grow at a higher CAGR by 2021 as compared to 2017.
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Advances in medical technology have changed patient monitoring patterns. The increasing demand for home health care services led to increase in use of new homecare monitoring devices. Need for extended patient monitoring is now increasing the uptake of wearable devices in home health and residential nursing care settings. For instance, Covidien has introduced Bio Patch Wireless Device which continuously collects a patient’s physiologic data and monitors all vital body functions. Usage of wearable devices can be more beneficial to home health and residential nursing care service provides as these devices provide précised accurate results instantly.
Companies included in the report are National Health Service, Kindred Healthcare, Genesis Healthcare, Brookdale Senior Living, and Healthsouth.
The global home health care and residential nursing care services market was valued at around $812 billion in 2017. North America was the largest region in the home health care and residential nursing care services market in 2017, accounting for above 41% market share. The USA was the largest country in the market in 2017, accounting for above 36% market share.
Home health care and residential nursing care services market is segmented into Home Care, Nursing Care Facilities, Retirement Communities, and Orphanages & Group Homes.
Home Care Providers offer services to adults, seniors, and pediatric clients who are recovering after a hospital or facility stay, or need additional support to stay at home.
Nursing Care Facilities offer long term and short-term care for individuals who need rehabilitation services or individuals who suffer from serious or persistent health issues.
Retirement Communities are a housing complex for the elderly who are generally able to care for themselves. They might require assistance from home care agencies, activities and socialization opportunities are often provided by residential communities.
Orphanages & Group Homes are residential institutions devoted to the care of orphans or parents who are unwilling to care for their kids.
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