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The home health care and residential nursing care services market is forecasted to achieve high growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 4%, as per The Business Research Company’s market report!

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The Home Health Care And Residential Nursing Care Services Market Size In 2022 And Forecast

The global home health care and residential nursing care services market is expected to grow from $1 trillion in 2021 to $1.09 trillion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The home health care and residential nursing care services market is expected to grow to $1.30 trillion in 2026 at a CAGR of 4.5%.

The home health care and residential nursing care services market consists of sales of home health care and residential nursing care services and related goods by entities (organizations, sole traders and partnerships) that provide home health care and residential nursing care, including personal services, counseling services, vocational therapies, rest home services, social services, and nutritional services.

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Improved Access To Health Care Services Is Driving The Growth Of The Home Health Care And Residential Nursing Care Services Market

Effective implementation of health plans is the core reason for the improvement in healthcare access in many developing countries such as India, China and Latin American countries. Some country-specific health reforms which were set to improve healthcare access include China’s Urban Resident Basic Medical Insurance and New Rural Cooperative Medical Insurance schemes, Brazil’s Unified Health System and Mexico’s Popular Health Insurance. Improvement in healthcare access is expected to have a positive impact on the growth of the nursing care market.

Competitive Landscape And The Regional Analysis Of The Home Health Care And Residential Nursing Care Services Market

Major players in the home health care and residential nursing care services market are UnitedHealth Group Incorporated, Kaiser Permanente, Encompass home health, Orpea, Genesis Healthcare, Brookdale Senior Living, Golden Living, The Ensign Group, Inc, LHC Group and Amedisys Inc.

Additionally, as per TBRC’s research – Western Europe was the largest region in the home health care and residential nursing care services market in 2021 holding the largest market share.

The Home Health Care And Residential Nursing Care Services Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the home health care and residential nursing care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the home health care and residential nursing care services market.

Adopting Big Data Technologies – A Key Trend In The Home Health Care And Residential Nursing Care Services Market

The nursing care industry is adopting big data technologies to monitor patients’ health and offer appropriate care. Big data is large amounts of data that can be analyzed to gain insights and drive decision-making. Big data allows the nursing care providers to access to a significant amount of data that can be used to aid health care professionals to identify future health risks and suggest suitable remedies. Home care providers can also use this data to identify the irregularities in the treatment of patients and improve the effectiveness of the treatment.

Home Health Care And Residential Nursing Care Services Market Segmentation By The Business Research Company

1) By Type: Home Health Care Providers, Retirement Communities, Nursing Care Facilities, Orphanages & Group Homes

2) By End User Gender: Male, Female

3) By Type of Expenditure: Public, Private

Subsegments Covered: Home Health Care Agencies, Visiting Nurses, In-Home Hospice Care Services, Assisted Living Facilities Without On-Site Nursing Care, Assisted Living Facilities For The Elderly Without Nursing Care, Continuing Care Retirement Communities, Rest Homes Without Nursing Care

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