LONDON, April 06, 2021 (GLOBE NEWSWIRE) -- 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
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to The Business Research Company’s research report on the home health care and residential nursing care services market, there is increasing demand from people opting for community stay at retirement homes/group homes, especially in developing countries. This is expected to drive the growth of the health care and social assistance market in the forecast period. This gradual change can be attributed to changes in social patterns, familial structures and increasing globalization, which does not allow children or other family members to take care of aged or people with disabilities/chronic illnesses as they stay in different cities or countries. Therefore, people are preferring to stay in community living homes which ensures better mental health for residents. Community stay also allows a more secure stay for the aged/disabled with a professional system in place to take care of them. This increase in demand has fueled growth for companies such as Max India for their retirement home sectors in 2021. This is expected to fuel the growth of the market in the forecast period.
Western Europe was the largest region in the global home health care and residential nursing care services market, accounting for 43.1% of the total in 2020. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the home health care and residential nursing care services market will be the South America and Africa, where growth will be at CAGRs of 10.8% and 10.1% respectively during 2020-2025. These will be followed by Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 8.7% and 8.0% respectively.
The Business Research Company’s report titled Home Health Care And Residential Nursing Care Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major home health care and residential nursing care services companies, home health care and residential nursing care services market share by company, home health care and residential nursing care services manufacturers, home health care and residential nursing care services market size, and home health care and residential nursing care services market forecasts. The report also covers the global home health care and residential nursing care services market and its segments.
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The market was negatively impacted by the impact of COVID-19. Several nursing homes and retirement communities across the globe became hotspots for the spread of the pandemic owing to the vulnerable nature of its residents and a lack of PPE. According to a study by the AARP in the USA, in December 2020, around 39% of all COVID-related deaths in the country were linked to nursing homes, which is expected to negatively impact the market.
The global home health care and residential nursing care services market is now expected to recoup and grow from $957.56 billion in 2020 to $1007.32 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The home healthcare market size is expected to reach $1273.62 billion in 2025 at a CAGR of 6%.
Home Health Care And Residential Nursing Care Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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