AMERICAS ACCOUNTED FOR $336 BILLION IN HOME HEALTH CARE AND RESIDENTIAL NURSING CARE SERVICES MARKET IN 2016

The Americas was the largest region in the home health care and residential nursing care services market in 2016, accounting for $336 billion or 44.9% market share.

The global home health care and residential nursing care services market grew from $607 billion in 2012 to $749 billion in 2016 at a compound annual growth rate (CAGR) of 5.4%. It is expected to grow from $749 billion in 2016 to $954 billion in 2020 at a compound annual growth rate (CAGR) of 6.2%.

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Access to healthcare services is expected to improve in the developing countries. Effective implementation of health plans is the core reason for the improvement in healthcare access in many developing regions such as India, China and many Latin American countries. Some of the country-specific health reforms which were set to improve healthcare access are 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 health access will have a positive impact on the home health and residential nursing care services market during the forecast period.

Inadequate health provision is a major barriers for the growth of the overall healthcare industry. Lack of public health insurance coverage in many countries restricts access to healthcare for many people. According to WHO and The World Bank, 400 million people do not have access to essential health services and 6% of people in low- and middle-income countries were tipped into or pushed further into extreme poverty because of health spending. Inadequate pubic health insurance schemes in certain developing economies are a major barrier to growth in the home healthcare and residential nursing care services industry.

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The UK’s National Health Service the largest enterprise in the global home healthcare and residential nursing care services market with 2.9% share of the market. It is the publicly funded health care system created under the UK’s National Health Service Act. The organization was launched in 1948. It has more than 1.5 million employees. Each of the four countries of the UK has a publicly funded health care system –

• NHS England
• NHS Scotland
• NHS Ireland
• NHS Wales

NHS offers homecare and care services. Home care services such as personal care, housekeeping, nursing, healthcare and companionship. Care home services offer permanent care home for old people and young adults with disabilities and homes for children.

All the four healthcare systems are collectively referred to as the National Health Service, which employs more than 1.5 million people. The NHS in England employs around 1.2 million people. Of those, the clinically qualified staff include 150,273 doctors, 40,584 general practitioners, 314,966 nurses and health visitors, 18,862 ambulance staff, and 111,127 hospital and community health service (HCHS) medical and dental staff. The NHS in Scotland, Wales and Northern Ireland employs 161,415; 84,000 and 66,000 people respectively.

Funding for the NHS comes directly from taxation. For 2015-16, the overall NHS budget was around £116.4 billion. About 12.5% of the NHS budget is allocated for home healthcare and residential nursing care services market which translated to £14.5 billion in 2015.

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Posted by Oliver Guirdham on Friday March 03 2017, 11:22 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0