Global Home Healthcare Market to Hit $300.0 billion in 2020: Growth Analysis
Zion Market Research has published a new report titled “Global Home Healthcare (Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies) Market for Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.” According to the report, global demand for home healthcare market was valued at USD 190.0 billion in 2014 and is expected to generate revenue of USD 300.0 billion by 2020, growing at a CAGR of slightly above 8% between 2015 and 2020.
Home healthcare is home care services. Although home health care may include some home care services, it is medical in nature. Home healthcare is specifically referred to home medical care. Home health care commonly involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, such as bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one’s medication routine.
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The global home healthcare market is mainly driven by increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices. With increasing health awareness among people, increase in a number of people diagnosed with chronic diseases such as diabetes cardiac disorders and respiratory diseases, the demand for home healthcare market is expected to grow in the next few years. The population of geriatric people is growing across the world. Geriatric people are more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of home healthcare market. Favorable reimbursement policies coupled with the presence of a large number of small scale and large scale healthcare service has provided a strong boost to the home healthcare market, especially in North America. However, changing reimbursement policies and limited insurance coverage is expected to limit the growth of home healthcare market to some extent in the years to come.
Diagnostics and monitoring home devices, therapeutics home healthcare devices, mobility assists devices and medical supplies are the key product segments of the home healthcare market. Diagnostic and monitoring devices are mainly used for blood pressure monitors, pregnancy test kits, heart rate monitors, temperature monitors and others. Diagnostic and monitoring devices dominated the global home healthcare market with a large share in total revenue generated in 2014. Diagnostic and monitoring devices are growing popularity owing to increasing incidences of chronic diseases across the world. Therapeutic devices segment includes insulin delivery devices, ventilators and CPAP devices, and dialysis equipment. Therapeutic devices segment is also one of the important product segments and accounted for around 10% share in total revenue generated in 2014. Therapeutic devices are also expected to exhibit significant growth rate during the forecast period.
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The home healthcare market is segmented on the basis of different services such as rehabilitation services, telehealth, and telemedicine services, infusion therapy services, respiratory therapy services, unskilled home healthcare services. The infusion therapy segment dominated home healthcare market with the largest share in total revenue generated in 2014. The infusion therapy services segment is expected to grow at a rapid CAGR during the forecast period owing to increasing demand from the geriatric or aging population.
Global home healthcare market was dominated by North America and accounted for the largest share of the total revenue generated in 2014. North America was followed by Europe and Asia-Pacific respectively. Europe was the second largest significant share market and accounted for over 24% share of the total revenue generated by global home healthcare market in 2014. Increasing healthcare investments by the European government supports the growth of home healthcare market in the region. Home healthcare market in Asia Pacific is also expected to grow at the robust CAGR during the forecast period.
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Some of the key industry participants in global home healthcare market includes 3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc.
Product Segment Analysis: Diagnostics and monitoring home devices, Therapeutics home healthcare devices, Home mobility assist devices, Medical supplies
Services Segment Analysis: Rehabilitation services, Telehealth and telemedicine services, Infusion therapy services, Respiratory therapy services, Unskilled home healthcare services
Regional Segment Analysis: North America(U.S.), Europe(UK, France, Germany), Asia-Pacific(China, Japan, India), Latin America(Brazil), Middle East and Africa
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