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Global Home Healthcare Market - Technological advancements and new healthcare services would attract new customers

01-05-2017 10:04 AM CET | IT, New Media & Software

Press release from: TMR – Research Reports

Global Home Healthcare Market - Technological advancements

The risk for hypertension, end-stage kidney diseases, stroke, respiratory and other chronic diseases is rising constantly worldwide. For example, in 2012, International Union Against Tuberculosis and Lung Disease stated that asthma affects nearly 235 million people worldwide and the number is projected to increase in near future. Home healthcare business offers precision-based model for personal care of these types of chronic diseases and is witnessing high acceptance among patient population. Increasing sedentary lifestyle and aging population globally would surge the demand of home healthcare devices and services market. However, accuracy and limited geographic presence of service providers are some of the factors that restrict the growth of this market. For example, home healthcare service providers like The Linde Group and Gentiva Health Services, Inc. has limited market geographic presence in economies like Asia-Pacific, Russia and Latin America. The global home healthcare market is estimated to be USD 176,107.9 million in 2013 and is expected to reach USD 303,605.9 million by 2020, growing at a CAGR of 8.1% from 2014 to 2020.

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The rising prevalence of chronic diseases is expected to result in an increase in the uptake of household medical services and medical devices. Technological advancements are predicted to increase the adoption of household medical devices in the years to come. The changing demographic profile supports acceptance of household medical devices and services. Although the high cost of household medical devices is expected to restrict the growth of the global home healthcare market, availability of various options is predicted to propel the global home healthcare market in the years to come. Acquisitions and mergers by the leading players are also anticipated to create growth opportunities for the global home healthcare market in the years to come.

The global home healthcare market is segmented on the basis of device type, service, and geography. Based on geography, the global home healthcare market is divided into Europe, North America, Asia Pacific, and Rest of the World. The global home healthcare market is dominated by North America, followed by Europe and Asia Pacific. The U.S. FDA, in 2007, announced that it would deliver close oversight of home healthcare devices and equipment in the country and its expenditure was noted to be US$57.6 bn. The North America home healthcare market is predicted to expand at a rapid pace due to factors such as the increasing prevalence of chronic diseases and presence of a large number of home healthcare service providers.

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In 2013, Europe accounted for 25% of the total market to be in the second position in the global home healthcare market. Asia Pacific is predicted to expand at a 7.0% CAGR during the period from 2014 to 2020. The Europe home healthcare market is expected to expand due to factors such as high prevalence of cardiovascular diseases and diabetes. Based on device type, the global home healthcare market is classified into diagnostics and monitoring home devices, therapeutics home healthcare devices, home mobility assist devices, and medical supplies.

By service, the global home healthcare market is classified into rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, and unskilled home healthcare services. Although the diagnostics and monitoring devices segment accounted for the largest share in 2013, the therapeutics home healthcare sector is expected to expand at a 10.0% CAGR during the period from 2014 to 2020.

The global home healthcare market is highly competitive and fragmented. With periodic mergers and acquisitions, the leading companies are predicted to maintain their dominant positions in the years to come. Some of the leading companies in the global home healthcare market are Teleflex Corporation, Medtronic, Inc., ResMed, Inc., Invacare Corporation, Johnson & Johnson, Omron Healthcare, Inc., F. Hoffman-La Roche Ltd., Abbott Laboratories, Cardinal Health, Gentiva Health Services, Inc., and Praxair Technologies, Inc.

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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