What's driving the Home Healthcare Market Trends? | Key Players are Siemens, Cardinal Health, GE, Medtronic, Fisher & Paykel Healthcare

The global home healthcare market includes broad range of medical devices and services that help to treat patients at their residence. Increasing number of patients with chronic diseases, such as respiratory diseases, cardiovascular disorders, and diabetes; and growing geriatric population are some of the major factors driving the growth of the market. Due to rising healthcare cost globally, the market for home healthcare products and services is expected to grow steadily in the coming years.

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Geographically, the home healthcare market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). North America holds the largest share in the market, owing to technological advancements, increased awareness about home healthcare technologies, and increased healthcare infrastructure in the region. Globally, Europe is the second largest market, due to increasing support from government and private organizations, and technology advancements. However, APAC is the fastest growing market for home healthcare products and services in the world. Major factors contributing to the growth of the APAC market include increasing prevalence of chronic diseases, growing geriatric population, and rising investments from international players.

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Increasing geriatric population is one of the major driving factors for the home healthcare industry. According to the WHO, the number of people aged 60 years and above will be 2 billion by 2050, as compared to 900 million in 2015. The number of patients suffering from chronic diseases is directly proportional to the hospital care cost. According to Centers for Diseases Control and Prevention (CDC), the U.S. government spends $3.3 trillion annually for treating chronic conditions. Moreover, the average cost of hospital stay is $15,000 per day for chronic diseases in the U.S. Such factors have led to the demand of home healthcare products and services in the country. For instance, according to the National Centre of Caregiving, the number of individuals using home healthcare services is projected to reach around 27 million people by 2050 in the U.S.

Key market players in the home healthcare industry are introducing new product and solutions. For instance, in November 2018, Fisher & Paykel Healthcare Limited introduced its new enter nasal high-flow therapy device, “Airvo”, for home settings. It delivers warm and humid air at a set flow to liquefy debris in the upper airway, which helps patients cough that material out or swallow. It was earlier debuted for hospital settings; but later launched it for home settings as well.

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Some of key players in the global home healthcare market:
1- Siemens
2- Cardinal Health
3- GE
4- Medtronic
5- Fisher & Paykel Healthcare

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