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Home Healthcare Market is expected to reach a US$303.6 bn by 2020
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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.
The market of global home healthcare market is categorized as device types and services. Home healthcare devices market is segmented as diagnostics and monitoring home healthcare devices, therapeutics home healthcare devices, mobility assist devices and medical supplies. The market for diagnostics and monitoring devices segment accounted for the largest share owing to rising prevalence of chronic diseases coupled with increasing healthcare awareness. However, therapeutics home healthcare devices segment is expected to grow at the highest CAGR of over 10% from 2014 to 2020. Introduction of advanced and easy to use therapeutics home healthcare devices will help this segment to record highest CAGR.
Services segment in the global home healthcare market accounted for the largest share in 2013. This dominance was majorly due to the presence of large number of home healthcare service providers and strong acquisition strategies of these healthcare service providers. For example, in October 2013, Gentiva Health Services, Inc. acquired Harden Healthcare Holdings, Inc., a healthcare service provider. The company acquired all the three business units of Harden Healthcare Holdings, Inc. namely, home health, hospice and community business. This acquisition would help the company to offer better healthcare services to their customers. Home healthcare services segment is categorized as rehabilitation, telehealth and telemedicine, respiratory therapy, infusion therapy and unskilled home healthcare services.
Global home healthcare market, by geography is segmented as North America, Europe, Asia-Pacific and Rest of the World. In 2013, North America dominated the global home healthcare market. Favorable reimbursement policies coupled with presence of large number of small scale and large scale healthcare service providers in the region stimulates the growth of home healthcare market in North America. Europe accounted for the second largest share i.e. around 25% of the total market in 2013. High prevalence of diabetes and cardiovascular diseases and increasing healthcare investments by the European government supports the growth of home healthcare market. The home healthcare market in Asia-Pacific is expected to grow at the highest CAGR of more than 7% from 2014 to 2020. The growth of this market is mainly due to the introduction of new technologies and incessant product launch by key companies in Asia-Pacific market.
Some of the prominent players in the global home healthcare market are F. Hoffmann-La Roche Ltd, Teleflex Corporation, Phillips Healthcare, Medtronic, Inc, Abbott Laboratories, Omron Healthcare, Inc., Praxair Technologies, Inc., Bayer Healthcare, ResMed, Inc., GE Healthcare, Cardinal Health, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson and others.
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