Press release
Home healthcare device market to expand at a CAGR of Over 7% during the forecast period of 2016-2021
Home healthcare device market is one of the growing markets across the globe. Rising aging population worldwide and increasing chronic diseases have forced end-users to opt for home-based diagnostic devices. The innovation and continuous fall in average price of home healthcare devices have bolster the demand in recent years. Further, government support and penetration of healthcare insurance have allowed people to enjoy the home-based services.Due to several governmental initiatives, PPP (public private partnership) model, collaboration between big hospitals and small care clinics etc. a boost in the demand for home healthcare devices is expected to be seen in near future.
Growth Drivers and challenges
Growth in aging population worldwide and up-surged communicable diseases, steep rise in chronic diseases due to population density are projected to fuel the demand of home healthcare device across the globe. Further, advancement in healthcare technologies to create better service, increased in government spending on healthcare services, initiatives taken by international health organizations like WHO are expected to help the global home healthcare market to reach new heights in near future.
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However, factors like expensive devices, missing proper medical care and infrastructure in developing and under developed countries, limited government budget for healthcare services are expected to dampen the demand for home healthcare market in coming years. Further, a communication gap and misalignment between beneficiaries and buyers is one of the key factors impacting negatively the use of home healthcare devices at present.
Market size & forecast
Global home healthcare device market is expected to grow at a CAGR of >7% during the forecast period of 2016-2021 and expected to cross USD 330 Billion by 2021. North America at present has the largest share in home healthcare device market and expected to continue its dominance in near future due to rising number of chronic disease and introduction of Affordable Care Act 2010.
Following the same trend, Asia-pacific region is forecasted to be the second largest contributor to global home healthcare device market due to the advancement of healthcare technology in developing nations like India & China. India which has availability of skilled man power coupled with developed IT sectors & increased penetration of medical insurance etc. would further would bid to boost the home healthcare market in the region in near future. Moving on in the same direction, Indian medical technology sector has funded USD 5.5 Billion recently out of which 7-8% has been spent on the healthcare industries for the new researches & advanced healthcare facilities.
Recent News & Developments
September 6, 2016: The Indian government announced the project of setting-up a medical devices park to cut down the manufacturing cost by 30% so as to make the healthcare devices affordable worldwide and make the sector of healthcare devices competitive.
March 6, 2016: Siemens Healthcare designed a Somatom Drive, a tomography device that enables the entire imaging and tomography and diagnosis of breast cancer. This innovation in healthcare device leads the industry globally in terms of technology advancement.
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August 17 2016: The EU commission grants USD 7, 87,094 to Innokas Medical to develop the cost efficient home healthcare device for the population suffering from arterial diseases globally. This funding will further help the healthcare industry to design & manufacturing of arterial healthcare devices.
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