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Home Healthcare Market
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Cost effective alternative to expensive hospital stays is expected to drive the global home healthcare market
According to the National Centers for Caregiving estimates in 2015, the number of individuals using paid long-term care services in settings including home, residential care such as assisted living, or skilled nursing facilities is likely double from the 13 million in 2005, expected to 27 million people in 2050 due to the influenced growth in the population of older people in need of care. The shift of healthcare delivery from traditional clinical settings, increasing adoption of telecommunication services, affordable healthcare delivery systems, and the technological advancements are the major factors attributed to the growth of global home healthcare market. Also, the replacement of expensive hospital stays with the cost effective home healthcare is anticipated to serve as high impact rendering driver. Additionally, the factors driving the growth of global healthcare market include the rising prevalence of chronic diseases, rising aging population, the government initiatives to promote home healthcare, and increasing healthcare costs. However, limited insurance coverage, changing reimbursement policies and patient safety concerns are the factors to restrict the growth of global home healthcare market.
Infusion therapy segment contributes the largest share owing to its effective treatment for serious conditions
The global home healthcare market is segmented on the basis of products, service, software and geography.
On the basis of products, the global home healthcare market is segmented into:
Diagnostic
Blood Pressure Monitors
Blood Glucose Monitors
Heart Rate Monitors
Fetal Monitoring Devices
Ovulation and Pregnancy Test Kits
Home Hemoglobin A1c Test Kits
HIV Test Kits
Sleep Apnea Monitors
Coagulation Monitors
Pulse Oximeters
Drug and Alcohol Test Kits
Event and Holter Monitors
Cholesterol Monitoring Devices
Colon Cancer Test Kits
Electrocardiography Devices
Temperature Monitors
Hearing Aids
Therapeutic
Oxygen Delivery Systems
Automated External Defibrillators
Nebulizers
Sleep Apnea Therapeutic Devices
Wound Care Products
Dialysis Equipment
Insulin Delivery Devices
External Stimulation Devices
Mobility Assist
Wheelchairs
Canes
Crutches
Mobility Scooters
Walkers
On the basis of service, the global home healthcare market is segmented into:
Rehabilitation
Infusion Therapy
Respiratory Therapy
Pregnancy Care
Skilled Nursing
Palliative Care
On the basis of software, the global home healthcare market is segmented into:
Agency Software
Clinical Management Systems
Hospice Solutions
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Favorable reimbursement policies is expected to dominate the global home healthcare market in North America
Regional segmentation of the global home healthcare market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East and Africa. According to the Centers for Disease Control and Prevention estimates in 2014, number of patients who received and ended care globally were approximately 4.9 million in 2013, with 12,400 home healthcare agencies in the U.S. Thus, the rising number of agencies, converging trends of aging population, favorable reimbursement policies and technological advancements is expected to dominate North America in the global market. Asia Pacific is poised to be the fastest-growing region during the forecast period owing to the rising geriatric population, increasing disposable income levels, expansion of home healthcare companies, increasing need for affordable healthcare delivery systems, rising awareness about home healthcare, and the rising adoption of innovative techniques.
Key players operating the global home healthcare market include Omron Healthcare, McKesson, Philips, Johnson & Johnson, and Roche. The strategy adopted by the key players include service portfolio expansion, mergers and acquisition, collaborations, and regional expansion. For instance, the agreement of Almost Family, Inc. with Medicare-certified home health agency owned by Caldwell Medical Center to acquire the assets in 2014. Other vendors operating the market include Fresenius, Apria Healthcare, Rotech Healthcare, Abbott, and Interim Healthcare.
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