Global Home Healthcare Market Expected to Reach USD 303.6 Billion Globally in 2020 : Transparency Market Research
Albany, NY (PRWEB) February 13, 2015 -- The global home healthcare market was valued at USD 176.1 billion in 2013 and is estimated to reach a market worth of USD 303.6 billion in 2020 growing at a CAGR of 8.1% from 2014 to 2020.
The report on the global home healthcare market studies wide range of home medical devices and services that are used for the diagnosis and mitigation of chronic diseases. These devices and services are widely utilized by elderly population and patients diagnosed with chronic or acute diseases. Rising geriatric population coupled with increasing prevalence of chronic diseases will boost the demand of home healthcare market globally.
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New healthcare services and increasing focus of key companies to develop new devices will further drive the market growth. For instance, F. Hoffmann-La Roche Ltd. offers a complete range of ACCU-CHEK Compact Plus meter system that combines both ACCU-CHEK Compact Plus and ACCU-CHEK Compact test strips. Also in February 2014, Omron Healthcare, Inc. introduced Alvita ultimate pedometer. This device features tri-axis technology that enables accurate tracking of body movement - almost anywhere anytime. It is also integrated with auto-stride technology, which automatically calculates strides based on users’ height and weight. These types of innovation help companies to attract more number of customers and hence drive the market growth. However, high cost for healthcare services and risk for incorrect use of home devices will restrain the market growth. For instance, a patient can rarely notice a symptom of hypertension unless it is measured at a physician’s clinic.
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Diagnostics and monitoring home devices segment accounted for the largest market share in 2013 and is expected to dominate the home healthcare market by device types during the forecast period from 2014 to 2020. In addition, incorporation of advanced technologies that provides accurate and quick results will drive the market growth. For example, Zephyr Technology Corporation developed Zephyr HxM Smart heart rate monitor that features Zephyr’s patented BioHarness smart fabric heart rate technology. This device offers wireless connectivity to mobile phones that enables recording of heart rate, speed, steps and distance. Thus, all the mentioned factors collectively propel the growth of diagnostics and monitoring home devices market.
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The home healthcare services market comprises rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services and unskilled home healthcare services. Rehabilitation services segment accounted for the largest market share in 2013 owing to rising number of companies engaged in providing these services and increasing demand for rehabilitation services by the patient population. In addition, telehealth and telemedicine services segment is expected to grow at the highest CAGR from 2014 to 2020. This growth is mainly attributed to increasing trend of remote patient monitoring coupled with introduction of software connected devices and ability to provide high quality medicine would further increase the uptake of telehealth and telemedicine services segment.
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Geographically, global home healthcare market is segmented as North America, Europe, Asia-Pacific and Rest of World. North America accounted for the largest market share and is expected to dominate the market during the forecast period from 2014 to 2020. Rising acceptance of home based devices and services by geriatric population coupled with rising incidences of chronic diseases will drive the market growth of home healthcare in North America. Asia-Pacific is identified as the most lucrative market owing to growing trend of self-monitoring and increasing focus of key companies to expand their presence in these economies. Thus, owing to the mentioned factors, Asia-Pacific region is expected to grow at the highest CAGR from 2014 to 2020.
The major players of this market include Johnson & Johnson, Medtronic, Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer AG, The Linde Group and others. These players are adopting strong growth strategies such as mergers and acquisitions and increasing investments in research and development activities to enhance their market share in the global home healthcare market. For example, Johnson & Johnson acquired Animas Corporation, LifeScan, Inc. and Ortho-Clinical Diagnostics, Inc. These acquisitions help the company to expand its product portfolio in insulin delivery devices and blood pressure monitors segment. Other significant players having presence in the global market include companies such as 3M Healthcare, Cardinal Health, Omron Healthcare, Inc. ResMed, Inc., Teleflex Incorporated, Gentiva Health Services, Inc. and Praxair Technologies, Inc
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