The risk for hypertension, end-stage kidney diseases, stroke, respiratory and other chronic diseases is rising constantly worldwide. For example, in 2012, International Union Against Tuberculosis and Lung Disease stated that asthma affects nearly 235 million people worldwide and the number is projected to increase in near future. 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.
The home healthcare market involves wide range of medical devices and services that help patients to treat or diagnose a variety of chronic diseases. These devices and services play an important role in providing cost-effective health care to the patients. Home healthcare promises lucrative business opportunities due to increased acceptance of home healthcare, technological advancements and cost-effective alternatives compared to other modalities (i.e. hospital visits). Factors such as aging population and increasing number of people diagnosed with chronic diseases such as diabetes, cardiac disorders and respiratory diseases drive the growth of the home healthcare market globally. According to the World Health Organization (WHO), the number of people aged 65 years and above is expected to increase from 605 million to 2 billion by 2050. In addition, home healthcare services are still at a nascent stage in developing regions such as India and Latin America and witnessing high growth rate during the forecast period. These factors would fuel the demand for home healthcare during the study period, and hence boost market growth. However, high cost coupled with reimbursement issues related to home healthcare services and devices would restrain market growth.
This report encompasses a detailed study of various home medical devices and home healthcare services. Home healthcare devices have been majorly segmented into diagnostic and monitoring devices, therapeutic devices, home mobility assist devices and medical supplies. The diagnostic and monitoring devices segment includes blood glucose monitors, blood pressure monitors, sleep apnea monitors, pregnancy test kits, pulse oximeters, heart rate monitors, temperature monitors, pedometers and coagulation monitors. The therapeutic devices segment comprises insulin delivery devices, nebulizers, ventilators and CPAP devices, IV equipment and dialysis equipment. The home mobility assist devices segment has been further categorized into wheelchairs, cranes and crutches and other mobility assist devices. The market size and forecast for each device type has been provided for the period 2012 to 2020, considering 2013 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2014 to 2020 for each segment.
The global home healthcare market, by services has been segmented into rehabilitation services, respiratory therapy services, telehealth and telemedicine services, infusion therapy services and unskilled home healthcare services. The market size and forecast in terms of USD million for each service has been provided for the period 2012 to 2020, considering 2013 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2014 to 2020 for each segment.
Geographically, the global home healthcare systems market has been segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World (RoW). The market size and forecast for each geography has been estimated for the period 2012 to 2020 in terms of revenue (USD million), considering 2013 as the base year. The report also provides the compounded annual growth rate (CAGR %) during the forecast period from 2014 to 2020 for all the geographies mentioned above.
The market overview section of the report discusses the market dynamics with respect to the market drivers, restraints and opportunities. This section also covers market attractiveness analysis, event impact and value chain analysis of the global home healthcare market. Market share (%) of major players operating in the market has also been provided for the year 2013, followed by a list of recommendations for existing and new players to enter and enhance market share. The report concludes with company profiles of key players operating in various segments of the market. Each company profile includes business overview, financial overview, product portfolio, business strategies and recent developments of the respective company. Some of the prominent players in the global home healthcare market that have been profiled in the report include 3M Health Care, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Gentiva Health Services, Inc., Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc. and Omron Healthcare, Inc.
The Global home healthcare market is segmented as follows:
- Global Home Healthcare Market, by Device Types
- Diagnostics and Monitoring Home Devices
- Blood Glucose Monitors
- Blood Pressure Monitors
- Heart Rate Monitors
- Temperature Monitors
- Sleep Apnea Monitors
- Coagulation Monitors
- Pregnancy Test Kits
- Pulse Oximeters
- Therapeutics Home Healthcare Devices
- Insulin Delivery Devices
- Ventilator and CPAP Devices
- IV Equipments
- Dialysis Equipment
- Home Mobility Assist Devices
- Cranes and Crutches
- Other Home Mobility Assist Devices
- Medical Supplies
- Diagnostics and Monitoring Home Devices
- Global Home Healthcare Market, by Services
- Rehabilitation Services
- Telehealth and Telemedicine Services
- Infusion Therapy Services
- Respiratory Therapy Services
- Unskilled Home Healthcare Services
- Global Home Healthcare Market, by Geography
- North America
- Rest of the World (RoW)