Sarasota, FL, Sept. 19, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Global Home Healthcare Market (Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies) and Services (Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global demand for home healthcare market was valued at USD 228.90 billion in 2015 and is expected to generate revenue of USD 391.41 billion by 2021, growing at a CAGR of 9.40% between 2016 and 2021.
Home health care is a diversified industry which includes home nursing care, infusion services, companion care, and others. Home healthcare is particularly referred as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one’s medication routine.
Browse 29 Market Tables and 30 Figures spread through 123 Pages and an in-depth TOC on “Home Healthcare Market: Global Size, Shares, Trends, Segment & Forecast to 2021”
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The global home healthcare market is mainly driven by increasing geriatric population, rising healthcare costs and technological advancements in healthcare devices. With increasing health awareness among people, increase in a number of people diagnosed with chronic diseases such as diabetes cardiac disorders and respiratory diseases, the demand for home healthcare market is expected to grow in the near future. The population of geriatric people is growing rapidly across the world. Geriatric population is more vulnerable to chronic diseases such as diabetes. This, in turn, is expected to fuel the growth of home healthcare market. However, changing reimbursement policies and limited insurance coverage may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is expected open alluring avenues for the market growth over the next few years.
Based on product segments, home healthcare market has been segmented into diagnostics and monitoring home devices, therapeutics home healthcare devices, medical supplies, and home mobility assists devices. Diagnostic and monitoring devices include blood pressure monitors, pregnancy test kits, heart rate monitors, temperature monitors and others. In 2015, diagnostic and monitoring devices were the major segment of in the global home healthcare market in terms of revenue and are expected to continue its dominance in the global market over the forecast period. The medical supplies product segment was a second largest segment of home healthcare and constituted 27.89% share of the global demand in 2015. Further, it is expected to grow at the fastest pace in the forecast period. Conversely, the home mobility assists devices product segment held a smaller share of the global home healthcare market in 2015.
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Rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, unskilled home healthcare services are the key services of the home health care market. Rehabilitation services segment dominated home healthcare market with the largest share in terms of total revenue generated in 2015. This was mainly due to increase demand from the geriatric or aging population. In terms of revenue, telehealth and telemedicine segment was a second largest segment in the home healthcare market and it accounted for 24.25% market share of the total market in 2015.
North America regional market is by far the largest in the global home healthcare market, and is set to continue to dominate the world marketplace over the forecast period. The home healthcare market is driven by a huge aging population which is highly prone to different diseases such as diabetic ulcers, venous stasis ulcers, and pressure ulcers. U.S. was a major revenue contributor for home healthcare market in 2015. Some of the factors like innovation, easy availability, aging demographics, and increasing chronic diseases drive the U.S. home health care market.
North America was followed by Europe and Asia-Pacific in 2015. The European home healthcare market is expected to experience significant growth in next few years due to technological advancements. Germany is the largest market for European home healthcare industry followed by France and U.K. Home healthcare market grows at a rapid space in Europe due to the government support and sophisticated healthcare infrastructure. However, limited insurance coverage for home health care devices and risk to the safety of patients are some of the major factors hampering the growth of European home healthcare market.
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Asia Pacific is expected to be the fastest region for the home healthcare market. It is expected to grow at the highest CAGR during the forecast period. Increasing geriatric population, (especially in Japan, Singapore, China, South Korea, and Taiwan), growing incidence of chronic diseases, disposable incomes, and demand for affordable healthcare alternatives in this region is expected to drive the adoption of the home healthcare services. In Asia pacific, emerging countries such as India, China, Singapore, and Malaysia is anticipated to drive the home healthcare market due to improving healthcare standards. Latin America is expected to experience a high growth rate and adoption trend for this market. Brazil was the largest market in Latin America and accounted for the largest market share in 2015 in this region.
Some of the major industry participants in Home healthcare market includes 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.
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Global Home Healthcare Market: Product Segment Analysis
- Diagnostics and monitoring home devices
- Therapeutics home healthcare devices
- Home mobility assist devices
- Medical supplies
Global Home Healthcare Market: Services Segment Analysis
- Rehabilitation services
- Telehealth and telemedicine services
- Infusion therapy services
- Respiratory therapy services
- Unskilled home healthcare services
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Global Home Healthcare Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East And Africa
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