The global home healthcare market is expected to reach USD 349.8 Billion by 2020 from USD 227.5 Billion in 2015, at a CAGR of 9.0% during the forecast period.
Seattle, WA -- (SBWIRE) -- 07/05/2017 -- The report "Home Healthcare Market by Product (BP & Heart Rate Monitor, Ovulation Kit, HIV Test, ECG, EKG, Nebulizer, Hearing Aids, Pedometer, Cane, Walker, Wheelchairs), Software, Services (Rehabilitation, Skilled, Hospice), & Telehealth - Global Forecasts to 2020", The global home healthcare market is expected to reach USD 349.8 Billion by 2020 from USD 227.5 Billion in 2015, at a CAGR of 9.0% during the forecast period.
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The growth of this market is mainly driven by factors such as rising geriatric population across the globe, growing need of cost-effective healthcare delivery due to increasing healthcare costs, rising incidences of chronic diseases, and technological advancements in devices. However, changing reimbursement policies, limited insurance coverage and risks to personal safety of home care workers are the factors restraining the growth of this market to a certain extent.
The report segments the home healthcare market based on products, services, software, telehealth, and region. Based on products, the market is segmented into testing, screening and monitoring products; therapeutic products; and mobility care products. The testing, screening, and monitoring products segment is expected to account for the largest share of the home healthcare market, by product, in 2015. The rising emphasis on preventive medicine is expected to boost the growth of the home healthcare testing, monitoring, and screening devices market. The potential to reduce healthcare complications and ensure the portability of devices with high accuracy is expected to create a significant demand for monitoring and testing devices. Moreover, with the rising number of patients suffering from chronic diseases in many countries across the globe, the demand for these products is increasing.
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The telehealth market is poised to grow at the highest CAGR during the forecast period, owing to the increasing adoption and utilization of telecommunication in providing care.
Based on region, the home healthcare market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is further sub segmented into the U.S. and Canada; while Europe is further sub segmented into Germany, the U.K., France, Italy, Spain, Russia, and Rest of Europe (RoE). In 2015, North America is expected to dominate the market, followed by Europe. The converging trends of aging population, technological advancements, and favorable reimbursement policies are driving the home healthcare market in North America. However, Asia is poised to be the fastest-growing region during the forecast period. Factors such as rising geriatric population, increasing adoption of innovative techniques, increasing disposable income levels, expansion of home healthcare companies in this region, rising awareness about home healthcare, and increasing need for affordable healthcare delivery systems will drive the growth of the Asian market.
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The home healthcare market is a fragmented market, with several big and emerging players.
Key market players include Philips Healthcare (Netherlands), Kindred Healthcare (U.S.), Linde Group (Germany), Almost Family Inc. (U.S.), Abbott Laboratories (U.S.), LHC Group (U.S.), Johnson & Johnson (U.S.), A&D Company (Japan), Amedisys Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), Omron Healthcare (Japan), McKesson Corporation (U.S.), Apria Healthcare Group (U.S.), Kinnser Software, Inc. (U.S.), and Roche Holdings AG (Switzerland).
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