Albany, NY -- (SBWIRE) -- 01/04/2019 -- Global Home Healthcare Market: Snapshot
Owing to the increase in geriatric population and desk-bound lifestyle of people all around the world, the global home healthcare market is anticipated to gain momentum in the future years. Homecare for health provides personal care of chronic infections and is quite common among the age-old population. The healthcare industry is projected to witness high occurrence of chronic disorders recently that has induced the growth of the global home healthcare market in the future. Patient suffering from respiratory problems, kidney issues, strokes, and hypertension should be more careful regarding their health. Because of the simple techniques of care offered by home healthcare gadgets, the market is yet to see more positive prospects. Elderly population prefer home healthcare owing to the fact that they do not have to travel back and forth to hospitals and clinics each time there is an issue but receive all the required medication facilities in the comfort of their own homes.
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The global home healthcare market is envisaged to be worth US$303.6 bn by the end of 2020 with a CAGR of 8.1%. The forecast period is set to 2014 to 2020 and is forecasted to be increasing from US$176.1 bn as per the 2013 records.
Surge in Geriatric Population to Bring More Revenue to Global Market
The global home healthcare market is classified on the basis of device type, and services. Based on the classification by device type, the market is categorized into Medical Supplies, Home Mobility Assist Devices, Therapeutics Home Healthcare Devices, and Diagnostics and Monitoring Home Devices.
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Home Mobility Assist Devices are further classified into Cranes and Crutches, and Wheelchairs. The Therapeutics Home Healthcare Devices are sub divided into Dialysis Equipment, IV Equipment, Ventilator and CPAP Devices, Nebulizers, and Insulin Delivery Devices. Further classification of diagnostics and monitoring home devices include Pedometers, Pulse Oximeters, Pregnancy Test Kits, Coagulation Monitors, Sleep Apnea Monitors, Temperature Monitors, Heart Rate Monitors, Blood Pressure Monitors, and Blood Glucose Monitors.
With respect to services, the global home healthcare market is segmented into Unskilled Home Healthcare Services, Respiratory Therapy Services, Infusion Therapy Services, Telehealth and Telemedicine Services, and Rehabilitation Services.
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Asia Pacific to Emerge with Lucrative Opportunities Owing to Enhancement of Medical Facilities
From a geographical perspective, the global home healthcare market is categorized into the regions of North America, Asia Pacific, Europe, and the Rest of the World. Among thee, the market in North America is seen to be holding a dominant share in the market owing to cross country medical aids and reimbursement policies provided in the region. Apart from that, the infrastructure of healthcare in the North American region is far better and advanced as compared to the other regions. Service providers and Key manufacturers of the home healthcare market are more in number in the North American region which makes it more dominant as compared to the other regions of the world.
Asia Pacific on the other side is projected to emerge and provide large source of revenue in the global market owing to the continuous efforts of government especially of the emerging economies for the enhancement of healthcare and private medical facilities in the region.
Major players of the global home healthcare market are Johnson and Johnson, Phillips Healthcare, Bayer Healthcare, Abbott Laboratories, and Teleflex Corporation, Medtronic.
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