The global home healthcare market is growing significantly due to technological advancement and new healthcare services in the industry. Massive unexplored market in home healthcare industry of developing economies and cost effective alternatives to other modalities and facility based care are creating ample opportunities for the home healthcare market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are supporting to address the demand for cost effective healthcare in the home healthcare industry.
In healthcare industry, there is a trend of significant shift of treatment from hospitals to home in order to reduce healthcare expenditure. The massive global problem in the modern society is the increasing chronic diseases, such as stroke, kidney diseases and hypertension. According to Centers for Disease Control and Prevention, as of 2012 approximately 117 million U.S. people had one or more chronic health condition. Home healthcare market helps patients to treat or diagnose various chronic diseases at home.
On the basis of type of devices of home healthcare, the market can be categorized as diagnostic and monitoring devices, therapeutic home healthcare devices, home mobility assist devices and medical supplies. Diagnostic and monitoring devices are further categorized as blood pressure monitors, blood glucose monitors, heart rate monitors, coagulation monitors, sleep apnea monitors, temperature monitors, pulse oximeter, pedometers, pregnancy test kits and others. Therapeutic home healthcare devices include insulin delivery devices, nebulizers, intravenous equipment, dialysis equipment and ventilator and CPAP devices. Whereas, the home mobility assist devices include wheelchairs, cranes, crutches, and others.
The home healthcare market can be categorized on the basis of services as rehabilitation services, unskilled home healthcare services, infusion therapy services, respiratory therapy services, and telehealth and telemedicine services. Diagnostic and monitoring devices lead the home healthcare market under type of devices category, due to increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases. The therapeutic home healthcare devices segment is expected to grow with the fastest rate in the coming years, due to technological advancement in therapeutic devices.
Some of the factors driving the growth of home healthcare market are rise in geriatric population, high acceptance of home based services and medical devices, increasing sedentary lifestyle, increasing healthcare expenditure, and increasing prevalence of chronic diseases. However, fatal health disorders, misguide treatment therapy, and limited geographic presence of home healthcare service providers are some of the factors restraining the growth of the home healthcare market to some extent.
Geographically, North America will be leading the global home healthcare market in the coming years, due to rise in aging population, favourable reimbursement policies, and increasing sedentary lifestyle. Moreover, Asia-Pacific is the fastest growing region in the global home healthcare market. The major reasons for the fastest growth in the region are increasing healthcare expenditure and high standards of living of the consumers in the region. Moreover, the home healthcare market is growing due to increasing awareness of healthcare in the emerging countries, such as India and China of Asia-Pacific region.
Some of the companies operating in the home healthcare market are 3M Healthcare, Becton Dickinson and Company, Baxter International, Inc., Abbott Laboratories, Hoffmann-La Roche Ltd., Philips Healthcare, Apria Healthcare Group, Inc., Johnson & Johnson Services, Inc., Bayer AG, Eli Lilly and Company, C.R. Bard, Inc., B. Braun Melsungen AG, Carefusion Corporation, Coloplast A/S, Convatec Inc., Medtronic, Inc., and GE Healthcare.
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