Home Healthcare Market Overview
The global home healthcare market includes broad range of medical devices and services that help to treat patients at their residence. Increasing number of patients with chronic diseases, such as respiratory diseases, cardiovascular disorders, and diabetes; and growing geriatric population are some of the major factors driving the growth of the market. Due to rising healthcare cost globally, the market for home healthcare products and services is expected to grow steadily in the coming years.
Based on product, the home healthcare market is categorized into testing, screening, and monitoring products; mobility care products; and therapeutic products. Among these, the testing, screening, and monitoring products are expected to hold the largest share during the forecast period. This is primarily attributed to increasing prevalence of diabetes and growing geriatric population across the world. Moreover, according to the World Health Organization (WHO), in 2016, the leading cause of death globally was cardiovascular disorders. Therefore, devices associated with diagnosis of cardiovascular diseases, like blood glucose level monitor, heart rate monitor, and pulse oximeters are predicted to be the major driving units for this category.
Geographically, the home healthcare market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). North America holds the largest share in the market, owing to technological advancements, increased awareness about home healthcare technologies, and increased healthcare infrastructure in the region. Globally, Europe is the second largest market, due to increasing support from government and private organizations, and technology advancements. However, APAC is the fastest growing market for home healthcare products and services in the world. Major factors contributing to the growth of the APAC market include increasing prevalence of chronic diseases, growing geriatric population, and rising investments from international players.
Home Healthcare Market Dynamics
Increasing geriatric population is one of the major driving factors for the home healthcare industry. According to the WHO, the number of people aged 60 years and above will be 2 billion by 2050, as compared to 900 million in 2015. The number of patients suffering from chronic diseases is directly proportional to the hospital care cost. According to Centers for Diseases Control and Prevention (CDC), the U.S. government spends $3.3 trillion annually for treating chronic conditions. Moreover, the average cost of hospital stay is $15,000 per day for chronic diseases in the U.S. Such factors have led to the demand of home healthcare products and services in the country. For instance, according to the National Centre of Caregiving, the number of individuals using home healthcare services is projected to reach around 27 million people by 2050 in the U.S.
Several government associations are also playing significant role in the growth of the home healthcare market. For instance, the New York State Department of Health provides home healthcare programs to individuals who are in need of home healthcare services. The program includes services such as medical services, care management by registered nurses, respiratory therapies, and adult day care. Similarly, the National Centre of Caregiving also conducts regular webinars on health homecare for unskilled health workers.
Home Healthcare Market Competitive Landscape
Key market players in the home healthcare industry are introducing new product and solutions. For instance, in November 2018, Fisher & Paykel Healthcare Limited introduced its new enter nasal high-flow therapy device, “Airvo”, for home settings. It delivers warm and humid air at a set flow to liquefy debris in the upper airway, which helps patients cough that material out or swallow. It was earlier debuted for hospital settings; but later launched it for home settings as well.
Some of other players in the global home healthcare market are Merck and Co Inc., Phillips Healthcare, 3M Healthcare, Abbott Laboratories, Siemens Corporation, Cardinal Health Inc., GE Healthcare, and Medtronic plc.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.