New York, NY, July 03, 2018 (GLOBE NEWSWIRE) -- Zion Market 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 and Forecast, 2015 – 2021”.
According to the report, global 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 healthcare can be referred to as home medical care or formal care. Home health care usually involves helping someone to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational and physical therapy and skilled nursing. It can also involve helping older adults with activities of daily living, such as bathing, dressing, and eating. Further, it involves assistance with cooking, cleaning, other housekeeping, and monitoring one’s medication schedule. Entirely the aim of home healthcare is to treat an illness or injury.
Browse through 29 Tables & 30 Figures spread over 110 Pages and in-depth TOC on "Global Home Healthcare Industry Size, Trends Analysis & Outlook, 2015 – 2021”.
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Growing global geriatric population, increasing the incidence of chronic disease, favorable government initiatives, and growing demand for affordable health care delivery systems are the key factors fueling demand of home health care services. In addition, growing healthcare costs and increasing health awareness among people, is expected to trigger the growth of this industry in the years to come. Favorable reimbursement policies coupled with the presence of a large number of small-scale and large-scale healthcare service has provided the strong boost to the home healthcare market in North America. However, varying reimbursement policies, limited coverage, and patient safety concerns are some of the factors which curtail the growth of this market.
The home healthcare market is segmented on the basis of different products into diagnostics and monitoring devices, therapeutics devices, medical supplies and home mobility assists devices. In 2015, a diagnostic and monitoring device was the largest segment in the home healthcare market and accounted for around 36.46% share of the total market. This segment is expected to continue its dominance in the global market throughout the forecast period. Medical supply was another key outlet for this market in 2015. It is expected to grow at a moderate rate in the forecast period. The therapeutic device is also one of the lucrative product segments in 2015.
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Services segments of home healthcare market include rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services and unskilled home healthcare services. Rehabilitation service was leading segment in the home healthcare market and accounted for 30.13% market share of a total market in 2015. Telehealth and telemedicine and respiratory therapy services sector are also expected to show strong growth in the coming years.
Rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, unskilled home healthcare services are the key services of the home healthcare 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 increasing 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.
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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. The U.S. was a major revenue contributor for home healthcare market in 2015. Some of the factor 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 the 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 pace in Europe due to the government support and sophisticated healthcare infrastructure. However, limited insurance coverage for home healthcare 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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The 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 are expected to drive the adoption of the home healthcare services. In the 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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The Global Home Healthcare Market has been segmented as follows:
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
Global Home Healthcare Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East And Africa
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