Albany, NY — 11/24/2017 — The rising prevalence of chronic diseases is expected to result in an increase in the uptake of household medical services and medical devices. Technological advancements are predicted to increase the adoption of household medical devices in the years to come. The changing demographic profile supports acceptance of household medical devices and services. Although the high cost of household medical devices is expected to restrict the growth of the global home healthcare market, availability of various options is predicted to propel the global home healthcare market in the years to come. Acquisitions and mergers by the leading players are also anticipated to create growth opportunities for the global home healthcare market in the years to come.
The global home healthcare market is segmented on the basis of device type, service, and geography. Based on geography, the global home healthcare market is divided into Europe, North America, Asia Pacific, and Rest of the World. The global home healthcare market is dominated by North America, followed by Europe and Asia Pacific. The U.S. FDA, in 2007, announced that it would deliver close oversight of home healthcare devices and equipment in the country and its expenditure was noted to be US$57.6 bn. The North America home healthcare market is predicted to expand at a rapid pace due to factors such as the increasing prevalence of chronic diseases and presence of a large number of home healthcare service providers.
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In 2013, Europe accounted for 25% of the total market to be in the second position in the global home healthcare market. Asia Pacific is predicted to expand at a 7.0% CAGR during the period from 2014 to 2020. The Europe home healthcare market is expected to expand due to factors such as high prevalence of cardiovascular diseases and diabetes. Based on device type, the global home healthcare market is classified into diagnostics and monitoring home devices, therapeutics home healthcare devices, home mobility assist devices, and medical supplies.
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By service, the global home healthcare market is classified into rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services, and unskilled home healthcare services. Although the diagnostics and monitoring devices segment accounted for the largest share in 2013, the therapeutics home healthcare sector is expected to expand at a 10.0% CAGR during the period from 2014 to 2020.
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The global home healthcare market is highly competitive and fragmented. With periodic mergers and acquisitions, the leading companies are predicted to maintain their dominant positions in the years to come. Some of the leading companies in the global home healthcare market are Teleflex Corporation, Medtronic, Inc., ResMed, Inc., Invacare Corporation, Johnson & Johnson, Omron Healthcare, Inc., F. Hoffman-La Roche Ltd., Abbott Laboratories, Cardinal Health, Gentiva Health Services, Inc., and Praxair Technologies, Inc.
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