According to the latest publication from Meticulous Research, the global home healthcare market is expected to reach $300.7 billion by 2022 with a CAGR of 7.5% over the period of 2016 to 2022.
Rising geriatric population The home healthcare market is primarily driven by the huge geriatric population base which is highly susceptible to various diseases such as diabetes, blood pressure, sleep apnea, arthritis, and cardiovascular. As per the World Health Organization (WHO) statistics, the global base of population pertaining to the age group – 60 years and above is expected to reach 2 billion in 2050.
The population aged 65 and over in the U.S., which is the largest market for home healthcare is projected to be 83.7 million in 2050, almost double its estimated population of 43.1 million in 2012. Therefore, the growing global geriatric population base coupled with the fact that approximately 70% of home health patients belong to the age group of 65 years and above, is expected to drive demand for home healthcare products and services during the forecast period.
This can be attributed to the increase in the prices of drugs, medical devices, and hospital services. These factors have led to the US population looking for more affordable healthcare solutions.
Technological innovation Technological innovation is also transforming the home health sector. The integration of mobile devices and home health care solutions is the leading trend in the global market.
For example, sensor technology now can monitor an individual’s vital signs and then wirelessly send that information to a mobile phone or table. Technological advancements and wireless communication have allowed personal devices such as mobile phones and tablets to be linked or synchronized with home healthcare solutions.
This offers more freedom and flexibility, as well as the ability to monitor vital signs wirelessly on mobile devices. With rapid growth in the field of wearable technologies, the adoption of such devices at home is expected to increase in the near future.
Government initiatives to promote home healthcare Various initiatives are being taken by governments across the globe to promote home healthcare. In this regard, the Affordable Care Act was passed by the U.S.
government in 2010, which was aimed at improving the quality of care and reducing healthcare costs by providing insurance to the uninsured healthcare services and products. In Canada, organizations, such as the Commission on Accreditation of Rehabilitation Facilities Canada, offer accreditation programs to the home care service providers to improve their home care business operation and quality of patient care.
However, changing reimbursement policies, limited insurance coverage, risk to safety and health of home healthcare workers, and patient safety concerns are the factors that may hinder the growth of this market during the forecast period. The global home healthcare market is mainly segmented into products, services, and geography.
The home healthcare products market is primarily segmented into home tests and patient monitoring equipment which includes fertility tests, pregnancy tests, gender, dna & parental tests, drug tests, alcohol tests, cholesterol tests, HIV tests, holter monitors, blood pressure monitors, oximeters, heart rate monitors, thermometers, mediscopes, stethoscopes, defibrillators, pedometers, scales & body fat monitors, peak flow meters, apnea monitors, baby monitors, coagulation monitors, and diabetes management devices; home therapeutic equipment which includes home respiratory therapy equipment (continuous positive airway pressure equipment, oxygen delivery equipment, nebulizers & accessories, ventilators & accessories, and humidifiers), home dialysis equipment (home peritoneal dialysis products, home hemodialysis products) home IV equipment ( IV pumps, and other home IV equipment) and others; patient support equipment which includes wheelchairs and related equipment (wheelchairs- manual wheelchairs and powered wheelchairs), walking assist devices, mobility scooters, medical furniture and accessories, and bathroom safety equipment. Further, home healthcare services market is segmented into rehabilitation services, infusion services, skilled care/nursing, unskilled care services, telehealth services, respiratory therapy services, and others.
The global home healthcare market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These regions are further analyzed at a country level to provide the market size and forecast for each segment and sub-segment of the market in various countries across the globe.
North America dominates the global home healthcare market North America dominates the global home healthcare market owing to the presence of high sophisticated healthcare infrastructure, favorable reimbursement policies, increasing investment in R&D facilities, and presence of large number of small scale and large scale healthcare service providers. Europe accounted for the second largest share of the total home healthcare market owing to increasing aged population, high prevalence of diabetes and cardiovascular diseases, and increasing healthcare investments by the European government.
Moreover, Asia Pacific home healthcare market is expected to grow at a rapid pace during the forecast period owing to increasing geriatric population as elder people are prone to many disorders such as orthopedic, cardiovascular and others, rising awareness about the cost effectiveness and convenience offered by this product and services, and rising health care expenditures in emerging countries such as India and China, which are projected to be the fastest-growing countries in the Asian home healthcare market during forecast period. Key Players: The report offers meticulous analysis of market dynamics, burning issues, and technological landscape of the global home healthcare market.
The report also provides a competitive landscape that covers the growth strategies adopted by industry players in the last few years. In addition, the major players are analyzed with respect to their company overview, product and services portfolios, financials, and recent developments.
Some of the major players analyzed in the report are Home Tests and Monitoring Equipment Providers: 1 Alere 2 Quidel Corporation 3 Prestige Brands Holdings 4 Church & Dwight Co. 5 bioMérieux SA 6 Geratherm Medical AG 7 Abbott Laboratories 8 Procter & Gamble Co.
9 Swiss Precision Diagnostics GmbH 10 IntelliGender 11 DNA Diagnostics Center – DDC 12 Identigene 13 Amedica Biotech 14 Lifeloc Technologies 15 Noble Medical, Inc. 16 SYNTRON Bioresearch 17 Branan Medical Corporation (Alere Group) 18 Roche Diagnostics 19 AccuTech LLC 20 Home Access Health Corporation 21 Polymer Technology System.
(CardioCheck) 22 OraSure Technologies 23 Chembio Diagnostics Systems 24 Omron Healthcare 25 Microlife Corporation 26 A&D Medical 27 GE Healthcare 28 Philips Healthcare 29 Spacelabs Healtchare 30 Schiller AG 31 Mortara Instrument/Cardiac Science 32 Nonin Medical, Inc. 33 CAS Medical Systems 34 Medtronic (Covidein) 35 Masimo Corporation 36 Timex Group 37 Garmin Ltd 38 Shenzhen Guangkehua Electronics Co., Ltd 39 Polar Electro 40 Seiko Epson Corp 41 Nokia Corporation (Part of Microsoft Corporation) 42 mSpot 43 Sportline (EB Sport Group) 44 Peaksware 45 Nike, Inc.
46 Actherm 47 American Diagnostic Corporation 48 Briggs Healthcare 49 Exergen Corporation 50 Geratherm Medical AG 51 Hicks Thermometers (India) Limited 52 Kaz Incorporated 53 Opto Circuits (India) Limited 54 Radiant Innovation 55 RG Medical Diagnostics 56 Terumo Corporation 57 Welch Allyn Inc. 58 3M Healthcare Ltd 59 Rudolf Riester GmbH & Co.
KG 60 Escalon Medical Corporation 61 GF Health Products 62 Medi-Stim ASA 63 Medline Industries 64 Fitbit Inc. 65 Jawbone 66 Tanita 67 Teleflex 68 CareFusion (a BD Company) 69 Trudell Medical International 70 AsthmaMD 71 Moore Medical 72 ResMed 73 Nihon Kohden 74 Anglecare 75 Dropcam 76 Genexus USA 77 Graco 78 iBaby Labs 79 Safety 1st (part of Dorel Industries Inc) 80 Shenzhen Foscam Intelligent Technology 81 Summer Infant 82 Vtech 83 Withings (Part of Nokia) 84 Accriva Diagnostics 85 Boston Scientific 86 Cardiocom (part of Medtronic) 87 Honeywell 88 Masimo Corporation 89 St.
Jude Medical 90 Aerotel Medical Systems 91 Medtronic 92 AMD Global Telemedicine 93 Acon Laboratories 94 Arkray 95 GlucoLight Corporation 96 Bayer Healthcare 97 Johnson & Johnson 98 Becton-Dickinson and Company 99 Owen Mumford Home Therapeutic Equipment Providers: 1 Fisher and Paykel Healthcare 2 Invacare Corporation 3 Chart Industries 4 DeVilbiss Healthcare (Part of Medical Depot) 5 Phillips Respironics 6 Draegerwerk AG 7 Maquet 8 Smiths medical 9 Fresenius Medical Care 10 Gambro (Part of Baxter International Inc) 11 NxStage Medical 12 Hospira 13 B. Braun Melsungen AG 14 Baxter International 15 Medtronics 16 Becton, Dickinson and Company 17 ResMed 18 GE Healthcare Patient Support Equipment providers: 1 Sunrise Medical 2 Invacare Corporation 3 Stryker Corporation 4 Medline Industries Inc 5 Drive Medical (Part of Medical Depot) 6 Graham Field 7 Rotec 8 Vital Mobility 9 Mabis Healthcare 10 Nova Medical Products 11 Otolift 12 Acorn Stairlifts 13 21st Century Scientific 14 Wheelchair of Kansas 15 Gendron 16 Hoveround Corporation 17 Permobil 18 Magic Mobility 19 Pride Mobility Products 20 OttoBock Healthcare 21 Merits Health Products 22 Moore Medical (Part of Mckesson) 23 HillUSA 24 Hill-Rom Holdings 25 Handicare Group AB 26 Hugo Mobility 27 Carex Health Brands (Part of Compass Health Brands) 28 Essential Medical Supply 29 Karman Healthcare 30 AmeriGlide Accessibility Solutions 31 ArjoHuntleigh 32 Bischoff & Bischoff 33 Etac AB 34 DIETZ GmbH 35 Hewi Heinrich Wilke GmbH 36 MEYRA GmbH 37 Patterson Medical Holdings 38 Poshchair Medical Limited 39 Prism Medical 40 Ortho XXI 41 K Care Healthcare Equipment 42 GF HEALTH PRODUCTS 43 Juvo Solutions 44 Spectra Care Group 45 TFI Healthcare Home Healthcare Servcies Providers 1 Amedisys 2 BAYADA Home Health Care 3 Kindred Healthcare 4 Almost Family 5 Genesis HealthCare Corporation 6 CVS Health 7 Linde Group 8 Encompass Home Health (Part of HealthSouth) 9 Brookdale Senior Living 10 Addus HomeCare 11 Teijin Pharma 12 Visiting Nurse Service of New York 13 Trinity Health 14 Interim HealthCare 15 LHC GROUP 16 VITAS Healthcare 17 HCR Manor Care 18 CURO Health Services 19 Seasons Hospice & Palliative Care 20 Hospice Campassus 21 Vital Aire (Part of Air Liquide Healtchare) 22 AccentCare 23 Medical Services of America 24 HealthSouth 25 Intrepid USA Health Care Services 26 Sutter Care at Home 27 Catholic Health Initiatives 28 Partners HealthCare at Home 29 Advanced Home Care 30 Holy Redeemer Health System 31 Alacare Home Health & Hospice 32 GREAT LAKES CARING 33 Community Health Systems (CHS) 34 Ascension Health 35 Providence Health & Services 36 India Home Health Care 37 Portea Home Health Care 38 Max Healthcare 39 KinCare 40 Healthcare at Home Australia 41 Prestige Inhome Care 42 Direct Care Australia 43 Millennia Personal Care Services 44 Bupa Home Healthcare 45 Bluebird Care UK 46 Gentlecare (UK) Ltd Key questions answered in the report- Which are the high growth market segments in terms of home healthcare products, services, regions, and countries? What is the historical market for home healthcare across the globe? What are the market forecasts and estimates from the period 2016-2022? What are the major drivers, restrains, threats, and opportunities in the global home healthcare market? What are the burning issues of the global home healthcare market? Who are the major players in the global home healthcare market and what share of the market do they hold? Who are the major players in various regions (North America, APAC, Europe, Latin America, and Middle East & Africa) and what share of the market do they hold? What are the competitive landscapes and who are the market leaders by sub-region in the global home healthcare market? What are the recent developments in the global home healthcare market? What are the different strategies adopted by the major players in the global home healthcare market? What are the geographical trends and high growth regions/ countries?
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