ALBANY, New York, March 18, 2016 /PRNewswire/ --
Transparency Market Research has published a new report on the global home healthcare market. As per the report, the global home healthcare market is predicted to progress from US$176.1 bn in 2013 to US$303.6 bn by 2020. The report, titled 'Global Home Healthcare Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', states that the global home healthcare market is expected to expand at a 8.10% CAGR during the period between 2014 and 2020.
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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.
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.
Key Segments of Global Home Healthcare Market
Global Home Healthcare Market, by Device Types
- Diagnostics and Monitoring Home Devices
- Blood Glucose Monitors
- Blood Pressure Monitors
- Heart Rate Monitors
- Temperature Monitors
- Sleep Apnea Monitors
- Coagulation Monitors
- Pregnancy Test Kits
- Pulse Oximeters
- Therapeutics Home Healthcare Devices
- Insulin Delivery Devices
- Ventilator and CPAP Devices
- IV Equipments
- Dialysis Equipment
- Home Mobility Assist Devices
- Cranes and Crutches
- Other Home Mobility Assist Devices
- Medical Supplies
Global Home Healthcare Market, by Services
- Rehabilitation Services
- Telehealth and Telemedicine Services
- Infusion Therapy Services
- Respiratory Therapy Services
- Unskilled Home Healthcare Services
Global Home Healthcare Market, by Geography
- North America
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research