A research report based on the global home healthcare market has been recently added to the comprehensive market-research database of Transparency Market Research. The report, titled “Home Healthcare Market - Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 – 2018”, states that the global home healthcare market, which stood at US$195.6 billion in 2012, would see a CAGR of 7.7% from 2012 to 2018, and be worth US$305.9 billion by 2018.
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The report focuses on three broad sections of the market – home healthcare equipment, home healthcare services, and popular geographic markets. The segment of equipment is further segmented into self-diagnostic and monitoring, therapeutic, nebulizer kits, ventilators and accessories, and mobility assistance devices. The segment of services is further segmented into rehabilitation, unskilled, respiratory therapy, infusion therapy, telemetry/telehealth, vital sign monitoring, multi-parameter monitoring and central station services. Geographically, the market is segmented into Americas (North and South America), Europe, Asia-Pacific, and the rest of the world.
According to the report, the major factors contributing to the growth of the global home healthcare market include the significant rise in the global ageing population - set to cross 970 million by 2030, and the increasing number of people experiencing chronic diseases such as a variety of respiratory diseases, asthma, high blood pressure, and diabetes, thus requiring long-term treatment.
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The high prevalence and rising incidences of such chronic diseases also requires an increasingly improved mechanism for close and regular monitoring of patients, for which home healthcare systems prove to be ideal. These systems do not only serve the purpose of regular patient monitoring, but are also reliable and cost efficient.
According to the report, high level of consumer awareness about the benefits of these products and high adoption rates in North and South America will allow the market to achieve significant market proliferation in these regions. This will help these regions to collectively contribute the global home healthcare market revenues worth US$ 150.8 billion by 2018. The market in Europe is expected to have market value worth US$ 80.5 billion by the same time.
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Currently, the global share of the equipments section of this market is less as compared to that of the services segment. But the report mentions that this segment has the potential of growing at a faster pace, an estimated 9.9% CAGR, during the forecast period owing to the rise in technological innovation, especially in the therapeutic equipment segment.
Though the segment of home healthcare services occupies a big market-share of this market, it may observe growth at a sluggish pace, an expected CAGR of 7.4% during the forecast period. This is due to the large number of regional service providers in the market who are offering services at low prices and are deterring the entry of organized players in the market. Also, a sizeable chunk, nearly 79.9%, of the global services market is acquired by rehabilitation and unskilled care service providers. Owing to these factors, big players of the market have shifted their attention towards the home equipments market segment. Contrast to the services segment that is highly fragmented, and conquered by small and unorganized businesses, the equipments section is dominated by a few major companies such as Johnson and Johnson, GE Healthcare, Philips Healthcare, Braun, Baxter International, Medtronic Inc., Invacare Corporation and Omron Corporation.