The global home healthcare market is expected to grow at an 8.1% CAGR for the period between 2014 and 2020. Growth of the North America home healthcare market will allow the global home healthcare market to rise from US$176,107.9 million in 2013 to US$303,605.9 million by 2020.
The global home healthcare market is segmented on the basis of devices, services, and geography. By devices, the global home healthcare market is segmented into monitoring and diagnostic devices, medical supplies, and home mobility assistance devices. By services, the global home healthcare market is segmented into respiratory therapy services, infusion therapy services, rehabilitation services, and unskilled home healthcare.
On the basis of geography, the global home healthcare market is classified into North America, Asia Pacific, Europe, and Rest of the World. Growing contribution from the European government for the promotion of home healthcare services will further boost the global market. Some of the leading companies in the market are GE Healthcare, Gentiva health Services Inc., Abbott Laboratories, Johnson and Johnson Services Inc., Bayer AG, F. Hoffmann-La Roche Ltd., and Omron Healthcare Inc.
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Trends Supporting the Growth of Global Home Healthcare Market
Demographic shifts, changing trends in healthcare services, and emerging technologies will generate many opportunities in the global home healthcare market. The global home healthcare market is expected to grow rapidly during the forecast period due to the rise in the aging population. The rise in the number of people identified with chronic illnesses such as cardiac disorders, respiratory diseases, and diabetes will also propel the global home healthcare market during the forecast period. Chronic diseases are most commonly found in people aged 65 years and above. The number of people in this age group is predicted to increase from 605 million to 2 billion by 2050. This expected increase in the number of aged people will lead to an increase in demand for home healthcare services.
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The U.S. has observed fast development of the regional home healthcare market over the past few years. In the U.S., high number of aged people was recorded in the past few years. To serve the needs of the elderly population, there has been an increase in home healthcare services. Increasing complexity of the needs of elderly people suffering from chronic diseases has led to the appointment of home healthcare nurses. They are not only responsible for taking care of people with chronic illnesses but also leading them towards a healthy lifestyle in the longer run. 89% of senior citizens prefer staying home to avail medical services during their illness, which boosts demand from the global home healthcare market.
Medical sector experts in the United States predict that there will be tremendous need for home caregivers or home healthcare services in the coming few years. According to the United States Bureau of Labor Statistics, the demand for home healthcare services is predicted to increase by around 48% for the period between 2012 and 2022.
The global home healthcare market is predicted to shift smoothly into the much needed model for the future. Adoption of fast home healthcare services by most of the market leaders will help the global market during the forecast period.