Rising Industrialization, Incidence of Chronic Diseases in Asia Pacific Presents Growth Prospects for Home Healthcare Market
The International Union against Tuberculosis and Lung Disease, in a disclosure back in 2012, said that there were almost 235 mn people around the world who were suffering from asthma. This number is further expected to increase over the immediate future. The number of people suffering from asthma and the kind of instant medical attention they require can be difficult to materialize, but it has been in its elementary stages in the global home healthcare market. The same applies for most other diseases afflicting mankind: stroke, hypertension, kidney and heart diseases, and chronic illnesses of the elderly and the young alike. Coupled with a global increase in the number of people that are obese and/or are suffering from illnesses such as diabetes, the future of the home healthcare market looks to be in rude health.
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The global home healthcare market is projected to display an 8.10% CAGR between 2014 and 2020. The market is expected to be valued to be around US$303.6 bn in 2020, after being recorded at nearly US$176.1 bn in 2013. The global home healthcare market is a field where multiple companies operate in both international and regional markets. The more prominent of these are Johnson & Johnson, Invacare Corporation, Gentiva Health Service, Inc., Cardinal Health, GE Healthcare, ResMed, Inc., Bayer Healthcare, Praxair Technologies, Inc., Omron Healthcare, Abbott Laboratories, Medtronic, Inc., Philips Healthcare, Teleflex Corporation, and F. Hoffman-La Roche Ltd.
Mergers and Acquisitions a Prominent Feature of Global Home Healthcare Market
In 2013, the global home healthcare market was led by the services segment. The services on offer in the global home healthcare market played a leading role due to the incorporation of a large number of market players. The global home healthcare market is also, similar to other healthcare markets, a highly competitive one. The market is rife with takeovers and mergers in order to gain more stability and market share. For instance, in October 2013, Harden Healthcare Holdings, Inc., was taken over by Gentiva Health Services, Inc. Through the acquisition, Gentiva gained a presence in three major areas of the global healthcare industry: hospice, community business, and home healthcare. With that, the healthcare giant made its advance into the global home healthcare market and allowed them to offer better services.
North America Market Offers the Best Home Healthcare Systems
The global home healthcare market was led by North America in 2013, owing to a large presence of both prominent international as well as regional players and favorable reimbursement policies. The second largest market share in 2013 was taken up by Europe, which amounted to roughly 25%. The region became the second largest due to an increasing number of patients stricken with diabetes and other chronic illnesses. The highest expected CAGR – 7.0% between 2014 and 2020 – is attributed to Asia Pacific, due to rapid rates of industrialization.
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In other avenues, the global home healthcare market continues to experience regional as well as international scale changes. For instance, Illinois Governor Bruce Rauner recently used an amendatory veto to reestablish a piece of legislation that was aimed at blocking previous cuts he had made to the state’s home healthcare structure for the disabled and the elderly, stating that Illinois can no longer afford to offer home healthcare services without making major changes in the state’s business strategies.