Home Healthcare Market - Global Forecast to 2022 | CAGR of 8.8%
Added: (Wed Nov 21 2018)
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According to the new market research report "Home Healthcare Market by Product (BP & Heart Rate Monitor, Ovulation Kit, HIV Test, ECG, Nebulizer, Hearing Aids, Pedometer, Cane, Crutches, Wheelchair), Software, Services (Rehabilitation, Pregnancy, Palliative), & Telehealth - Global Forecast to 2022", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
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The global home healthcare market is expected to reach USD 364.69 Billion by 2022 from USD 220.67 Billion in 2016, at a CAGR of 8.8%. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
The objectives of this study are as follows:
• To define, describe, segment and forecast the global home healthcare market by product, service, software, telehealth, and region
• To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the market with respect to the four key regions, namely, North America, Europe, Asia, and the Rest of the World (RoW)
• To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
• To track and analyze competitive developments such as agreements, partnerships, collaborations, and joint ventures; mergers and acquisitions; product developments; expansions; and research and development activities in the home healthcare market
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The global home healthcare market is expected to reach USD 364.69 Billion by 2022 from USD 239.30 Billion in 2017, at a CAGR of 8.8%. The growth of this market is mainly driven by the growing geriatric population; increasing incidence of chronic diseases; and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare.
This report segments the home healthcare market into product, service, software, telehealth solutions, and region. Based on product, the market is segmented into testing, screening, & monitoring products; therapeutic products; and mobility care equipment. The mobility care segment is slated to register the highest CAGR during the forecast period due to the growing geriatric population, ease of use, rising demand for personal independence, and social connectedness. These devices also offer personal security and safety.
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In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as converging trends of aging population, technological advancement, and rising incidence of chronic diseases.
Asia is expected to grow at the highest CAGR during the forecast period. Factors such as rising geriatric population, increasing adoption of innovative techniques, increasing disposable income, expansion of home healthcare companies in this region, rising awareness of home healthcare, and increasing need for affordable healthcare delivery systems are expected to drive the growth of this market in Asia.
Changing reimbursement policies, limited insurance coverage, and patient safety concerns may limit market growth to a certain extent in the coming years. The home healthcare market is highly competitive with the presence of several small and big players.
Key Players
Prominent players in the home healthcare market include Philips Healthcare (Netherlands), Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Amedisys (US), Fresenius (Germany), Omron (Japan), McKesson (US), BAYADA Home Health Care (US), Kinnser Software, Inc. (US), and Roche (Switzerland).