The global home healthcare market will grow at a progressive 8.1% compound annual growth rate (CAGR) from 2014 to 2020. This is according to Transparency Market Research’s report “Global Home Healthcare Market—Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” which analyzes the markets in North America, Europe, Asia-Pacific, and “Rest of the World.” The report further states that the global home healthcare market in 2013 was worth US$176,107.9 million, and is estimated to reach a market revenue of US$303,605.9 million by 2020.
Geography-wise, the North American home healthcare market is in the leading position. It will continue to hold this position due to the supporting market forces such as increasing base of geriatric population and presence of a large number of small and large scale home healthcare service providers in the region. Furthermore, the favorable reimbursement policies will fuel the growth of the North American home healthcare market, the report states. In 2007, the US FDA announced that it will provide close oversight of home healthcare equipment in the nation and the expenditure was noted at US$57.6 billion.
The second largest share of the global home healthcare market was held by Europe. In 2013, Europe held a significant 25% share of the global market. Factors such as high prevalence of cardiovascular diseases and diabetes along with the accelerating healthcare investments by the European government will further support the growth of this regional home healthcare market. Nevertheless, Asia-Pacific is not far behind and will demonstrate a fastest growth with a CAGR of 7% during the forecast period. Asia-Pacific market will benefit from growth drivers such as new technologies and constant product launch by key firms in this region.
The global home healthcare market is broadly segmented into devices and services. The services segment held the largest market share in the global home healthcare market. This can be attributed to the presence of a large number of home healthcare providers globally and their strong acquisition strategies. Devices that this report classifies as home healthcare include: sleep apnea monitors, pulse oximeters, blood glucose monitors, blood pressure monitors, heart rate monitors, temperature monitors, coagulation monitors, pregnancy test kits, pedometers, insulin delivery devices, nebulizers, ventilators and CPAP devices, IV equipment, dialysis equipment, wheelchairs, cranes and crutches, other home mobility assist devices, and medical supplies.
On the basis of services, the report divides the global home healthcare market into respiratory therapy services, unskilled therapy services, infusion therapy services, telehealth and telemedicine services, and rehabilitation services. The devices sector is further classified into diagnostic and monitoring home devices, home mobility assist devices, therapeutics home healthcare devices, and medical supplies. Though, the largest share was boasted by the diagnostics and monitoring devices segment in the global home healthcare market, the therapeutics home healthcare sector will display a highest CAGR of over 10% during the forecast horizon.
i work for a home health co. In Michigan, they do not pay overtime and they only pay 9.00 an hr. They expect you to clean, chauffeur, put up with roommates of patients that Blair their stereos full blast while getting drunk and be in a smoked filled environment for 12 hrs a day. They charge the insurance companies 20.00 to 25.00 an hour! These companies need to be looked at on at yearly basis!!!