The global home healthcare market is estimated to be $176,107.9 million in 2013 and is expected to reach $303,605.9 million by 2020, growing at a compound annual growth rate of 8.1% from 2014 to 2020. That’s according to Research and Markets’ new report “Global Home Healthcare Market-Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2020.”
Increasing sedentary lifestyle and aging population globally would surge the demand of the home healthcare devices and services market. However, accuracy and limited geographic presence of service providers are some of the factors that restrict the growth of this market. For example, home healthcare service providers like The Linde Group and Gentiva Health Services Inc have limited market geographic presence in economies like Asia-Pacific, Russia, and Latin America.
The global home healthcare market is categorized as device types and services. Home healthcare devices market is segmented as diagnostics and monitoring devices, therapeutics devices, mobility assist devices, and medical supplies. Diagnostics include sleep apnea monitors and pulse oximeters and therapy devices include CPAPs. The market for the diagnostics and monitoring devices segment accounted for the largest share owing to the rising prevalence of chronic diseases coupled with increasing healthcare awareness. However, the therapeutics home healthcare devices segment is expected to grow at the highest CAGR of over 10% from 2014 to 2020. Introduction of advanced and easy to use therapeutics home healthcare devices will help this segment to record the highest CAGR.
Services segment in the global home healthcare market accounted for the largest share in 2013. This dominance was majorly due to the presence of a large number of home healthcare service providers and strong acquisition strategies of these providers.