The home healthcare equipment and services market is slated to grow at 6% to 8% year on year for the next five years. The market is estimated to reach $345 bn by 2020.
The demand for home healthcare services is growing at a steady pace across the globe. Increasing costs of in-hospital care and the comfort of convalescing at home are making home healthcare affordable and desirable in both developed and developing nations alike. Better and cheaper medical devices have moved the diagnosis of various ailments from hospitals to the living room.
Increasingly, people suffering from chronic ailments such as cardiovascular diseases, cancer, respiratory diseases and diabetes prefer home healthcare services. The services for geriatric ailments, physical, occupational and speech therapies, and personal care are rapidly becoming a necessity more than luxury. Currently, over 70% of those using home healthcare services belong to the age group of 65-75 years or older. The World Bank estimates that by 2050, close to 21% of the world population will be over 60 years old, making home healthcare a key sector to be followed.
The market in Asia for healthcare equipment alone is set to grow from $3bn currently to $11 bn by 2016. This presents a huge growth opportunity for Home Healthcare providers who are looking for opportunities in countries other than the U.S where the growth is almost stable, but tied to reimbursements from Medicare and Medicaid policies. Developing countries like India are the high-growth regions ripe for capture. Many players have already started cashing in on this opportunity. The US-based BAYADA Home Healthcare has recently acquired a 26% stake in India-based Indian Home Healthcare (IHHC).
The home healthcare market is an aggregate of home health products and services. Awareness about the convenience and cost effectiveness offered by these products and services is also increasing the demand for this market. Advanced Economies also maintain a stable growth mainly due to reimbursements offered for specific equipment and health policies of government and private entities. Portability, customization, ease of use, and automation are the key factors that home healthcare market players use to differentiate their products and services.
Competitive landscape for each of the product types of home healthcare market is highlighted and market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. Market shares of the key players for 2012 are provided.
The prominent players profiled in the home healthcare market report are:
- GE Healthcare,
- Philips and others.
The report contains the most detailed and in-depth segmentation of the global home healthcare market.