Global Home Healthcare Market is Fueled by Diagnostics and Monitoring DevicesPublished Date: July 24, 2020 |
The report on the global home healthcare market studies a wide range of home medical devices and services that are used for the diagnosis and mitigation of chronic diseases. These devices and services are widely utilized by the elderly population and patients diagnosed with chronic or acute diseases. The rising geriatric population coupled with the increasing prevalence of chronic diseases will boost the demand for home healthcare market globally.
In 2016, the World Health Organization stated that cardiovascular diseases accounted for 17.9 million deaths each year; of this heart attack and stroke accounted for 85% of the total deaths worldwide. The introduction of new technologies, new healthcare services, and the increasing focus of key companies to develop new devices will further drive market growth. For instance, F. Hoffmann-La Roche Ltd. offers a complete range of ACCU-CHEK Compact Plus meter system that combines both ACCU-CHEK Compact Plus and ACCU-CHEK Compact test strips. However, the high cost for healthcare services and risk for incorrect use of home devices will restrain the market growth. For instance, a patient can rarely notice a symptom of hypertension unless it is measured at a physician’s clinic.
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Diagnostics and monitoring home devices segment accounted for the largest market share in 2019 and is expected to dominate the home healthcare market by device types during the forecast period from 2020 to 2027. In addition, the incorporation of advanced technologies that provides accurate and quick results will drive the market growth. For example, Zephyr Technology Corporation developed Zephyr HxM Smart heart rate monitor that features Zephyr’s patented BioHarness smart fabric heart rate technology. This device offers wireless connectivity to mobile phones that enable recording of heart rate, speed, steps, and distance. Thus, all the mentioned factors collectively propel the growth of diagnostics and monitoring home devices market.
The home healthcare services market comprises rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services and unskilled home healthcare services. The rehabilitation services segment accounted for the largest market share in 2019 owing to rising number of companies engaged in providing these services and increasing demand for rehabilitation services by the patient population. In addition, telehealth and telemedicine services segment is expected to grow at the highest CAGR from 2020 to 2027. This growth is mainly attributed to the increasing trend of remote patient monitoring coupled with the introduction of software connected devices and the ability to provide high-quality medicine would further increase the uptake of telehealth and telemedicine services segment.
Geographically, the global home healthcare market is segmented as North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America accounted for the largest market share and is expected to dominate the market during the forecast period from 2020 to 2027. Rising acceptance of home based devices and services by the geriatric population coupled with rising incidences of chronic diseases will drive the market growth of home healthcare in North America. Asia-Pacific is identified as the most lucrative market owing to the growing trend of self-monitoring and the increasing focus of key companies to expand their presence in these economies. Thus, owing to the mentioned factors, the Asia-Pacific region is expected to grow at the highest CAGR from 2020 to 2027.
The major players of this market include Johnson & Johnson, Medtronic, Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer AG, The Linde Group, and others. These players are adopting strong growth strategies such as mergers and acquisitions and increasing investments in research and development activities to enhance their market share in the global home healthcare market. For example, Johnson & Johnson acquired Animas Corporation, LifeScan, Inc. and Ortho-Clinical Diagnostics, Inc. These acquisitions help the company to expand its product portfolio in insulin delivery devices and blood pressure monitors segment. Other significant players having a presence in the global market include companies such as 3M Healthcare, Cardinal Health, Omron Healthcare, Inc. ResMed, Inc., Teleflex Incorporated, Gentiva Health Services, Inc. and Praxair Technologies, Inc.
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The Global home healthcare market is segmented as follows:
By Device Types
- Diagnostics and Monitoring Home Devices
- Blood Glucose Monitors
- Blood Pressure Monitors
- Heart Rate Monitors
- Temperature Monitors
- Sleep Apnea Monitors
- Coagulation Monitors
- Pregnancy Test Kits
- Pulse Oximeters
- Therapeutics Home Healthcare Devices
- Insulin Delivery Devices
- Ventilator and CPAP Devices
- IV Equipments
- Dialysis Equipment
- Home Mobility Assist Devices
- Cranes and Crutches
- Other Home Mobility Assist Devices
- Medical Supplies
- Rehabilitation Services
- Telehealth and Telemedicine Services
- Infusion Therapy Services
- Respiratory Therapy Services
- Unskilled Home Healthcare Services
- North America
- Latin America
- Middle East & Africa
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