Published By : 21 Mar 2016 | Published By : QYRESEARCH
The risk of stroke, end-stage kidney diseases, hypertension, respiratory, and other chronic ailments is rising significantly around the world. As per the findings of the International Union Against Tuberculosis and Lung Disease, nearly 235 million people around the world suffered from asthma in 2012 and this number is projected to surge exponentially in the forthcoming years. Home healthcare services provide precision-based model of personal care for patients suffering from chronic ailments and is witnessing substantially increasing acceptance among patient population around the world.
However, the limited regional presence of skilled service providers is restricting the market’s growth to an extent. For instance, the most prominent enterprises such as Gentiva Health Services, Inc. and Linde Group has geographic presence limited to the emerging economies of Asia Pacific, Latin America, and Russia. Nevertheless, according to a report published by Transparency Market Research, the global market for home healthcare is likely to exhibit a CAGR of 8.1% between 2014 and 2020.
Growing Geriatric Population, Coupled with Increasing Incidence of Chronic Ailments, Fuels Demand from Market
According to the WHO, the number of people aged worldwide will reach approximately 2 billion before 2050 ends. Along with this exponentially rising geriatric population, the increasing incidence of chronic ailments, diabetes, and respiratory diseases fuels demand from the global market for home healthcare. While the market is still at a budding stage in developing nations across Asia Pacific and Latin America, the demand for home healthcare devices and services from these regions is poised to surge exponentially in the near future. However, on the flip side, high cost of services and reimbursement issues prevalent in this market are adversely impacting its growth across the world.
Diagnostics and Monitoring Home Healthcare Devices Dominates Global Home Healthcare Market
The global home healthcare market can be broadly classified in to services and devices type. Based on devices, the market can be segmented into diagnostics and monitoring home healthcare devices, mobility assist devices, therapeutics home healthcare devices, and medical supplies. Of these, the diagnostics and monitoring home healthcare devices segment dominated the market in 2014. However, between 2014 and 2020, the market for therapeutics home healthcare devices will exhibit the fastest CAGR of 10%.
Regionally, while North America dominates the global home healthcare market at present, during 2014-2020, Asia Pacific is likely to exhibit the fastest CAGR at 7.0%.