The worldwide Home Healthcare Market is projected to expand at a CAGR nearly 8% over the forecast period (2012 to 2020). In 2015, the industry stood at nearly USD 245 billion. One of the key drivers of this market is the rapidly growing geriatric population worldwide. The elderly are most susceptible to medical disorders, such as COPD (chronic obstructive pulmonary disease), diabetes, and asthma among others.
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The onset of such ailments triggers the need for health checkups & monitoring on a regular basis. As a result, the demand for health delivery & health monitoring services starts increasing subsequently. The growing trend of establishing clinical facilities in home settings is likely to spur industry growth in the years to come. Besides being safe & effective, home healthcare equipment are very convenient too. Seat lifts and denture cleaners are examples of technologically advanced products.
The global industry is segmented as per products, services, and regions. On the basis of products, the divisions are mobility assist equipment, diagnostic equipment, and therapeutic equipment (TE). With a 41.6% revenue share, diagnostic equipment dominated the industry in 2013. This product segment is poised to witness remarkable growth till 2020. Demand drivers are high incidence of cardiovascular disorders & diabetes, the need for regular monitoring services for chronic illnesses, and heightened awareness.
High usage rates of devices for BP monitoring and for fertility & pregnancy tests also has a positive impact on product demand. Therapeutic equipment held the second highest share in 2013. These comprise home respiratory therapy equipment, home dialysis equipment, intravenous pumps, insulin delivery, and others. Walking assist devices, home medical furniture, and wheel chairs are examples of mobility assistive equipment.
According to services, the overall Home Healthcare Market is categorized into telemetry, infusion therapy services, respiratory therapy services, unskilled home care, and rehabilitation services. Owing to an increasing geriatric population and growing number of surgeries being performed for trauma cases, rehabilitation services held a 59.3% industry share in 2013. Infusion therapy is expected to grow rapidly over the forecast period, owing to cost efficient ambulatory therapies and high usage rates of enteral nutrition & chemotherapies in home settings.
Regional segments of the worldwide home healthcare market are Asia Pacific, Europe, North America, and Rest of the World. North America being a well established regional market held a revenue share exceeding 44.3% in 2013. Regional drivers are large aging population, well developed healthcare infrastructure, and high income levels. Favorable government initiatives that curb healthcare spending via the promotion of home healthcare may stand to benefit the region in the years to come. Asia Pacific can expand robustly because of a rapidly growing aging population in Japan and better medical infrastructure in emerging countries. High healthcare expenditure in China and India may further contribute to regional progress.
Companies in the global home healthcare market are Teleflex, Carefusion, Fresenius Kabi, Kinetic Concepts, and GE Healthcare among many others. Once a patient is discharged from a hospital, the quality of medical care that he/she receives decreases drastically. In view of this, Reliq Health Technologies Inc., developed an affordable and effective home healthcare solution in 2016. This solution, known as the “Circle of Care” involves a well developed network comprising medical practitioners, nurses, the patient, and the patient’s family members. This solution can be customized as per the exact needs of the patients. Reliq Health Technologies Inc. is a Canada based technology company that focuses on innovations in mHealth (mobile health).
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