The U.S. expenditure for homecare was around USD 57.6 billion in 2007, published by U.S. FDA. Growth drivers for home healthcare market are increasing base of geriatric population. People over 65 years of age attract chronic medical conditions like asthma, diabetes, chronic obstructive pulmonary disease and others which require frequent routine health monitoring and health delivery services. Insurance regulators, government standard organizations, equipment manufacturers are cumulatively focusing on development and surveillance of home healthcare equipment with respect to safety, comfort and product usability for caretakers and patients. Home healthcare market is expected to grow lucratively during the forecast period owing to paradigm shift of clinical facilities to the home settings as it is more convenient, effective and safe. Home healthcare products such as denture cleaners, seat lift and others lie in to the category of technologically advanced product range.
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Product Insights
The global home healthcare market on the basis of products is segmented into diagnostic equipment, therapeutic equipment, and mobility assists. Diagnostic product segment emerged as market leader and accounted for 41.6% of the overall home healthcare product market in 2013. It is expected to gain share over the forecast period, owing to increasing prevalence of diabetes, cardiovascular and cardiopulmonary diseases, patient awareness levels, growing prevalence levels of long term illnesses requiring constant diagnosis and high usage rates of BP monitors and pregnancy and fertility tests. Therapeutic equipments market of home healthcare market comprising insulin delivery, home respiratory therapy equipment, IV (intravenous) pumps, home dialysis equipment and others therapeutic equipment held second largest market share in 2013.
Mobility assistive equipment is designed to provide basis mobility outside and inside the home. It includes wheel chairs, home medical furniture and walking assist devices. The overall mobility assistive market is expected to grow at a lucrative CAGR during the forecast period owing to increasing incidences of trauma, arthritis and mobility impairments, growing geriatric population base triggering incidence rates of orthopedic disorders and physical disabilities.
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Service Insights
The global home healthcare market on the basis of services catered is segmented into unskilled home care, rehabilitation services (primarily hospice care), infusion therapy services, respiratory therapy services and telemetry. Rehabilitation services accounted for the 59.3% of the overall home healthcare service market in 2013 majorly owing to increasing geriatric population base and growing incidence rates of surgeries pertaining to trauma. Infusion therapy comprising the administration of medicaments through catheter or needle via various routes such as IV, epidural or intramuscular route, is expected to grow at the fastest CAGR during the forecast period. The growth is attributed to increasing global base of geriatric population and the presence of cost effective ambulatory therapies and the growing usage rates of chemotherapies and enteral nutrition at home health settings. It consists of equipment and supplies, patient education or training services, administrative services, pharmacy services and care coordination.
Regional Insights
North America, Europe, Asia Pacific and RoW are the major geographies analyzed in this study. North America is the most matured region of the home healthcare market. It held the largest revenue share of regional market in 2013 at over 44.3% owing to presence of a large base of geriatric population in this region coupled with sophisticated healthcare infrastructure and relatively higher patient disposable income levels are some key drivers of this market.
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Moreover, increasing number of government initiatives aimed at curbing healthcare expenditure levels by promoting home healthcare is expected to serve this market as a driver. Asia Pacific is expected to grow at the fastest CAGR during the forecast period owing to growing geriatric population base in Japan, rapidly improving healthcare infrastructure and growing healthcare expenditure levels in emerging economies such as India and China.
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