Home health care is a branched out industry which includes infusion services, home nursing care, companion care, and others. Home healthcare is specifically referred to home medical care. Home health care normally involves helping geriatric people to get well from an injury or illness and live independently for as long as possible. Home health care comprises speech therapy, occupational & physical therapy, and skilled nursing. It may include helping older adults with activities of everyday living, like dressing, bathing, and eating. It can also comprise assistance with cleaning, cooking, other housekeeping, and monitoring one’s medication routine.
The global home healthcare market is primarily boosted by rising healthcare costs, increasing geriatric population, and technological advancements in healthcare devices. With rising health awareness among people, the rise in a number of people diagnosed with chronic diseases such as respiratory diseases and diabetes cardiac disorders, the demand for home healthcare market is anticipated to increase in the near future. The population of geriatric people is increasing rapidly all over the world. Geriatric population is more defenseless to chronic diseases such as diabetes. This, in return, is anticipated to power the growth of home healthcare market. On the other hand, limited insurance coverage and changing reimbursement policies may pose a challenge to the home healthcare market growth in the near future. Rapid job growth in home healthcare services is anticipated to open alluring avenues for the growth of the market over the next few years.
The study concludes that the global home healthcare market is expected to grow at a CAGR of 9.40% between 2016 and 2021. The market revenue of $228.90 billion in 2015 is expected to grow up to $391.41 billion by 2021.
On the basis of product segments, home healthcare market has been divided into monitoring and diagnostics home devices, medical supplies, therapeutics home healthcare devices, and home mobility assists devices. Monitoring and diagnostic devices include pregnancy test kits, blood pressure monitors, temperature monitors, heart rate monitors, and others. In 2015, monitoring and diagnostic devices were the major segment of in the global home healthcare market in terms of income and are expected to carry on its dominance in the global market over the forecast period. The medical supplies product sector was a 2nd largest segment of home healthcare and added up 27.89% share of the global demand in 2015. In addition to this, it is expected to grow at the quickest pace in the forecast period. On the other hand, the home mobility assists devices product sector held a less share of the global home healthcare market in 2015.
Telehealth and telemedicine services, rehabilitation services, respiratory therapy services, infusion therapy services, and unskilled home healthcare services are the main services of the home healthcare market. Rehabilitation services sector dominated home healthcare market with the biggest share in terms of total income generated in 2015. This was mainly owing to increasing demand from the aging or geriatric population. In terms of income, telemedicine and telehealth segment was the 2nd largest segment in the home healthcare market and it added up to 24.25% market share of the total market in 2015.
You can find the detail data and more in our Free Home Healthcare Market Sample Report