Tracking
The global home healthcare market is expected to generate the revenue of USD 500 billion by 2024. Global home healthcare equipment market is around 12-15% of total home health care market, which is anticipated to reach USD 50 billion by the end of 2024, growing at a CAGR of 7% during the forecast period and rest of the share is generated by home healthcare services.
With time becoming more precious a significant number of populations prefers for devices which can provide diagnosis, care within the home environment. This procedure helps the patients in saving time and utilizes the saved time for other productive activities. Diabetes among other diseases accounts for the largest share (45% in 2006) in the home healthcare equipment market.The development in the field of blood glucose monitoring, insulin management, sleep apnea, cardiac rhythm management will be the main growth drivers of home health.In global home healthcare equipment market, services segment is the largest, providing services like rehabilitation, telehealth and telemedicine, respiratory therapy, infusion therapy and unskilled home healthcare services.While on the other hand, home healthcare equipment market is facing challenges like providing services for chronic illness, changing reimbursement policies and limited insurance coverage.
According to Goldstein Research, global home healthcare equipment market is segmented on the basis of device type, distribution channel and by end-user. Based on product, diagnostic and monitoring devices are expected to account for the largest revenue share in home healthcare equipment market by 2024, due to the significance of preventive medicine and the potential to decrease health-related complications and portability of devices with accuracy. However, the fastest growing segment is therapeutics devices comprises of insulin delivery devices, nebulizers, ventilators and CPAP devices to treat sleep apnea, IV equipment, and dialysis equipment, which is expected to grow at a CAGR of 10-12% from 2015 to 2024.In 2015, U.S. and Canada were the largest geographies which held 35% share in global home healthcare equipment market followed by Europe and APAC being the emerging market.
“Home healthcare equipment Market, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the healthcare industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry home healthcare equipment manufacturers, suppliers, and distributors, pharmaceutical & biotechnology companies, healthcare institutions, clinical centers, medical research laboratories and academic medical centers and universities to analyze the future prospects of the overall healthcare industry.
Global Home healthcare equipment Market Segmentation can be classified on the basis of:
Based on Device
- Diagnostics and Monitoring Home Healthcare Devices
• Blood Pressure Monitors
• Blood Glucose Monitors
• Pulse Oximeters
• Peak Flow Meters
• Heart Rate Monitors
• Fetal Monitoring Devices
• HIV Test Kits
• Sleep Apnea Monitors
• Coagulation Monitors
• Ovulation and Pregnancy Test Kits
• Holter and Event Monitors
• Cholesterol Monitoring Devices
• Colon Cancer Test Kits
• Home Hemoglobin A1c Test Kits
• Drug and Alcohol Test Kits
• ECG/EKG Devices
• EEG Devices
• Temperature Monitors
• Hearing Aids
• Pedometers
- Therapeutics Home Healthcare Devices
• Oxygen Delivery Systems
• Nebulizers
• Ventilators
• Sleep Apnea Therapeutic Devices
• Wound Care Products
• IV Equipment
• Dialysis Equipment
• Insulin Delivery Devices
• Inhalers
• Other Therapeutic Products (Ostomy Devices, Automated External Defibrillators, and External Stimulation Devices)
- Home Mobility Assist Devices
• Canes
• Crutches
• Mobility Scooters
• Walkers and Rollators
• Wheelchairs
- Medical Supplies
Based on Distribution Channel
- Offline Channel
- Online Sales
Based on End User
- Hospitals/Clinics/Diagnostic Lab
- Research and Development Centre
- Home Care Settings
By Geography
- North America (US, Canada)Home Healthcare Equipment Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Home Healthcare Equipment Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) Home Healthcare Equipment Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Latin America (Brazil, Mexico and Rest of Latin America)Home Healthcare Equipment Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Home Healthcare Equipment Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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Market Trends, Drivers & Challenges
The demographic and attitudinal shifts in the healthcare equipment market are reinforced by such trends as the rising cost of institutional care, awareness among the population, and a growing receptivity to home health care among physicians and private and public insurance companies. According to the World Health Organization (WHO), the number of people who are 65 years and older is expected to increase to 2 billion by 2050 from 605 million in 2000. To meet the challenges of rising healthcare cost, increase in aging population is impacting healthcare system, resulting in hospital consolidations, decrease in inpatient time and providing reservation for critical patients with acute care hospital beds in the case of life-threatening diseases. Due to the mentioned factors and rise in the role of Medicare services, has given rise to home healthcare device market. Due to direct sales through the Internet has brought the distribution channel consolidation, leading to a decrease in the number of distributors in the global homecare equipment market.
“Home Healthcare Equipment Industry Analysis” report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. The global home healthcare equipment market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
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