The growth of this market is mainly driven by the growing geriatric population; increasing incidence of chronic diseases; and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare.
This report segments the home healthcare market into product, service, software, telehealth solutions, and region. Based on product, the market is segmented into testing, screening, & monitoring products; therapeutic products; and mobility care equipment. The mobility care segment is slated to register the highest CAGR during the forecast period due to the growing geriatric population, ease of use, rising demand for personal independence, and social connectedness. These devices also offer personal security and safety.
Based on service, the market is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services. The infusion therapy services segment is estimated to register the highest CAGR during the forecast period. This can be attributed to technological advancements and cost-effectiveness.
In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as converging trends of aging population, technological advancement, and rising incidence of chronic diseases.
Asia is expected to grow at the highest CAGR during the forecast period. Factors such as rising geriatric population, increasing adoption of innovative techniques, increasing disposable income, expansion of home healthcare companies in this region, rising awareness of home healthcare, and increasing need for affordable healthcare delivery systems are expected to drive the growth of this market in Asia.
Changing reimbursement policies, limited insurance coverage, and patient safety concerns may limit market growth to a certain extent in the coming years. The home healthcare market is highly competitive with the presence of several small and big players. Prominent players in the home healthcare market include Philips Healthcare (Netherlands), Kindred Healthcare (US), Linde Group (Germany), Almost Family Inc. (US), Abbott Laboratories (US), LHC Group (US), A&D (Japan), Amedisys (US), Fresenius (Germany), Omron (Japan), McKesson (US), BAYADA Home Health Care (US), Kinnser Software, Inc. (US), and Roche (Switzerland).