LONDON--(BUSINESS WIRE)--The global home healthcare market is expected to grow at an impressive CAGR of close to 9% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global home healthcare market for 2017-2021. The market is further categorized into two application segments (medical treatment and preventive healthcare) and segmentation by type of offering (solutions, services, and products).
Technavio’s research analysts segment the global home healthcare market into the following regions:
- Americas
- EMEA
- APAC
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Americas: largest market for global home healthcare
In the Americas, approximately 44 million to 48 million people were above 65 years of age in 2016, and the number is expected to reach above 90 million by 2060. This increase in the aging population drives the growth of the market in the Americas due to the increase in adoption of long-term healthcare services and rising awareness about healthcare. The aging population regularly uses products such as crutches, canes, and wheelchairs and the growing disposable income of the people allows them to spend more on such products. During recent years, improvements in healthcare infrastructure have been observed in developed countries such as the US and Canada. The demand for home healthcare in the region is driven by easy accessibility of products and services, bigger healthcare spending, obtainability of health insurance, and availability of favorable reimbursements.
“The vendors in the region have catered to the growing demand by providing diverse applications of home healthcare products and services. Strategic investments are made by vendors in the development of innovative products, expand their distribution networks, and increase their market share. The revenue of vendors is improved by enhancements in the distribution network. The growing competition among these vendors has resulted in product availability at competitive prices through multi-channel distribution networks, and resulted in the introduction of new products and services,” says Amber Chourasia, a lead research expert from Technavio for health and wellness.
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Home healthcare market in EMEA
EMEA held about 33.05% of the total share of the global home healthcare market in 2016. The promising market conditions for vendors and the rising adoption of home healthcare in the region contributed to growth in market share. Due to the presence of developed countries such as the UK, Germany, and France and developing countries in MEA, the market in EMEA has witnessed significant growth.
“There is a rise in the number of healthcare facilities in developed countries due to the prevalence of lifestyle diseases such as obesity. Additionally, healthcare services are adopted by people for diabetic care, degenerative joint diseases, and sleep apnea that are caused by obesity. The growth of the market during the forecast period will be a result of growing prevalence of obesity in the region,” says Amber.
Home healthcare market in APAC
APAC held the lowest share of the market in 2016. The growth of the market in the region was affected owing to limited product penetration because of the lack of a structured distribution network and low awareness about home healthcare. Due to lack of skilled professionals who provide the required services, vendors that combine products and services into a single platform are unable to compete in the market. Nevertheless, as a result of aggressive promotions by vendors and increasing awareness about home healthcare, the market in this region is expected to grow during the forecast period.
Many vendors are shifting their operations to India and China to reduce the cost of manufacturing that has led to the development of the home healthcare market in such developing countries. The accessibility of products, services, and solutions in the region has also improved due to this shift by vendors.
The top vendors in the global home healthcare market as highlighted in this market research analysis are:
- Abbott
- Johnson & Johnson
- Omron Healthcare
- Koninklijke Philips
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