The global home healthcare market is characterized by the presence of a large number of small, medium, and large-scale market players. Since the market is closely aligned with the healthcare industry, the market player players are expected to collaborate with the hospitals and healthcare centers to promote their products. Furthermore, the leading market players are projected to concentrate on building their iconic brand in order to establish their presence in the market. The smaller and medium-scale players are expected to build a robust network of manufacturing in order to sustain themselves in the market. The weak barriers to the entry of market players have led to the emergence of new vendors in the market. As the demand within the global market for home healthcare increases, the market players are expected to expand their product portfolio. A number of initiatives have been taken by the leading market players to expand their geographical reach. Strategic alliances, mergers, acquisitions, and partnerships are expected to be the key highlights of the global market. Praxair Technologies, Inc., F. Hoffmann-La Roche Ltd, Bayer Healthcare, ResMed, Inc., GE Healthcare, Gentiva Health Services, Inc., Medtronic, Inc, Teleflex Corporation, Phillips Healthcare, Cardinal Health, Invacare Corporation, Johnson & Johnson, Abbott Laboratories, and Omron Healthcare, Inc. are identified as the key market players in the global market for home healthcare.
A report published by Transparency Market Research (TMR) foretells a growth pattern for the global market for home healthcare over the period between 2014 an 2020. The CAGR for this forecast period is expected to be 8.10%, and the market is expected to touch a value of US$303.6 bn in 2020 from US$176.1 bn in 2013.
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Prevalence of Chronic Diseases to Bolster Demand
The medical industry has observed a higher incidence of chronic diseases in recent times, which has led to the growth of the global market for home healthcare. This is because patients suffering from disorders such as hypertension, respiratory problems, strokes, and kidney failure need to stay wary of their health at all times. The ease offered by home healthcare devices has led to their greater acceptance amongst people, which has also fortified the growth prospects of the market. In order to avoid the hassles of going to the doctor on a regular basis, the geriatric population has been adopting home healthcare at a swift pace. Hence, the rising population of the geriatric demographic is expected to expand the global market for home healthcare over the coming years.
North America to Acquire Largest Market Share
The favorable reimbursement policies for medical aid across North America have fortified the regional market for home healthcare. Furthermore, the healthcare infrastructure across North America outruns the infrastructure of all other regional pockets, which is also expected to contribute to market growth. The presence of key manufacturers and service providers of home healthcare devices has also led to an increased demand within the regional market. The market in Asia Pacific has also emerged as a major source of revenue for the global home healthcare market. This is due to the efforts of the governments in the region to enhance healthcare in their respective territories.
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