Asian Home Healthcare Market is Expected to Reach USD 62.32 Billion by 2020

Date: 2016-03-04

The Asian home healthcare market is expected to reach USD 62.32 billion by 2020 from USD 39.07 billion in 2015, at a CAGR of 9.8% from 2015 to 2020. This market is segmented on the basis of products, services, telehealth, and countries. The Asian home telehealth market is expected to grow at the highest CAGR in the coming five years. 

Major factors contributing to the growth of the Asian home healthcare market include the rapidly growing aging population, increasing incidences of chronic diseases, growing demand for affordable healthcare delivery systems due to increasing healthcare costs, technological advancements, and government initiatives to promote home healthcare. In addition, rising awareness regarding the convenience and cost-effectiveness of home healthcare products & services and the increasing adoption of telecommunication in healthcare are factors contributing to the growth of this market. However, lack of awareness about home healthcare, limited insurance coverage, and patient safety concerns are factors that may hinder the growth of this market during the forecast period.

Various initiatives are being taken by governments in Asia to promote home healthcare. In this regard, in August 2014, the National Health and Family Planning Commission (NHFPC) circulated the first detailed policy in China on the measures of promoting remote medical services among medical institutions. This provided some of the basic rules for telemedicine in China.

China and India are projected to be the fastest-growing regions in the Asian home healthcare market from 2015 to 2020. Growth in these markets can be attributed to the increasing adoption of innovative techniques, increasing disposable income levels, expansion of home healthcare companies in the Asian region, emergence of home healthcare service providers especially in India, and the increasing need for affordable healthcare delivery systems.

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