Home Healthcare Market is Poised to Reach USD 349.8 Billion by 2020

Date: 2015-09-21

“The home healthcare market is poised to reach USD 349.8 billion by 2020 from USD 227.5 billion in 2015, growing at a CAGR of 9.0% from 2015 to 2020. This market is categorized on the basis of products, services, software, telehealth, and region. The home telehealth market is expected to grow at the highest CAGR in the coming five years. 

Major factors contributing to the growth of the global home healthcare market include the rising aging population, increasing incidences of chronic diseases, growing demand for affordable healthcare delivery systems due to the 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 contributing to the growth of this market. However, changing reimbursement policies, 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 across the globe to promote home healthcare. In this regard, the Affordable Care Act was passed by the U.S. government in 2010, which was aimed at improving the quality of care and reducing healthcare costs by providing insurance to the uninsured healthcare services and products. 

Asia is poised to be fastest-growing region in the home healthcare market from 2015 to 2020. High growth in this market is attributed to the increasing adoption of innovative techniques, increasing disposable income levels, expansion of home healthcare companies in the Asian region, rising awareness on home healthcare, and the increasing need for affordable healthcare delivery systems.

Apart from the comprehensive geographical analysis, product analysis, and market sizing; the report also provides a competitive landscape that covers the growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.

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