Growing Demand for Testing, Screening, and Monitoring Applications Predicted to Drive the Global Home Healthcare Market Through 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global home healthcare market is expected to record a CAGR of over 8% until 2020.

This research report titled ‘Global Home Healthcare Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various segments, including solutions, services and products.

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“The global demand for home healthcare market for testing, screening, and monitoring applications will witness rapid growth during the forecast period. This segment is dominated by devices that can accurately record vitals, monitor health, and track patient activities,” said Amber Chourasia, one of Technavio’s lead analysts for health and wellness research.

“In 2015, the Americas region accounted for over one-third of the revenue generated in this segment. However, APAC is anticipated to overtake Americas and become the undisputed market leader by 2020,” added Amber.

Home healthcare systems have evolved from products such as blood glucose level monitors and heart rate monitors to complete home healthcare solutions, which allow a patient’s vitals to be tracked in real-time by a physician or a healthcare professional remotely. One of the most recent innovations in this market was introduced by Intel-GE Care Innovations and iHealth in the form of a new line of vital sign monitoring products in the Care Innovations Connect Platform using cloud-based technology. This allows physicians and care givers to immediately and actively manage and respond to any chronic condition and potentially reduce hospital admissions and emergency room visits. This reduction in hospital and clinic visits is driving the growth of the home healthcare market.

Global home healthcare market segmentation by type 2015 (% share)

 

Solutions

    46.23%

Services

46.80%

Products

26.90%

 

Source: Technavio research

 

Global home healthcare solutions segment

The global home healthcare solutions market was valued at USD 56.46 billion in 2015. The global home healthcare solutions market will exhibit rapid growth during 2015-2020. Home healthcare solutions will be the fastest growing segment with a year-over-year (YoY) growth rate reaching 13.03% by the end of the forecast period. Its growth is driven by innovation in terms of product design, support services, and flexibility of these solutions.

Unlike home healthcare services, this segment caters to a much wider potential market that includes patients suffering from acute illnesses as well as those people who consider their physical well-being to be of prime importance. Home healthcare solutions include real-time virtual care, patient engagement, health monitoring, and coordinated care services.

Global home healthcare services market

The global home healthcare services market was valued at USD 56.09 billion in 2015. The global home healthcare services market will exhibit moderate growth during 2015-2020. Home healthcare services include wound care for surgical wounds or pressure sores, patient or caregiver education, injections, monitoring unstable health status and serious illness, and nutrition therapy. These services are offered only after the approval of a doctor or physician. In most cases, doctors are kept updated about the patient’s condition and progress by the home healthcare staff.

Global home healthcare products market

The global home healthcare products market was valued at USD 96.76 billion in 2015. The global home healthcare products market will exhibit steady growth during the forecast period. The market for home healthcare products is broad and includes a wide range of product categories, ranging from heart rate monitors to blood glucose level detectors and nebulizers. These products are often used to monitor and treat chronic diseases at home. The rising number of chronic diseases will therefore continue to propel the demand for home healthcare devices on the future.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global home healthcare market is expected to record a CAGR of over 8% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com