The major drivers of growth for home healthcare equipment market are the growth in healthcare expenditure, increasing health awareness, and ageing population.
With the increase in urban population that demand high quality healthcare services, the private sector is now a lucrative business segment. As a result, investment opportunities for medical device manufacturers, m-Health and e-Health organizations as well as health insurance companies have opened up.
The market of home healthcare equipment accounted for USD 26.8 Billion in 2016 and further the market is estimated to reach USD 28.72 Billion by the end of this year. Global home healthcare equipment market is expected to expand at a CAGR of 7.0% over the forecast period i.e. 2016-2024. Regionally, Asia-Pacific presents unique opportunities for medical device manufacturers. APAC region is one of the fastest growing markets for home healthcare equipment and devices. The market growth was stimulated by rapid expansion of the healthcare sector in the region. Healthcare industry in Asia-Pacific is expected to continue to grow rapidly over 2016 as well. For instance, China’s and India’s healthcare service revenues increased by 15% and 10%, respectively, in 2016 alone, resulting in the soaring demand for home healthcare equipment.
Home Health: Time Saving Formula
With time becoming more precious a significant number of populations prefers for devices which can provide diagnosis, care within the home environment. This procedure helps the patients in saving time and utilizes the saved time for other productive activities. The development in the field of blood glucose monitoring, insulin management, sleep apnea, cardiac rhythm management will be the main growth drivers of home health.
The Limits of Home Healthcare Devices:
Dr. Franko is the Founder and CEO of TopOrthoApps.com, is concerned that even though devices are capable of collecting patient monitoring data like vital signs or glucose level on a 24/7 basis, databases and case histories don’t exist yet that help physicians understand this data deluge. Furthermore, he feels, “There is always risk when diagnosing or proposing a treatment plan without physically seeing the patient.”
“Global Home Healthcare Equipment Market Outlook 2024” contains detailed overview of the global home healthcare equipment market in terms of market segmentation based on device type, distribution channel and by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global home healthcare equipment market which includes profiling of companies of Merck, Siemens, Philips, 3M, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Invacare Corporation, F. Hoffmann-La Roche Ltd., Phillips Healthcare, Medtronic, Inc., Omron Healthcare, Inc., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global home healthcare equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions. Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.