The global home healthcare market is expected to reach $355.3 billion by 2020, growing at an estimated CAGR of 7.8 percent from 2014 to 2020, according to a report from Grand View Research.
Grand View Research defines home healthcare products as equipment and services that are designed to be used in the home or in other non-medical establishments by non-professional caregivers, family members, or patients. The research firm adds that the increasing adoption of telehealth offerings and other healthcare technologies are expected to drive market growth over this period.
Grand View also found that home healthcare diagnostics dominated the home healthcare market. This segment had 41.4 percent market share in 2013. This was in part because there was a growing number of people who were diagnosed with diabetes and cardiovascular diseases.
North America was the largest regional market, in 2013, bringing in 40 percent of the total revenue. Grand View explains that some reasons this region had such a large share include the presence of a sophisticated healthcare and reimbursement infrastructure, relatively high patient awareness levels, and high healthcare expenditure.
From 2014 to 2020, the Asia Pacific home healthcare market is expected to grow the fastest, at a CAGR of 9.7 percent. This is in part because of the region's unmet medical needs and the rapidly improving healthcare infrastructure in some emerging markets, including India and China. Additionally, the presence of a large geriatric population in Japan is also expected to drive growth in that country during this period.