The global home healthcare market is
characterized by the presence of a large number of small, medium, and
large-scale market players. Since the market is closely aligned with the
healthcare industry, the market player players are expected to collaborate with
the hospitals and healthcare centers to promote their products. Furthermore,
the leading market players are projected to concentrate on building their
iconic brand in order to establish their presence in the market. The smaller
and medium-scale players are expected to build a robust network of
manufacturing in order to sustain themselves in the market. The weak barriers
to the entry of market players have led to the emergence of new vendors in the
market. As the demand within the global market for home healthcare increases,
the market players are expected to expand their product portfolio. A number of
initiatives have been taken by the leading market players to expand their
geographical reach. Strategic alliances, mergers, acquisitions, and
partnerships are expected to be the key highlights of the global market.
Praxair Technologies, Inc., F. Hoffmann-La Roche Ltd, Bayer Healthcare, ResMed,
Inc., GE Healthcare, Gentiva Health Services, Inc., Medtronic, Inc, Teleflex
Corporation, Phillips Healthcare, Cardinal Health, Invacare Corporation,
Johnson & Johnson, Abbott Laboratories, and Omron Healthcare, Inc.
are identified as the key market players in the global market for home
healthcare.
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A report published by Transparency Market Research (TMR) foretells
a growth pattern for the global market for home healthcare over the period
between 2014 an 2020. The CAGR for this forecast period is expected to be
8.10%, and the market is expected to touch a value of US$303.6 bn in 2020 from
US$176.1 bn in 2013.
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Prevalence of Chronic Diseases to
Bolster Demand
The medical industry has observed a higher incidence of chronic
diseases in recent times, which has led to the growth of the global market for
home healthcare. This is because patients suffering from disorders such as
hypertension, respiratory problems, strokes, and kidney failure need to stay
wary of their health at all times. The ease offered by home healthcare devices
has led to their greater acceptance amongst people, which has also fortified
the growth prospects of the market. In order to avoid the hassles of going to
the doctor on a regular basis, the geriatric population has been adopting home
healthcare at a swift pace. Hence, the rising population of the geriatric
demographic is expected to expand the global market for home healthcare over
the coming years.
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North America to Acquire Largest
Market Share
The favorable reimbursement policies for medical aid across North
America have fortified the regional market for home healthcare. Furthermore,
the healthcare infrastructure across North America outruns the infrastructure
of all other regional pockets, which is also expected to contribute to market
growth. The presence of key manufacturers and service providers of home
healthcare devices has also led to an increased demand within the regional
market. The market in Asia Pacific has also emerged as a major source of
revenue for the global home healthcare market. This is due to the efforts of
the governments in the region to enhance healthcare in their respective
territories.
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The review is based on a market research report by TMR titled, “Global Home
Healthcare Market (By Device Types: Diagnostics and Monitoring Devices,
Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical
Supplies; By Services: Rehabilitation, Telehealth and Telemedicine, Respiratory
Therapy, Infusion Therapy and Unskilled Home Healthcare Services) - Industry
Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.
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