Home
healthcare device market is expected to witness lucrative growth over the
forecast period owing to the increasing prevalence of chronic diseases such as
diabetes, respiratory diseases and cardiac disorders. Home healthcare devices
are wide range of medical equipment, devices and drugs that are generally used
in home for treating diseases and disorders by non-professional care givers
such as family members or patient itself. Improvement in technology has made
the applications of medical devices simpler and mobile which is expectedto
drive the home healthcare devices market over the forecast period. Some other
factors which have triggered the demand for these devices are increasing demand
for minimal invasive devices, cost effectiveness in treatment of diseases at
home rather than visiting hospitals & healthcare institutes, and acceptance
of more home healthcare devices globally. Increasing number of people diagnosed
for deadly diseases like diabetics, kidney disease, asthma and cardiac diseases
are anticipated to drive the market for home healthcare devices and drugs.
Rapid growth in geriatric population base, increasing government support in
healthcare, increase in personal disposable income and huge investment in sunk
cost are the triggering factors for the market growth over the forecast period.
Improvement in technology has bought a revolutionary change in treatment of
chronic diseases by making it safer, increasing its effectiveness and making it
more convenient in handling by the patients or caretakers.
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Product
Insights
The
global home healthcare device market is bifurcated into type of
products/devices and services. On the basis of products, market is again
classified into diagnostic and monitoring devices, therapeutic home healthcare
devices, home mobility assist devices, and medical supplies. Diagnostic and
monitoring healthcare devices are divided into blood glucose monitors, blood
pressure monitors, temperature monitors, heart rate monitors, sleep apnea
monitors, pregnancy test kits, coagulation monitors, pulse oximeter and
pedometers. Therapeutic home healthcare devices is further classified into
insulin delivery devices, CPAP devices, nebulizers, intravenous equipment and
dialysis equipment, whereas home mobility devices are sub-segmented into
wheelchairs, cranes and crutches. Among all these, home mobility devices are
commonly useddevices in daily practices by patients. Devices like blood glucose
and blood sugar monitors are likely to growth over the next decade.
Services
Insights
On the basis of services, market is divided
into rehabilitation services, telehealth & telemedicine services,
respiratory therapy services, infusion therapy services and unskilled home
healthcare services. Respiratory therapy services contributes significant share
in home healthcare market owing to the increasing incidences of respiratory
disorders. Telemedicine and telehealth services are anticipated to growth at
highest rate owing to the increasing usage of technology and active online
presence of these devices.
Regional Insights
Regionally, the entire home healthcare market is divided into
four main regions namely, North America, Europe, Asia Pacific and RoW. North
America dominated the home healthcare products, in 2013. Owing to the
increasing investment in R&D by big pharmaceutical companies and availability
of sophisticated technology, the market is anticipated to continue its
dominance by 2020. Asia Pacific region is considered to be the fastest growing
segment over next six years due to increasing awareness about latest technology
and growing geriatric population. Emerging economies provide significant growth
opportunity for the growth of this market owing to a large potential market
which is lying idle and needed to be exploited, in order to capture maximum
market share.
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Competitors Insights
Some of the key players of home healthcare device market are
3M Healthcare, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Johnson &
Johnson Services, Inc., GE Healthcare, Bayer AG, Beckton, Dickinson and
Company, Cardinal Healthcare, Gentiva Health Services, Inc., Invacare Corporation,
and Medtronic, Inc. to name a few. The market is highly competitive and firms
are adopting many business strategies for development of their business.
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