By Christine Kerncontributing writer
This market growth is fueled by the rapid emergence of telehealth and other developing technologies.
The global home healthcare market will reach $355.3 billion by 2020, increasing at an estimated compound annual growth rate of 7.8 percent from 2014 to 2020, according to a Grand View Research study. This growth will be driven by telehealth and other emerging technologies and “untapped potential in emerging markets such as India, Brazil and China and increasing health awareness are expected to serve this market as future growth opportunities.”
Grand View notes the global home healthcare market includes a broad range of equipment and services designed for exclusive use for home or other non-medical establishments by non-professional caregivers, family members, or the patients themselves.
The current value-based care model increasingly turns to various forms of home healthcare as a cost-effective alternative to care in a medical facility, especially to treat patients in need of ongoing care due to age or chronic conditions. The FDA has also announced it will provide closer oversight of home healthcare equipment in the country. Government independent standards organizations, insurance regulators, and industry groups are all focusing increased attention on the development, marketing, regulation, and surveillance of the home healthcare market to ensure the safety and reliability of equipment for both patients and caretakers.
Grand View Research predicts that infusion therapy will become the fastest growing services market, while home healthcare-based diagnostics are dominating the product market due to monitoring for growing rates of diabetes and cardiovascular diseases. The findings further reveal North America was the biggest regional market in 2013, accounting for more than 40 percent of the year’s revenue. The study also stated that U.S. expenditure for homecare was approximately $57.6 billion in 2007.