Dive Brief:
- A new study released by Grand View Research, Inc. predicts the global home healthcare market will reach a value of $355.3 billion by 2020, increasing at an estimated compound annual growth rate of 7.8% from 2014 to 2020.
- The prediction encompasses home healthcare products and services designed specifically for use at home or other non-medical establishments, and by non-professional caregivers such as family members or the patients themselves.
- Market growth will be driven by telehealth and other emerging technologies, the study predicts.
Dive Insight:
In today's value-based care model, home healthcare is increasingly being embraced as a cost-effective alternative to care in a medical facility, most notably for patients in need of ongoing care due to age or chronic conditions.
The study adds that "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."
Additional key findings from the study include:
- Home healthcare services represented the bulk of the 2013 overall market, accounting for over 85% of global revenue that year as a result of growing demand for infusion therapy services and telemetry.
- Infusion therapy is predicted to become the fastest growing services market.
- Home healthcare-based diagnostics are dominating the product market due to monitoring for growing rates of diabetes and cardiovascular diseases.
- North America proved to be the biggest regional market in 2013, accounting for more than 40% of the year's revenue.