Global home healthcare market projected to grow at CAGR of 8.85% through 2020
- The global home healthcare market, including medical devices, services, and solutions that provide health monitoring and treatment, will grow at a compound annual growth rate (CAGR) of 8.85% between 2016 and 2020, an analysis by Sandler Research forecasted.
- The report looks at the market's growth prospects for the next several years and discusses key vendors like Johnson & Johnson, Omron Healthcare, Philips, McKesson, and Roche Holdings.
- The top market trend identified is the integration of mobile devices with home healthcare systems.
The analysis found growth in the home healthcare industry to be driven by the increasing need for affordable healthcare solutions -- an issue that has been on the rise since the beginning of the 2000's due to ever-increasing healthcare costs.
Sandler Research notes that in the U.S. and some other countries, healthcare costs increased faster than inflation over the last decade reaching 3.62% while the consumer price index inflation rate remained at an average of 2.04%.
"This can be attributed to the increase in the prices of drugs, medical devices, and hospital services," the researchers concluded.
The news follows reports from other sources that home healthcare is one of the fastest growing sectors in the U.S. and a report from Transparency Market Research that the global market is predicted to progress to $303.6 billion by 2020 at a 8.10% CAGR between 2014 and 2020.
- Sandler Research Global Home Healthcare Market 2016-2020