Changing Reimbursement Policies And Limited Insurance Coverage Inversely Impacting Home Healthcare E

In-home healthcare is a rare win-win for patients as it is cheaper, more convenient, provides higher quality, and better from a clinical perspective as well, in addition, it provides home visits from doctors, nurses, physiotherapists, nutritionists, counselors, and home health aides. With time becoming more precious a significant number of populations prefers for devices which can provide diagnosis, care within the home environment. This procedure helps the patients in saving time and utilizes the saved time for other productive activities. The development in the field of blood glucose monitoring, insulin management, sleep apnea, cardiac rhythm management will be the main growth drivers of home health.

The global home health care equipment market is expected to generate the revenue of USD 500 billion by 2024. Global home health care equipment market is around 12-15% of total home health care market, which is projected to reach USD 50 billion by the end of 2024, growing at a CAGR of 7% during the forecast period and rest of the share is generated by home healthcare services. In 2015, U.S. and Canada were the largest geographies which held 35% share in global home health care equipment market followed by Europe and APAC, being the emerging market. Diabetes accounted for largest share i.e. 47% among all the other diseases in 2016 in home healthcare equipment market. Geriatric population is prone to chronic diseases such as diabetes which in turn, is expected to fuel the growth of home healthcare device market.

The global home healthcare equipment market is segmented based on devices, distribution channel and end users. On the basis of product type segment is further categorized into diagnostics and monitoring, therapeutics, home mobility assist devices and medical supplies. Among product type, diagnostic and monitoring devices are anticipated to account for the largest revenue share in home healthcare equipment market by 2024, due to the significance of preventive medicine and the potential to decrease health related complications and portability of devices with accuracy. However, therapeutics devices (insulin delivery devices, nebulizers, ventilators and CPAP devices to treat sleep apnea, IV equipment and dialysis equipment) are projected to grow at a CAGR of 10-12% from 2016 to 2024 and account for the fastest growing segment.

Key players of the global home healthcare equipment market include Merck, Siemens, Philips, 3M, Bayer AG, Abbott Laboratories, Cardinal Health, Inc., GE Healthcare, Invacare Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Inc., Omron Healthcare, Inc.