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MarketsandMarkets: Global Home health care Market worth US$159.6 Billion By 2014
According to a new healthcare market research report ‘Global Home Care and Self Care Market (2009 - 2014)’, published by MarketsandMarkets (www.marketsandmarkets.com), in 2009, the entire home healthcare market covered under the report is estimated to be approximately $159.6 billion. Home healthcare service market is estimated to constitute $143.1 billion in 2009, which is about 90% of the entire market.
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The most important trend in healthcare is the focus shift from hospitals to home care, moving from treatment to proactive monitoring and care, which is opening new gates of opportunities for the home healthcare market. Patients prefer home healthcare over hospitals mainly for the convenience and cost effectiveness it offers. However, they are now opting more for third party home care over self care mainly due to better treatment quality ensured by trained medical professionals at home. The home healthcare market generates more than 70% of revenues from the people aged 65 years and above. The major reason underlying such a huge revenue generation from the older population is the declining ‘elderly support ratio’, which is the ratio of the number of people caring for the elderly, to the number of older people above 65 years. This further showcases the growth potential of third party care market in coming years.
The home healthcare services market is estimated to reach $207.0 billion by 2014. Home visits and nursing services constitute 72% of the entire market. Most of the growth potential lies in the field of home telemedicine service which is forecasted to grow at a CAGR of 32.3% from 2009 to 2014.
In the home healthcare equipment market, diabetes devices alone constitute about 46% of the entire market, while the home therapeutic equipment market is the highest growing market growing at a CAGR of 19.4%.
Analyst Briefings on 13th Oct 2009
The Healthcare practice at MarketsandMarkets is pleased to announce its Analyst Briefing Presentation on the Global Home health care Market to be held on13th Oct 2009. The briefing on the Global Home health care Market (2009-2014) will benefit the home healthcare equipment manufacturers, medical research laboratories, physical fitness and nutrition companies, business research and consulting service providers.
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