The demand for home healthcare services is growing at a steady pace across the globe. Increasing costs of in-hospital care and the comfort of convalescing at home are making home healthcare affordable and desirable in both developed and developing nations alike. Better and cheaper medical devices have moved the diagnosis of various ailments from hospitals to the living room.
Increasingly, people suffering from chronic ailments such as cardiovascular diseases, cancer, respiratory diseases and diabetes are preferring home healthcare services. The services for geriatric ailments, physical, occupational and speech therapies, and personal care are rapidly becoming a necessity more than luxury. Currently, over 70% of those using home healthcare services belong to the age group of 65-75 years or older. The World Bank estimates that by 2050, close to 21% of the world population will be over 60 years old, making home healthcare a key sector to be followed.
The market in Asia for healthcare equipment alone is set to grow from $3bn currently to $11 bn by 2016. This presents a huge growth opportunity for Home Healthcare providers who are looking for opportunities in countries other than the U.S where the growth is almost stable, but tied to reimbursements from Medicare and Medicaid policies. Developing countries like India are the high-growth regions ripe for capture. Many players have already started cashing in on this opportunity. The US-based BAYADA Home Healthcare has recently acquired a 26% stake in India-based Indian Home Healthcare (IHHC).
Competitive Landscape:
Innovative products and services are gradually capturing the home healthcare market. Companies such as Carena are offering virtual meetings with doctors for initial diagnosis. Startups like MedSensation, AliveCor, EyeNetra and BrainGate are disrupting the medical devices market to bring complex medical imaging and sensing technologies in much smaller form factors.
The IndustryARC report on the Global Home Healthcare Market identifies many such insights and M&A opportunities, besides providing a detailed analysis of the home healthcare services and equipment market.
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