The global home healthcare devices market includes wide range of medical devices that help patients to diagnose various chronic diseases. The home healthcare devices market is expected to exhibit significant growth on the account of increasing aging population, rising number of population diagnosed with chronic diseases, technology development and key government policies. Increase in the geriatric population, health awareness among the population and increase in diagnosis. Additionally, growing geriatric population is also expected to increase the growth of home healthcare device market.
Market size and forecast
The global home healthcare devices market is anticipated to generate the revenue of USD 500 Billion by 2027. Global home healthcare devices are expected to grow with healthy CAGR of 8.1% during the forecast period. In 2017, countries in North America such as U.S. and Canada are expected to contribute highest market share followed by Europe and Asia Pacific.
Based on device segmentation, the diagnostic and monitoring devices are expected to contribute largest market share in home healthcare devices market. This is attributed to the fact of the growing prevalence of lifestyle diseases coupled with increasing need for continuous monitoring .Moreover, therapeutics devices is the highest growing segment which includes of insulin, nebulizers and ventilators devices .
By region, global home healthcare devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is anticipated to contribute highest revenue in the global home healthcare devices market. The North America region is dominating on the back of high technological medical infrastructure and also high disposable income in the region. Moreover, key players operating in the North America region are offering diversified home healthcare devices in order to cater the huge customer base. Asia Pacific is expected to grow significantly over the forecast period on the account of advanced economy, growing population and rising incidences of chronic diseases. Additionally, high accessibility to trained labor is also expected to increase the market growth of the global home healthcare device market during the forecast period.
Our in-depth analysis segmented the global home healthcare device market in the following segments:
By Distribution Channel
By End User
The Global Home Healthcare Devices Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The increasing awareness among population regarding the various home healthcare devices and the growing in the aging population is expected to have positive impact on the global home healthcare devices market. Additionally, continuous technology up gradation by various companies operating in the global home healthcare devices is expected to fuel the market growth in the coming years. Furthermore, companies offering the home healthcare devices are adopting strategy by expanding through collaboration and launching new type of home healthcare devices in order to cater the evolving and unmet demand among customers.
However, factors that are expected to inhibit the market growth of global home healthcare devices include high cost coupled with inadequate insurance coverage.
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