Home Healthcare Equipment & Services Market to Reach $345 Bn by 2020
Online, November 16, 2013 (Newswire.com) - The World Bank estimates that by 2050, close to 21% of the world population will be over 60 years old. Currently, over 70% of those using home healthcare services is 65 years or older.
Home healthcare services for Geriatric ailments, physical, occupational and speech therapies, and personal care are rapidly becoming a necessity more than luxury. 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. Innovative 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.
This presents a huge growth opportunity for Home Healthcare providers. Growth in established markets like the US is stable, but tied to reimbursements from Medicare and Medicaid policies.
Developing countries like India are the high-growth regions ripe for capture. The market in Asia for healthcare equipment alone is set to grow from $3bn currently to $11 bn by 2016.
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).
The IndustryARC report on the Global Home Healthcare Market identifies many such M&A opportunities, besides a detailed analysis of the home healthcare services and equipment market.
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