The global home healthcare market is characterized by the presence of a large number of small, medium, and large-scale market players. Since the market is closely aligned with the healthcare industry, the market player players are expected to collaborate with the hospitals and healthcare centers to promote their products. Furthermore, the leading market players are projected to concentrate on building their iconic brand in order to establish their presence in the market. The smaller and medium-scale players are expected to build a robust network of manufacturing in order to sustain themselves in the market.
The weak barriers to the entry of market players have led to the emergence of new vendors in the market. As the demand within the global market for home healthcare increases, the market players are expected to expand their product portfolio. A number of initiatives have been taken by the leading market players to expand their geographical reach.
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A report published by Transparency Market Research (TMR) foretells a growth pattern for the global market for home healthcare over the period between 2014 an 2020. The CAGR for this forecast period is expected to be 8.10%, and the market is expected to touch a value of US3.6 bn in 2020 from US6.1 bn in 2013.
- Prevalence of Chronic Diseases to Bolster Demand
The medical industry has observed a higher incidence of chronic diseases in recent times, which has led to the growth of the global market for home healthcare. This is because patients suffering from disorders such as hypertension, respiratory problems, strokes, and kidney failure need to stay wary of their health at all times. The ease offered by home healthcare devices has led to their greater acceptance amongst people, which has also fortified the growth prospects of the market.
The review is based on a market research report by TMR titled, “Global Home Healthcare Market (By Device Types: Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies; By Services: Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services) – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”
