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(Medical-NewsWire.com, July 19, 2017 ) The report "Asian Home Health Care Market by Product (BP & Heart Rate Monitor, Ovulation KIT, HIV Test, ECG, EKG, EEG, Hearing Aids, Ventilator, Cane, Walker, Wheelchairs), Services (Rehabilitation, Skilled, Hospice, Palliative Care), & Telehealth - Forecasts to 2020", The Asian home healthcare market is expected to reach USD 62.32 Billion by 2020 from USD 39.07 Billion in 2015, at a CAGR of 9.8% during the forecast period.
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Growth in this market is mainly driven by factors such as the rapidly increasing geriatric population (especially in Japan, Singapore, China, South Korea, and Taiwan), the growing need for cost-effective healthcare delivery due to increasing healthcare costs, rising incidences of chronic diseases, and technological advancements in devices. However, limited insurance coverage, low awareness about home healthcare, and risks to personal safety of home care workers are the factors restraining the growth of this market to a certain extent.
The report segments the Asian home healthcare market based on products, services, telehealth, and countries. Based on products, the market is further segmented into testing, screening, and monitoring products; therapeutic products; and mobility care products. The testing, screening, and monitoring products segment is estimated to account for the largest share of the Asian home healthcare products market in 2015.
The shifting trend from traditional treatment to a preventive approach and rising purchasing capability of people in Asian countries is expected to boost the growth of the Asian home healthcare testing, monitoring, and screening devices market.
In addition to portability, the potential of these devices to reduce healthcare complications and ensure high accuracy are also expected to create a significant demand for monitoring and testing devices. Moreover, with the rising number of patients suffering from chronic diseases in many Asian countries, the demand for these products is increasing.
The telehealth market, on the other hand, is projected to grow at the highest CAGR during the forecast period, owing to the increasing adoption and utilization of telecommunication in providing care and significant government support to promote the use of telehealth.
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The Asian home healthcare market is further segmented into Japan, China, India, and the Rest of Asia (RoA). In 2015, Japan is estimated to dominate the market, followed by China. Factors such as aging population, technological advancements, and favorable reimbursement policies in Japan are primarily driving the home healthcare market in this country. However, China is projected to be the fastest-growing market during the forecast period.
The Asian home healthcare market is a fragmented market, with several big and emerging players. The key market players include Philips Healthcare (Netherlands), Linde Group (Germany), Abbott Laboratories (U.S.), Johnson & Johnson (U.S.), A&D Company Limited (Japan), Fresenius SE & Co. KGaA (Germany), Omron Corporation (Japan), McKesson Corporation (U.S.), Roche Holdings AG (Switzerland), Portea Medical Pvt, Ltd. (India), Teijin Limited (Japan), and GE Healthcare (U.K.)
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