Europe’s Home Health Market to Reach $57 Billion by 2017
The European home health care market is expected to reach $57.2 billion by 2017, including products, services, and telehealth, according to a forecast by MarketsandMarkets, a global market research and consulting company.
“Fueled by the rising number of elderly people and technological advancements, the European home healthcare market has experienced significant growth over the past decade,” says the report. “A pivotal factor in the growth of this market has been the increasing healthcare cost, which have shifted the focus of healthcare from hospitals to home. Initiatives taken by governments to support home healthcare further propels the market.”
There are major deterrents to the market’s growth, however, including limited insurance coverage for home health care devices, safety risks for patients and home care workers.
Still, mobility assist and other devices related to home care, along with home health care therapeutic equipment and the telehealth market are all lucrative for companies to invest in, according to MarketsandMarkets, as they are forecast to grow at a very high compound annual growth rate between 2012 and 2017.
Germany dominated Europe’s home health care market in 2012, says the report, attributed to an increase in its senior population, number of chronic diseases, government funding, acceptance of home-based devices, awareness of home health care, and supportive insurance coverage. France was ranked the second-largest European home health care market.
Philips Healthcare (based in the Netherlands) and GE Healthcare (based in the United Kingdom) are among the major players on the European home healthcare market, along with two other UK-based providers, Bupa Home Healthcare Ltd. and Healthcare at Home.
Access MarketsandMarkets five-year outlook on Europe’s home health care market.
Written by Alyssa Gerace