A report has announced that the global home healthcare market is expected to rise from its value of US$239.30 to $364.69 within the next five years.
This compound annual rate growth (CAGR) of 8.8% is supposedly due to the rising geriatric growth.
With the average life expectancy expanding, there is also an increase in chronic diseases.
This rises the demand for facilities, such as affordable healthcare delivery systems, technological advancements, and government initiatives that promote home healthcare.
The testing, screening, and monitoring products industries are expected to dominate with the largest shares in the market by the end of 2017., because of the rise of preventative medicine.
The home healthcare is divided into the rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services.
Between these, it is the skilled nursing services segment that is expected to dominate in 2017, because of insurance coverage of home nurses and chronic diseases.
The report is dubbed “Home and Healthcare Market by Product (BP & Heart Rate Monitor, Ovulation Kit, HIV Test, ECG, Nebulizer, Hearing Aids, Pedometer, Cane, Crutches, Wheelchair), Software, Services (Rehabilitation, Pregnancy, Palliative), & Telehealth – Global Forecast for 2022”.