Home Healthcare Market Predicted to Reach $355.3 Billion by 2020
As the population of Americans 65 years of age and older continues to grow, government-sponsored healthcare spending continues to tighten. Naturally, this has led to a greater emphasis on the most affordable options, one of which is home healthcare. As a result, the market is expanding, and, according to a recent report, is expected to rise steadily for the next several years.
Data from the Grand View Research report indicates that the home healthcare market—which the researchers defined as products and services designed for exclusive use for home or other non-medical establishments1—is likely to expand to $355.3 billion by 2020. This represents a compound annual growth rate (CAGR) of approximately 7.8% from 2014 to 2020.2 Infusion therapy, with an estimated CAGR of 11.7% from 2014 to 2020, is likely to be among the fastest growing segments.1
As technology continues to evolve in the post-acute arena, the need for telemetry, or telehealth, is likely to increase. In fact, a January 2016 report from MarketsandMarkets suggests that the market for devices that monitor patients is expected to increase at a CAGR of 5.6%, reaching almost $25 million by 2020.3 As care providers and patients adopt these remote means of health monitoring, patient discomfort and hospital stays are reduced.3
Adoption of these new mobile technologies and patient monitoring systems is where the industry is headed, so assess your internal processes, and see how mobile technology fits. Giving your staff in the field the ability to access patient data and monitoring from your brick-and-mortar location should be a common practice. If it’s not, consider adopting these practices in the coming months. See how CareTend infusion management software can prepare your business for the upcoming demands in healthcare.