A new market report compiled and released by Grand View Research Inc predicts that the home healthcare market is expected to be worth $1.7 billion by 2022.
Factors driving this industry include the rising prevalence of chronic condition demanding constant care, the rising geriatric population demanding around-the-clock care, and the increasing costs of hospital stays.
Furthermore, financial assistance provided by Medicare, Medicaid, and other private insurance companies for long-term care are expected to further propel the demand for such services, according to a media release from Grand View Research.
The growing geriatric population base, the increasing demand for independent living, and the subsequent rise in demand of wound management, mobility assistance, and other self care products are the high-impact rendering drivers of this industry, the release continues.
Other key findings from the report include, according to the release: wound care and mattress overlays together are expected to capture over 85% of the market share by 2022, owing to increasing incidences pressure ulcers, diabetic ulcers, and venous stasis ulcers; and the Durable Medical Equipment segment is anticipated to witness the fastest growth and contribute share of over 25% by 2022 owing to the rising demand for mobility assistance devices by elderly patients.
In another finding, the report notes that the United States is anticipated to compose more than 85% of the home healthcare market in 2022, owing to the rising geriatric population base, the increasing number of immigrants, and the rising patient awareness levels coupled with relatively higher healthcare expenditures in the region.
[Source(s): Grand View Research, PR Newswire]