Grand View Research Inc, in a new report on the long-term care market, predicts that the market may expect to boom in the upcoming years.
This increase, the report suggests, is due to the increasing awareness of people about home healthcare facilities, the increasing medical coverage for home healthcare, and the increasing aging population, according to a media release from Grand View Research Inc.
The report notes that around 12 million people received home healthcare in October 2015, but that number is expected to rise dramatically in the upcoming years. In addition, according to the US Census Bureau, there were 43.1 million people age 65 and older in 2012, but that population is expected to reach 84 million by 2050.
The report also sees a shift to in-home care from long-term care, noting in the release that the number of nursing homes in the US has shrunk by 350 in the past 6 years, while the number of in-home nursing programs has doubled.
Other findings, per the release, is that the home healthcare market dominated the market in 2015 due to the increasing awareness regarding home healthcare facilities, the cost savings they offer compared to hospital or nursing home stays, and proactive health monitoring.
In addition, per the release, the hospice care market is the fastest-growing market due to the increasing incidence rates of Alzheimer’s and dementia, an increase in post-hospital care, and coverage offered by Medicaid and private insurers that has helped relieve residents of paying out-of-pocket costs.
For more information, visit Grand View Research Inc.
[Source(s): Grand View Research Inc, PR Newswire]