Earlier this week, I wrote a blog about how proposed cuts to Medicare and Medicaid could be a blow to home healthcare. But a new report predicts strong growth for home health equipment going forward.
The market for home health equipment is expected to experience a compound annual growth rate of 6% per year over the next five years, according to a recent report from market research provider GBI Research. The market was worth around $32.6 billion last year and is predicted to hit $47.9 billion in 2017.
According to the research, the growth will be spurred by efforts to reduce healthcare spending and increased self-monitoring of chronic conditions, as well as reimbursment reforms and the aging of the population in countries like the United States. An increase in chronic conditions (asthma, COPD, diabetes, etc.) will be a driving force for home healthcare equipment in developing nations.
Interestingly, the report also suggests that the fact that home healthcare devices are getting easier to use is helping to drive growth in the market. That's just one more reason to consider human factors in your design.