Year after year IT healthcare has helped healthcare providers gain access to electronic health information, reduce medical errors and lower the overall cost of care, the technology used in medicine has gone a step further. With state programs offering an inducement to health providers for IT adoption, technology such as cloud, data exchange platforms, wearable technologies, data analytics and artificial intelligence will have the greatest benefit on healthcare providers in the next five years. Elly Kleinman, Americare Companies executive director has been following the progress of this technology.
As he explains, by 2020 the global market for home healthcare is expected to reach USD 355.3 billion. That is an increase of an estimated 7.8% in a 6 year period. Home healthcare products are used for a wide range of services meant for use at home or other non-medical establishments by non-professional caregivers, such as family members, or the patient himself. Telehealth and other emerging technologies are also expected to drive market growth during the forecast period. As Elly Kleinman shares, home healthcare is increasingly being used as a cost effective option to healthcare establishment based therapy. Therefore, the growing number of geriatric population and the huge number of chronic conditions requiring long-term care are expected to have a positive impact on growth. New emerging markets such as Brazil, India, and China are investing in healthcare, and are expected to serve this market as potential growth opportunities.
Accounting for over 85% of global revenue, home healthcare services dominated the overall market in the past year, and Elly Kleinman Americare expects an even bigger dominance due to increasing demand for Infusion therapy services and telemetry. Initiatives that are undertaken by healthcare system providers associated with a specialty to render efficient chronic disease management solutions are also expected to be some of the drivers of this market. With over 40% of the revenue, North America was the largest regional healthcare market with the most sophisticated healthcare and reimbursement infrastructure and high patient awareness levels. Furthermore, increasing initiatives for developing new products meant for home use is expected to boost market demands.