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The global market for home healthcare is expected to reach $355.3 billion by 2020, growing at an estimated CAGR of 7.8% from 2014 to 2020, according to a new study by Grand View Research.
Home healthcare products are generally applied to a broad range of equipment and services designed for exclusive use for home or other non-medical establishments by non-professional caregivers, family members, or the patients themselves.
Home healthcare is rapidly getting adopted as a cost effective alternative to healthcare establishment based therapy and therefore, growing geriatric population base and prevalence of chronic conditions requiring long term care is also expected to have a positive impact on growth.
Presence of untapped potential in emerging markets such as India, Brazil and China and increasing health awareness are expected to serve this market as future growth opportunities.