Investment advisors speculate that a demographic shift in older Americans will provide a growth of opportunity in the home health industry.
The projected U.S. senior population of 72.1 million by 2030, based on findings from the Administration on Aging (AoA), will present prominent home health care companies such as Gentiva Health Services Inc. and Amedisys Inc., according to Shine’s Room, a trading firm that provides stock research on various companies.
With the U.S. currently being the largest market for home health care companies, the home health industry looks to thrive in a marketplace that will serve nearly 20% of the nation’s population by 2030, according to AoA.
As an increasing number of older Americans age, shifts in home health technology will also become more commonplace as remote monitoring gains popularity in helping seniors stay at home and age in place.
By 2016, the market for remote cardiac monitoring devices is projected to increase 25%, according to a report from IHS, a global market research firm.
There will be a greater emphasis in the coming years on devices that monitor patients’ health within the confines of their homes, IHS notes, as this brand of technology enables healthcare providers to cut expenses by gathering data on patients outside of hospitals.
Market revenue for cardiac remote monitoring devices is also expected to increase in conjunction with market increase, rising to $867 million in 2016 based on findings from IHS.
The impending millions of baby boomers nearing the ages where they will require long-term care looks to add a significant swelling to the market.
For the home health industry, this is no exception, as studies suggest that as more adults will want to remain in their homes as long as possible, there will also be significant growth in the technology space for home-based services.
Written by Jason Oliva