The home health technology market is rapidly growing, and is expected to grow to more than four times its current size by 2020, according to a report from market intelligence firm Tractica.
In 2014, approximately 14.3 million individuals worldwide were utilizing home health technologies. That number is expected to increase to 78.5 million by 2020, according to Tractica.
Key factors driving the growth of the home health technology market include rising healthcare costs, the aging population and an increase in people with chronic conditions, according to Tractica analyst Charul Vyas in a news release.
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