The global home healthcare market is estimated to grow to $20,520m by 2016 at a compound annual growth rate of 4.1%, a new report has found.

This boom in the global home healthcare market will be driven by an increasing ageing population, according to GBI Research’s report The Future of the Home Healthcare Equipment Market to 2016 – Market Forecasts, Competitive Landscape and Pipeline Analysis.

The report also points to the growing focus on self-monitoring to curb spiralling healthcare expenditures due to reimbursement reforms as another major driver of the home healthcare sector.

Major drivers for home healthcare equipment in developing countries include the increasing incidence of chronic diseases such as asthma, chronic obstructive pulmonary disease and diabetes, along with growing affordability and awareness, the report said.