A new report suggests that the home healthcare market will climb to $515.6 billion by 2027. The prediction comes courtesy of Grand View Research, and represents a CAGR of 7.9 percent for the entire forecast period.

According to Grand View, the world’s aging population will account for much of that growth. The elderly population is expected to exceed the child population during the reported time frame, and many of those older residents will suffer chronic conditions like Alzheimer’s and dementia (the number of people with dementia alone will jump from 50 million to 82 million by 2030). That, in turn, will create more demand for home healthcare solutions, especially given the limited capacity of hospitals and long-term care facilities.

However, the report does offer some cause for optimism. Technology improvements will make home healthcare solutions more affordable and more effective, which will in turn fuel demand as people search for more convenient treatment options.

Rehabilitation services represented the largest portion of the home healthcare market in 2019, and that is likely to retain that status as the demand for nurses and other in-home health services rises. Clinical management systems that can facilitate the delivery of a range of healthcare services are expected to see the most growth on the software front. Grand View identified Allscripts Healthcare Solutions, Epic Systems, and McKesson as some of the leading software providers in the space.

The report is timely given the current emphasis on social distancing due to the coronavirus, with companies like ViTel Net highlighting the utility of remote patient monitoring technology for people who are confined to their homes. Several new home healthcare products have also debuted in recent months. For example, BioIntelliSense recently received FDA approval for a new BioSticker that can remotely monitor a patient’s symptoms, and has since released a BioHub that can consolidate the data.