The global home healthcare market is expected to reach $364.69 billion by 2022, up from from $239.30 billion this year.

That’s equivalent to a CAGR of 8.8%, according to a new report from MarketsAndMarkets.

The growth will be driven by the growing geriatric population; increasing incidence of chronic diseases; and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare.

In 2017, the testing, screening, and monitoring products segment is expected to account for the largest share of the home healthcare products market, attributed to the rising emphasis on preventive medicine and technological advancements.

Based on service, the Home Healthcare Market is segmented into rehabilitation services, infusion therapy services, unskilled care services, respiratory therapy services, pregnancy care services, skilled nursing services, and hospice and palliative care services.

The skilled nursing services segment is expected to dominate the market in 2017. This can be attributed to insurance coverage of home skilled nursing services and increasing incidence of chronic diseases.

In 2017, North America is expected to dominate the market followed by Europe.