Uploaded on Jul 16, 2021
The Home Health Hubs in healthcare market was valued at US$ 188.73 million in 2018 and it is projected to reach US$ 2,008.30 million by 2027; it is expected to grow at a CAGR of 30.1% from 2019 to 2027.
Home Health Hub Market Inclinations & Development Status Highlighted During Forecast Period 2021-2028
Home Health Hub Market Home Health Hub Market to 2027 - Global Analysis and Forecasts by Product & Services (Smartphone-Based, Standalone, Services); Type of Patient Monitoring (High- Acuity Patient Monitoring, Moderate- Acuity Patient Monitoring, and Low-Acuity Patient Monitoring); End User (Hospitals, Healthcare Payers and Home Care Agencies) and Geography Home Health Hub Market Current and future Market Scenario The Home Health Hubs in healthcare market was valued at US$ 188.73 million in 2018 and it is projected to reach US$ 2,008.30 million by 2027; it is expected to grow at a CAGR of 30.1% from 2019 to 2027. Home health hub is a software platform that connects the health caregiver and patient through the patient's electronic devices and proactively organizes, cares & manages chronic diseases for better outcomes. Significant developments such as advanced connected home and mobile technologies are increasing efficiency and automation capabilities of data collection from patients. This helps to improve hospital and patient connectivity, thereby improving healthcare delivery and quality of care. The growth of the Home Health Hubs in healthcare market is attributed to the increasing demand for home monitoring devices and better health outcomes and reduced costs. However, the growth of market is likely to experience restrain due to cyber threat and rise in data security. The Home Health Hubs in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. Key Findings However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years. Market Insights Growing Applications of Home Health Hubs in Healthcare to Drive Home Health Hubs in Healthcare Market Growth Home health hubs are a developing zone of the home health technology market, which is also known as home health gateways. The two major components included in home health hubs are standalone devices, and monitoring & maintenance services, which include mobile devices such as smartphone or tablet, and wearable devices such as smart watches. These devices and services use wireless technology to collect information from disparate sources from connected home medical monitoring equipment and standalone health and wellness devices. Home Health Hub Market Dominating Segments Home medical monitoring programs are intended to help patients with re-hospitalization or frequent emergency room (ER) visits to receive treatments at home. The aim of home health hub is to reduce hospital trips and length of stays in hospitals. A home health hub comprises a wide range of health data of a patient from the point of care that includes vital signs, weight, heart rates, blood sugar, blood oxygen levels, blood pressure, and electrocardiograms. The data can be transmitted to skilled health professionals in facilities such as hospitals and intensive care units, skilled nursing facilities, centralized off-site case management programs and monitoring centers. The patients monitored remotely by professionals are provided with a treatment plan based on the health data information. Many companies are focusing on developing innovative products. For instance, in January 2014, iHealth Lab Inc., launched three new wearable mobile personal health products—ambulatory blood pressure monitor (ABPM), wearable pulse oximeter, and wireless ambulatory electrocardiogram (ECG). Therefore, owing to the abovementioned factors, the demand for home health hubs is significantly increasing during the forecast period. The healthcare industry increasingly becomes more advanced and digital through the increasing adoption of telehealth solutions & applications. Telehealth has the potential to aim the quality of care for improving the health of populations and also helps to reduce the per capita cost of care. Home Health Hub Market Dominating Segments Increasing investments in telehealth and telemedicine help to reduce the healthcare system costs. Moreover, these technologies enable to use of telecommunication techniques from health services research to bring about change in the health insurance and hospital industries. Self-care medical devices such as blood pressure and blood glucose monitoring kits, and telemetry monitoring for heart conditions, wearable devices also play a vital role in home healthcare. Moreover, ehealth and mhealth services also play a dynamic role in decreasing overall healthcare spending. For instance, remote analysis services and remote or mhealth technologies enable highly trained professionals to work as pooled resources and contribute to lower cost, in turn of higher quality care. Moreover, the EU mHealth Hub Project is created to support the innovations and upsurge the usage of mobile health apps by assembling the stakeholders such as governments, start-up companies, young entrepreneurs, and technical officers. The program includes the development of more practice of smartphones to collect and share the operating mHealth projects to the other countries within national health systems. It is a collaboration between ITU and WHO, which was released on 7th August 2017. The project is funded by The European Commission Horizon-2020 2016-2017 Work Program. Home Health Hub Market Market Segments By Product (Smartphone-Based, Home Health Hubs in Standalone, Services) Healthcare Market – by Type of Patient Monitoring(High- Home Health Hubs in Healthcare Market – by End User (Hospitals, Acuity Patient Monitoring, , Healthcare Payers , Home Care Moderate-Acuity Patient Agencies,) Monitoring, Low-Acuity Patient Monitoring) Dominating Segments Product Insights Product & Services -Based Insights In terms of product & services, the Home Health Hubs in healthcare market is segmented into smartphone based, standalone, and services. In 2018, the standalone hub segment held the largest share of the market. Moreover, smartphone-based hubs segment is expected to register the highest CAGR of 30.7% in the market during the forecast period. Type of Patient Monitoring -Based Insights Based on type of patient monitoring, the Home Health Hubs in healthcare market is segmented into high acuity patient monitoring, moderate acuity patient monitoring, low acuity patient monitoring. In 2018, the high-acuity patient monitoring segment held the largest share of the market. Moreover, moderate-acuity patient monitoring segment is expected to register the highest CAGR of 30.6% in the market during the forecast period. End User-Based Insights In terms of end user, the Home Health Hubs in healthcare market is segmented into hospitals, healthcare payers and home care agencies. In 2018, the hospital segment held the largest share of the market. Moreover, it is expected to register the highest CAGR of 30.5% in the market during the forecast period. Dominating Segments Strategic Insights The Home Health Hubs in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally. Download PDF Brochure https://www.theinsightpartners.com/sample/TIPHE100001408/ Dominating Segments Home Health Hubs in Healthcare Market – by Product & Services Smartphone-Based Standalone Services Home Health Hubs in Healthcare Market – by Type of Patient Monitoring High-Acuity Patient Monitoring, Moderate-Acuity Patient Monitoring Low-Acuity Patient Monitoring Home Health Hubs in Healthcare Market – by End User Hospitals Healthcare Payers Home Care Agencies Home Health Hub Market Leading Players Company Profiles in Home Health Hub Market are: OnKöl, INSUNG INFORMATION CO,LTD. IDEAL LIFE INC. iHealth Labs Inc. Honeywell International Inc. Vivify Health, Inc. Capsule Technologies Inc. (QUALCOMM LIFE, INC.) MedM SENSATO CYBERSECURITY SOLUTIONS CISCO SYSTEMS, INC REGIONAL FRAMEWORK REGIONAL FRAMEWORK Home Health Hub Market Home Health Hub Market Access Full Research Report at: https://www.theinsightpartners.com/reports/home-health-hubs-market Thank You! Thank You!
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