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The global home health hubs market projected to grow at a CAGR of 31.2%.
The home health hubs market is expected to reach USD 848.2 million by 2023 from USD 218.5 million in 2018, at a CAGR of 31.2%.
Factors such as the rising geriatric population and the subsequent increase in the prevalence of chronic diseases, growing need to reduce healthcare costs while improving patient outcomes, and shortage of healthcare professionals are driving the growth of the home health hubs market. However, the security and privacy concerns associated with these devices are expected to restrain the growth of this market to a certain extent.
The smartphonebased hubs segment is expected to register the highest CAGR during the forecast period.
On the basis of product and service, the home health hubs market is segmented into standalone hubs, smartphonebased hubs, and home health hub services. The smartphonebased hubs segment is expected to register the highest CAGR during the forecast period. The rapid growth in the smartphone industry, increasing utilization of mobile platforms to improve the accessibility to patient information, rising awareness about smartphonebased health applications, and the growing adoption of smartphoneenabled home health hubs are the major factors driving the growth of this segment.
The home care agencies segment is expected to grow at the highest CAGR from 2018 to 2023.
Based on end user, the home health hubs market is segmented into hospitals, healthcare payers, home care agencies, and nursing homes assisted living facilities. The home care agencies segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is primarily attributed to the increasing reliance of patients on telehealth solutions, such as remote monitoring via phones and the Internet to manage their health conditions. Governments in a number of countries are implementing various initiatives to promote home healthcare, which is also expected to further drive the growth of home care agencies segment in the coming years.
Asia Pacific is projected to witness the highest growth during the forecast period.
North America held the largest share of the global home health hubs market in 2017. On the other hand, The Asia Pacific market is expected to grow at the highest rate owing to the growing per capita income, increasing health awareness, growing demand for remote patient monitoring and better healthcare services, and increasing penetration of smartphones in several APAC countries.
Break of primary participants was as mentioned below:
By Company Type Tier 121%, Tier 245% and Tier 334%
By Designation Clevel39%, Director Level32%, Others29%
By Region North America47%, Europe29%, Asia Pacific14%, Rest of the World10%
Prominent players in this market are Qualcomm US, Honeywell US, Vivify US, Lamprey Networks US, AMC Health US, iHealth Lab US, IDEAL LIFE US, Hicare US, MedM US, and OnKl US.
The report analyzes the various home health hubs and their adoption patterns. It aims at estimating the market size and future growth potential of the global home health hubs market for different segments such as product and service, type of patient monitoring, end user, and region. The report also includes an indepth competitive analysis of key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market. Firms purchasing the report could use one or any combination of the belowmentioned five strategies for strengthening the market, which in turn could help them garner a greater market share.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by the top players in the global home health hubs market. The report analyzes the global home health hubs market by product and service, type of patient monitoring, end user, and region.
Product Development/Innovation: Detailed insights on upcoming trends and product launches in the global home health hubs market
Market Development: Comprehensive information on the lucrative emerging regions by product and service
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global home health hubs market
Competitive Assessment: Indepth assessment of market shares, growth strategies, and products of leading players in the global home heath hubs market
Original Article: Home Health Hub Market by Product Service Standalone Hub, Mobile Hub, Remote Patient Monitoring Service, Type of Patient Monitoring High, Moderate, and Low Acuity, End User Hospital, Payers, Home Care Agency Global Forecast to 2023 [Report Updated: 1405NEXT ARTICLE
Health care (or healthcare) is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, a...