Home Health Hub Market: Segmented: By Product and Service (Standalone Hub, Mobile Hub, Remote Patient Monitoring Service), By Type of Patient Monitoring (High, Moderate and Low Acuity), By End User (Hospitals, Healthcare Payers and Home Care Agencies) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Home Health Hub Market to surpass USD 5,773.7 million by 2031 from USD 384.7 million in 2021 at a CAGR of 31.1% in the coming years, i.e., 2021-31.
Home Health Hub is a system in which patients can connect with healthcare providers through their electronic devices. By using this system healthcare providers constantly organizes and manage chronic illnesses for better outcomes. It helps in connecting patients and hospitals along with improving efficiency and automation capabilities of data collection from patients. It has integrated patient care and overall healthcare experience. Its aim to reduce healthcare costs by utilizing all technological means available.
Home Health Hub Market is expected to project a notable CAGR of 31.1% in 2031.
Rapid increase in demand for digital health care, remote patient monitoring service, and a rising geriatric population will drive the market growth. Home Health Hub is contributing to better health options along with the quality treatment that is cost-effective. With the assistance of Home Health Hub we can expand the health services sector with comparatively fewer investments by utilizing digital health technologies.
Mobile Hub segment to grow with the highest CAGR during 2021-31
Based on product and service, Home Health Hub market is classified into Standalone Hub, Mobile Hubs and Remote Patient Monitoring Services. The Mobile Hub segment is expected to grow during the forecast period. Smartphones being the most user-friendly device in the market is also being used for health care services. The rising number of smartphone users and the rising awareness about home healthcare-based mobile applications will increase the market share of Mobile Hub segment.
Home Care Agencies segment to grow with the highest CAGR during 2021-31
Based on End User, Home health hub market is fragmented into hospitals, healthcare payers and home care agencies. During the forecast period, Home care agencies segment is expected to grow with the highest CAGR. The major factor driving the growth of this segment is the increasing reliance of patients on telehealth services through smartphones and internet, as it cost efficient and saves time. Home care agencies deploy healthcare devices at patient’s location in order to provide better health services.
Rapidly increasing digital health technologies
In the last few years, we have witnessed a major digital transformation in the health sector. Many healthcare providers have created their own websites and applications for patients which has created a huge demand of remote patient monitoring services. The technology is supporting telehealth, telemedicine, remote patient monitoring and virtual delivery of healthcare and thus it is bringing healthcare closure to the patients.
Increase in chronic diseases and geriatric population
Home Health Hub helps patients who are suffering from chronic health diseases as they require regular health checkups. With remote patient monitoring services they can reduce hospital visits and receive treatment at the comfort of their homes. Geriatric patients have low immunity and they require regular consultations from the caregivers which becomes costly and stressing for them. Self-care medical devices can be used to monitor vital signs, heart rates, weight, blood pressure etc. Based on the health data patients are provided with a treatment plan by professionals. Growing number of geriatric population and patients with chronic illnesses are key drivers of Home Health Hub market.
Security and Privacy concerns
Patients citing security and privacy concerns can be a major restraining factor for the Home Health Hub market. Healthcare agencies can misuse the data collected from different patients or their database is prone to cyber threats, which creates a major cause of concern for patients. Also, poor internet connectivity and lack of awareness about healthcare services in underdeveloped or developing nations can hamper the growth of Home Health Hub market.
Home Health Hub market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific region is expected to grow during the forecast period owing to the increasing number of smartphone users, rising digital healthcare awareness, and increasing disposable income. Government initiatives and rapid adoption of technology along with demand for lifestyle-related health services will boost the market of Home Health Hub in this region.
Covid-19 had overburdened the healthcare systems all over the world due to which patients started seeking telehealth services and virtual consultations. As a result, we saw an upsurge in healthcare-related applications and websites catering to the needs of the patients virtually. The pandemic is the major cause of transformation in digital healthcare services. After the pandemic, there is a huge expectation of growth in home health hub market owing to the high adoption of digital health services during covid-19, which has built trust between the health care providers and the patients.
Home Health Hub Market is further segmented by region into:
Home Health Hub Market Segments:
|Market size value in 2021||384.7 million|
|Revenue forecast in 2031||5,773.7 million|
|Growth Rate||CAGR of 31.1 % from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Segments Covered||Product & Service, Type of Patient Monitoring, End User and Region|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Honeywell, Qualcomm, Vivify, Lamprey Networks, AMC Health, iHealth Lab, IDEAL LIFE, Hicare, MedM, OnKöl|
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