Key Trends as a Decision Maker You Absolutely Need to Know about the “Home Health Hub” Market
The global market for Home Health Hub is projected to reach US$1.1 billion by 2025, driven by the growing focus of governments worldwide on reducing the burden on primary care systems by encouraging lower-cost alternate care sites (ACSs).
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Home Health Hub market. Report segmentation includes End-Use (Hospital, Payers, Home Care Agency, Nursing Homes & Assisted Living Facilities); Product & Service (Standalone Hub, Mobile Hub, Services); and Type (High-Acuity Patient Monitoring, Medium-Acuity Patient Monitoring, Low-Acuity Patient Monitoring).
14 June 1:44 A.M., California/Marketwire/ - According to the new market research report, the global market for Home Health Hub is projected to reach US$1.1 billion by 2025, driven by the growing focus of governments worldwide on reducing the burden on primary care systems by encouraging lower-cost alternate care sites (ACSs). ACSs are informal care providers who come in several forms such as assisted living and housing communities, continuing care retirement communities, palliative/hospice care, nursing homes, transitional care, and physician clinics, among others. ACSs offer solution to two of the major challenges faced by current healthcare system i.e. high cost and affordability; and timely access to healthcare services. Non-hospital based alternate care sites are emerging as the next frontier in reducing costs of patient care. Digital technology in this regard is playing a key role in enhancing the reliability of ACSs, creating meaningful point-of-care guidance, and providing an alternative to the conventional labor-intensive model of primary care.
ACSs also play a pivotal role in continuity and coordination of care in pursuit of the ultimate goal to achieve integrated people-centered health services. Growing healthcare burden and the resulting surge in demand for medical services is overwhelming the healthcare system resulting in inefficient delivery of care globally. The scenario is driving the importance of ACSs. Also, the ongoing reforms towards a more sustainable value based pay-for-performance healthcare model are helping widen the role of ACSs, given their ability to offer an alternative to expensive hospital services. As digital transformation continues to snowball through the healthcare industry, ACSs will continue to acquire increased importance and significance in providing comprehensive care and also collaborative planning of care and shared clinical decision-making with primary care givers.
Home Health Hub is the revolutionary step forward in supporting continuity and care coordination between ACSs and primary healthcare systems. The technology is geared to support remote patient monitoring, tele-health, tele-medicine, and virtual healthcare delivery. Home Health Hub is defined as a combination of hardware and software systems that allow the creation of a medical hub for monitoring, acquiring, and transmitting patient data from point-of-care facility to healthcare professionals in the primary care sector. Home care agencies, nursing homes and assisted living facilities utilize a wide range of home healthcare technologies and represent "hubs" for collecting and transmitting patient data. They therefore are major end-users of home health hub products and services. However, rapid proliferation of digital health technologies are bringing healthcare even closer to the patient, making the patient`s home the point-of-care facility. Smart homes are helping drive the trend towards connected home-based self-care. A smart home hitherto valued for its unrivalled convenience and comfort is now gaining popularity for its potential to enhance the home healthcare experience. They will play an increasingly important role in the evolution of digital, remote, connected and virtual care systems.
Consumer-oriented smart homes with technologies targeted for home infotainment and security will now act as portals for healthcare delivery. While medical wearables and smartphones enable remote patient monitoring and telemedicine services targeted at disease management, smart homes can help expand the functionality of digital health services from just disease management to health management. In other words, IoHT and smart homes when combined with cloud will revolutionize digital health and will expand the role of digital health beyond elderly care and health monitoring to other areas of wellness, nutrition, exercise, sleep, medication monitoring, mental, social wellbeing, managing pregnancy and prenatal health, among others. The United States and Europe represent large markets worldwide with a combined share of 73.7% of the market. China ranks as the fastest growing market with a CAGR of 34.8% over the analysis period supported by the fact that the country leads the world in adoption of digital health technologies by healthcare professionals as well as patients. The blistering pace of adoption of self-monitoring has result in the country becoming the world`s largest and most lucrative wearables market.
Key Competitors Covered in the Report
Capsule Technologies, Inc.
Cisco Systems, Inc.
Encompass Health Corp.
Honeywell International Inc.
Ideal Life, Inc.
Resideo Life Care Solutions
Vivify Health, Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 818. Among this pool, 164 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 33 unique participations, a total of 16 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
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