Global Home Health Hubs Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Factors including a growing insistence on reducing healthcare expenses, an increased need to improve the availability and cost-effectiveness of healthcare offerings, government proposals targeted at strengthening the quality of treatment provided to patients, and a focus on minimizing patient readmissions are favouring the worldwide acceptance of home health hub remedies.
Global Home Health Hubs Market is valued at USD 210.40 Million in 2021 and expected to reach USD 2,035.30 Million by 2028 with a CAGR of 38.3% over the forecast period.
A household health hub is a software solution that links the health care and the patient via the patient's digital equipment and proactively organizes, cares for, and regulates chronic conditions for improved results. Significant advancements in innovations such as enhanced linked home and mobile solutions are enhancing the effectiveness and mechanization possibilities of patient data collecting. This contributes to a better hospital and patient connection, which improves healthcare administration and quality of care. The rising need for home diagnostic equipment, as well as improved health results and lower costs, are driving the rise of household medical centers in the healthcare sector. Nevertheless, market development is projected to be hampered as a result of cyber threats and increased data security.
Following the outbreak, the healthcare industry for Home Health Hubs is likely to rise significantly. Owing to lockdowns, travel restrictions, and company shutdowns, COVID-19 has had an impact on the economy and business sectors pertaining to various nations. The COVID-19 issue has overwhelmed many nations' public health systems, highlighting the critical need for long-term investment in healthcare structures. As the COVID-19 outbreak spreads, the healthcare firm's growth is projected to slow down. The life sciences industry is thriving as a result of growing demand for invitro diagnostic goods and expanded research & development efforts throughout the globe. Nevertheless, the medical technology and imaging industry are seeing a reduction in revenues as a result of fewer operations and delayed or protracted equipment purchases. Furthermore, virtual consultation with healthcare specialists is projected to become the standard care delivery strategy after the pandemic. Digital health will prosper in the next years as telehealth transforms medical delivery.
The global Home Health Hubs market is segmented based on the product and service, type of patients monitoring, end-user and region & country level. Based on product and services, the global Home Health Hubs market is segmented into smartphone based, standalone and services. By type of patients monitoring, the market is segmented into high-acuity monitoring, moderate-acuity monitoring, low-acuity monitoring. By end-user, the global home health hubs market is segmented into nursing homes & assisted living facilities, hospitals, home care agencies and healthcare payers.
The regions covered in the global Home Health Hubs market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Home Health Hubs is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global Home Health Hubs market report cover prominent players like -
A significant aspect contributing to the strong demand for HHH technologies is the increased focus on distant patient surveillance, as well as the expanding importance of big data, IoT, including cloud computing ideas in patient care programs. Moreover, increased demand for home healthcare solutions, especially among senior patients needing long-term care as well as grownup patients recovering from accidents or diseases, is opening up new avenues. The scarcity of healthcare experts, as well as the focus on lowering patient influx via new and sophisticated medical technology, are also driving market expansion. Increased expenditures in 'Smart Home' and 'Home Automation' are also significant market drivers. While Smart Home focuses on smart protection and intelligent energy surveillance, medicine remains an important component of the Smart Home environment. Smart homes often provide the simple installation of the Internet of Health Things (IoHT), with the home health hub playing an important role.
As the prevalence of chronic illnesses increases and the elderly population expands, the Home Healthcare Hub Industry is expected to expand. Furthermore, the rising usage of cell phones, in addition to the increasing desire to reduce healthcare expenditures, is propelling the industry ahead. According to the World Health Organization's July 2021 update, cardiovascular illnesses remain the biggest cause of mortality worldwide, including cardiovascular disease, cerebrovascular disease, congenital cardiac disease, rheumatic heart infection, and others.
Because adults over the age of 65 are more susceptible to long-term illnesses, the geriatric demographic is likely to have a substantial influence on the market under consideration. Based on the World Health Organization Statistics of 2021, the share of the world populace aged 60 and over will almost double between 2015 and 2050, rising from 12% to 22%. By 2050, low- and middle-income nations will house 80% of the world's largest elderly. The population is aging at a considerably quicker pace than in previous generations. Every nation has tremendous hurdles in preparing its healthcare and social services to capitalize on this demographic transformation.
Factors including the widespread use of advanced technologies, the development of chronic and lifestyle illnesses, growing healthcare expenditure, physician shortages, and increased demand for improved healthcare services all contribute to North America's large proportion of the global market. For instance, according to cancer.org, estimated numbers of fresh cancer cases and fatalities in 2021 (In 2021, the United States will have an anticipated 1.9 million additional cancer cases identified and 608,570 cancer deaths).
Furthermore, rising healthcare costs and rising discretionary income are driving the global demand for residential healthcare centres. According to PETERSON-KFF Health System Tracker statistics released in February 2022, healthcare expenditure in the United States climbed 9.7% to USD 4.1 trillion in 2020, a far greater pace than the 4.3% growth witnessed in 2019. The surge in 2020 was caused by a 36.0% rise in government healthcare spending, particularly in reaction to the COVID-19 outbreak.
Europe is predicted to expand at a rapid rate throughout the projection period. Increased cell phone usage and the continuing expansion of high-speed mobile communications are driving the increasing use of mobile devices to enhance health information availability. As knowledge and accessibility expand, smartphone-enabled homecare centres are predicted to gain appeal. A growing preference for mobile technologies and the internet, as well as an increase in demand for smartphone-based healthcare hubs, are likely to drive market expansion. According to Eurostat statistics, by 2021, the fraction of EU homes having internet connection had climbed to 92%, about 20 percentage points more than in 2011. Furthermore, broadband internet connectivity was utilized by 90% of EU homes in 2021, a 25% increase from 2011 (65%).
On May 26th, 2022; NextGen Healthcare, Inc., a leading supplier of advanced cloud-based healthcare IT technologies, unveiled the availability of NextGen Health Data Hub Analytics, a contemporary and expandable data repository and bespoke analytics platform. The platform is intended to make data accessibility, analytics, and report production easier for health information exchanges (HIEs) as well as healthcare providers throughout the United States, allowing them to present a more comprehensive picture of neighborhood and patient health.
On December 14th, 2022; Masimo is releasing software that will allow millions of high-end home entertainment devices to gather, exchange, and present health data. The HEOS platform also has always-on connectivity to the Masimo Health private cloud owing to the software update. Furthermore, HEOS-enabled home entertainment devices may gather, store, and present health information from the company's wearable healthcare and wellness products.
On June 9th, 2022; RMIT University, or the Royal Melbourne Institute of Technology, has established a centre to advance digital health development in Australia and worldwide. The RMIT Digital Health Hub aims to connect RMIT's advanced telehealth research and skills to the health industry in order to enhance healthcare provision and improve health outcomes. It was created in collaboration with ANDHealth, a virtual health commercialization company, and the federal government-supported Digital Health Cooperative Research Centre.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 210.40 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 2,035.30 Million
|Tables, Charts & Figures:
Lamprey Networks, Qualcomm Incorporated, Vivify Health, Inc., AMC Health, iHealth Lab, IDEAL LIFE Inc., Hicare, Honeywell International, MedM Inc., OnKöl, Cisco Systems, Inc, and others.
|By Product and Services, By Type of Patients, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa.
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