Home Health Hub Market Overview:
The Home Health Hubs Market is expected to reach USD 848.2 Million by 2023 from USD 158.4 Million in 2017, at a CAGR of 31.2% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
The home health hubs market is projected to reach USD 848.2 Million by 2023 from USD 218.5 Million in 2018, at a CAGR of 31.2%. Growth in the geriatric population and the subsequent increase in the prevalence of chronic diseases, need to reduce healthcare costs, and shortage of healthcare professionals are the major factors driving the growth of the home health hubs market. However, security & privacy concerns associated with these devices are expected to hamper the growth of this market.
The global home health hubs market is moderately consolidated in nature with regional and global players. The market is led by few big market players such as QUALCOMM (US), Vivify (US), iHealth Labs (US), Lamprey Networks (US), and AMC Health (US). The companies are mainly focusing on agreements, collaborations, & partnerships and product launches & enhancements.
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Top-down and bottom-up approaches were used to validate the size of the global home health hub market and estimate the size of other dependent submarkets. Various secondary sources such as directories, industry journals, databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; and SEC filings of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess the dynamics of this market.
The high-acuity patient monitoring segment accounted for the largest share of the home health hubs market in 2017.
By type of patient monitoring, the home health hubs market is segmented into high-acuity patient monitoring, moderate-acuity patient monitoring, and low-acuity patient monitoring. The high-acuity patient monitoring segment accounted for the largest share of the global home health hubs market. The larger share can be attributed to the growing geriatric population and high prevalence of chronic conditions such as congestive heart failure, chronic obstructive pulmonary disease, and chronic kidney diseases.
The hospital segment held the largest market share of home health hubs market in 2017.
Based on end users, the global home health hubs market is broadly segmented into hospitals, healthcare payers, home care agencies, and nursing homes & assisted living facilities. The hospitals segment accounted for the largest share of home health hubs market in 2017. Government initiatives to improve the quality of care delivered to patients; increasing focus on curbing the rising healthcare costs and reducing patient readmissions; and growing need to improve the affordability and accessibility of healthcare services are some of the major factors driving the adoption of home health hubs among hospitals across the globe.
North America dominated the market in 2017.
North America accounted for the largest share of the home health hubs market in 2017, followed by Europe. The large share of North America in this market is attributed to the increasing prevalence of chronic and lifestyle diseases, growing healthcare costs, shortage of physicians, increasing demand for better healthcare services, and timely availability of patient data to authorized healthcare professionals in the region.
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Some of the 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 OnKöl (US).
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