Home Health Hub Market Size, Share and Demand Rising Due to Covid Pandemic till 2023
Home Health Hub Market Overview:
The Home Health Hubs Market is predicted to grow at a CAGR of 31.2 percent from USD 158.4 million in 2017 to USD 848.2 million by 2023, from USD 158.4 million in 2017. The study's base year is 2017, with the projection period running from 2018 through 2023.
The home health hubs market is expected to grow at a 31.2 percent CAGR from USD 218.5 million in 2018 to USD 848.2 million in 2023. The market for home health hubs is growing due to an increase in the geriatric population and, as a result, an increase in the prevalence of chronic diseases, the need to minimise healthcare expenses, and a scarcity of healthcare professionals. However, security and privacy worries about these gadgets are projected to limit the market's growth.
With regional and worldwide competitors, the global home health hubs market is somewhat consolidated. Few major firms dominate the industry, including QUALCOMM (US), Vivify (US), iHealth Labs (US), Lamprey Networks (US), and AMC Health (US) (US). Agreements, collaborations, and partnerships, as well as product launches and developments, are the major priorities for the companies.
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Research Methodology
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.
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Segmentation:
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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Key Players:
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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