Global Home Health Hubs Market to Reach $2.4 Billion by 2026
SAN FRANCISCO, March 11, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Home Health Hubs – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 818
Companies: 53 – Players covered include AMC Health; Cambridge Consultants; Cisco Systems, Inc.; eDevice; Encompass Health Corporation; Inhealthcare; Lamprey Networks; MedM, Inc.; MyVitalz™, LLC; Philips Healthcare; Resideo Life Care Solutions and Others.
Coverage: All major geographies and key segments
Segments: Product & Service (Standalone Hub, Mobile Hub, Services); Type (High-Acuity Patient Monitoring, Medium-Acuity Patient Monitoring, Low-Acuity Patient Monitoring); End-Use (Hospitals, Payers, Home Care Agencies, Nursing Homes & Assisted Living Facilities)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Home Health Hubs Market to Reach $2.4 Billion by 2026
Home Health Hub, also referred to as home health gateway, is a specially designed healthcare IT platform that collects comprehensive patient data from peripheral devices through a wireless connection, and transmits the collected data to the Remote Medical Care Center. Home Health Hub solutions use wireless connectivity to gather and aggregate patient data from disparate sources such as from standalone health and wellness devices, connected home medical monitoring systems, and wearable devices, and function as the fastest approach to connect patient and physician through real-time communication in the form of video conferencing, instant messaging or voice communication. The home health hub platform enables implementing remote diagnostics, and treatment and preventive care programs for the most widespread health problems. Health problems dealt with Home health hub solutions include cardiological diseases (including ischaemic heart disease, arrhythmias, circulatory insufficiency, arterial hypertension) respiratory diseases, kidney diseases, diabetes, thyroid gland malfunctions, motor activity disturbances (loss of balance, falls, fainting), chronic pains, cognitive function disturbances of different intensity and origin, vision deterioration, hearing impairment, iatrogenic faults, behavioral disorders, and depression, among others.
Amid the COVID-19 crisis, the global market for Home Health Hubs estimated at US$751.1 Million in the year 2022, is projected to reach a revised size of US$2.4 Billion by 2026, growing at a CAGR of 35.8% over the analysis period. Standalone Hub, one of the segments analyzed in the report, is projected to grow at a 33.9% CAGR to reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mobile Hub segment is readjusted to a revised 39.7% CAGR for the next 7-year period. This segment currently accounts for a 22.5% share of the global Home Health Hubs market.
The U.S. Market is Estimated at $381.7 Million in 2022, While China is Forecast to Reach $219.2 Million by 2026
The Home Health Hubs market in the U.S. is estimated at US$381.7 Million in the year 2022. The country currently accounts for a 49.43% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$219.2 Million in the year 2026 trailing a CAGR of 42.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 30.3% and 34.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 31.4% CAGR while Rest of European market (as defined in the study) will reach US$285.9 Million by the close of the analysis period.
Factors such as rising focus on curtailing healthcare costs, increased need to enhance the accessibility and affordability of healthcare services, government initiatives aimed at improving the quality of care delivered to patients, and emphasis on minimizing patient readmissions, are favoring wider adoption of home health hub solutions, globally. Increased emphasis on remote patient monitoring along with growing relevance of IoT, big data and cloud computing concepts in patient care programs, is another major factor contributing to robust demand for HHH solutions. Furthermore, rising demand for home care solutions, particularly among elderly patients requiring long-term care and adult patients suffering from accidents or illnesses, is instigating broad-based opportunities. Market growth is also being driven by sheer shortage of healthcare professionals and emphasis on reducing patient inflow through novel and advanced medical technologies. Increased investments on ‘Smart Home’ and ‘Home Automation’ represent another major market driver. Although, Smart Home emphasizes smart security and smart energy monitoring, healthcare also remains a relevant area within the Smart Home ecosystem. Smart homes typically support easy deployment of Internet of Health Things (IoHT), where home health hub has a significant role.
Standalone solutions, the hardware systems with embedded software, constitute the largest segment in the home health hub market. Shift of point-of-care (POC) diagnostics to home care settings from hospital-based care, and increasing work burden on healthcare settings are contributing to increased deployments of standalone home health hub solutions. On the other hand, mobile home health hubs, the downloadable apps that reside on the smartphone, tablet, smart watch or other mobile and wearable devices, continue to exhibit fast paced growth. Widespread use of smartphone and wearables in home care settings has a greater role in steering overall momentum in mobile home health hubs market. Rapid expansion of high-speed mobile networks has led to increased penetration of mobile computing devices making the platform critical in accessing patient information. Mobile home health hubs segment is anticipated to exhibit higher growth taking into account growing accessibility and awareness.
Services Segment to Reach $843.2 Million by 2026
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 35.7% CAGR estimated for this segment. These regional markets accounted for a combined market size of US$107.8 Million will reach a projected size of US$728.1 by 2026. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$51.6 Million by the year 2026, while Latin America will expand at a 30.7% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.
