iCrowd Newswire – Jun 8, 2020
The global Home health hub market is anticipated to reach US$ 2,008.30 Mn in 2027 from US$ 188.73 Mn in 2018. The market is anticipated to grow with a CAGR of 30.1% from 2019-2027.
The report provides trends prevailing in the global home health hub market and the factors driving the market along with those that act as hindrances. The market for home health hub is expected to grow, owing to factors such as the rising preference for home monitoring devices, and better health outcomes and reduced costs. Moreover, the growing use of smartphones is likely to have a positive impact on the growth of the market in the coming years.
A home health hub comprises a wide range of health data of patients from the point of care that includes vital signs, weight, heart rates, blood sugar, blood oxygen levels, blood pressure, and electrocardiograms. The data can be transmitted to skilled health professionals in facilities such as hospitals and intensive care units, skilled nursing facilities, centralized off-site case management programs, and monitoring centers. The patients monitored remotely by professionals are provided with a treatment plan based on health data information. Many companies are focusing on developing innovative products. For instance, in January 2014, iHealth Lab Inc. launched three new wearable mobile personal health products—ambulatory blood pressure monitor (ABPM), wearable pulse oximeter, and wireless ambulatory electrocardiogram (ECG). Therefore, owing to the abovementioned factors, the demand for home health hubs is significantly increased during the forecast period.
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The leading companies operating in the Home health hub market include OnKöl, Insung Information Co, Ltd., Ideal Life Inc., iHealth Labs Inc., Honeywell International Inc., Vivify Health, Inc., Capsule Technologies Inc. (Qualcomm Life, Inc.), medium, Sensato Cybersecurity Solutions, and Cisco Systems, Inc., among others.
The market has observed inorganic developments during recent years in the Home health hub market. For instance, in September 2019, Sensato Cybersecurity Solutions launched a cyber-security program for critical access and rural hospitals. This program provides the rural hospitals an integrated security platform to the hospitals in the rural regions, which covers servers, networks, medical devices, and related devices. This product has benefited the rural healthcare services provider to improve their services and prevent the data from theft/lost.
The global home health hub market, based on the product & service, is segmented into smartphone-based, standalone, and services. In 2018, the standalone segment held the largest market share of the home health hub market, by product & service. This segment is also projected to dominate the market in 2027 because it enables the patients to manage chronic conditions at preferred care settings by the patient. Additionally, product manufacturing is governed under government regulatory agencies to maintain the quality of products as it is, directly and indirectly, related to human health.
Due to improved mobile technology, governments and other organizations are turning to mobile devices to improve efficient productivity and also focus on coupling their power to use present health data in a timely manner. The hasty development of advanced technology allows the increased sharing of data information between electronic systems. The increasing health data security helps users with accurate data and provide decision-makers to improve the ability to make critical decisions. However, several healthcare organizations introduce the risks that result in personal health data breaches. These organizations do not provide guidelines for safeguarding electronic personal health information. Thus, the rising threats of using these services proportionally boost the health data security that restricts the growth of the home health hubs market.
The report segments the global Home health hub market as follows:
Global Home health hub Market – By Product & Service
- Standalone Hubs
- Smartphone-Based Hubs
Global Home health hub Market – By Type of Patients Monitoring
- High-Acuity Patient Monitoring
- Moderate-Acuity Patient Monitoring
- Low-Acuity Patient Monitoring
Global Home health hub Market – By End User
- Healthcare Payers
- Home Care Agencies
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Keywords: Home Health Hub Market, Home Health Hub