Home Health Hub Market to Gain USD 2,008.30 Mn by 2027; Exclusive Report by The Insight Partners

The Home Health Hubs in healthcare market was valued at US$ 188.73 million in 2018 and it is projected to reach US$ 2,008.30 million by 2027; it is expected to grow at a CAGR of 30.1% from 2019 to 2027. According to The Insight Partners market research study of 'Home Health Hub to 2027 - Global Analysis and Forecasts by Product & Service, Type of Patient Monitoring and End User. The report provides trends prevailing in the global home health hub market and the factors driving market along with those that act as hindrances.

Home health hub is a software platform that connects the health caregiver and patient through the patient's electronic devices and proactively organizes, cares & manages chronic diseases for better outcomes. Significant developments such as advanced connected home and mobile technologies are increasing efficiency and automation capabilities of data collection from patients. This helps to improve hospital and patient connectivity, thereby improving healthcare delivery and quality of care. The growth of the Home Health Hubs in healthcare market is attributed to the increasing demand for home monitoring devices and better health outcomes and reduced costs. However, the growth of market is likely to experience restrain due to cyber threat and rise in data security.

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The Home Health Hubs in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide.

However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Growing Applications of Home Health Hubs in Healthcare to Drive Home Health Hubs in Healthcare Market Growth

Home health hubs are a developing zone of the home health technology market, which is also known as home health gateways. The two major components included in home health hubs are standalone devices, and monitoring & maintenance services, which include mobile devices such as smartphone or tablet, and wearable devices such as smart watches. These devices and services use wireless technology to collect information from disparate sources from connected home medical monitoring equipment and standalone health and wellness devices. Home medical monitoring programs are intended to help patients with re-hospitalization or frequent emergency room (ER) visits to receive treatments at home. The aim of home health hub is to reduce hospital trips and length of stays in hospitals.

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A home health hub comprises a wide range of health data of a patient 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 the 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 increasing during the forecast period.

The healthcare industry increasingly becomes more advanced and digital through the increasing adoption of telehealth solutions & applications. Telehealth has the potential to aim the quality of care for improving the health of populations and also helps to reduce the per capita cost of care. Increasing investments in telehealth and telemedicine help to reduce the healthcare system costs. Moreover, these technologies enable to use of telecommunication techniques from health services research to bring about change in the health insurance and hospital industries. Self-care medical devices such as blood pressure and blood glucose monitoring kits, and telemetry monitoring for heart conditions, wearable devices also play a vital role in home healthcare. Moreover, ehealth and mhealth services also play a dynamic role in decreasing overall healthcare spending. For instance, remote analysis services and remote or mhealth technologies enable highly trained professionals to work as pooled resources and contribute to lower cost, in turn of higher quality care.

Moreover, the EU mHealth Hub Project is created to support the innovations and upsurge the usage of mobile health apps by assembling the stakeholders such as governments, start-up companies, young entrepreneurs, and technical officers. The program includes the development of more practice of smartphones to collect and share the operating mHealth projects to the other countries within national health systems. It is a collaboration between ITU and WHO, which was released on 7th August 2017. The project is funded by The European Commission Horizon-2020 2016-2017 Work Program. Thus, the mHealth and Telehealth is expected to play a dynamic role in decreasing overall healthcare spending that will likely to add novel opportunities for the home health hubs market in the forecast period.

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Product & Services -Based Insights

In terms of product & services, the Home Health Hubs in healthcare market is segmented into smartphone based, standalone, and services. In 2018, the standalone hub segment held the largest share of the market. Moreover, smartphone-based hubs segment is expected to register the highest CAGR of 30.7% in the market during the forecast period.

Type of Patient Monitoring -Based Insights

Based on type of patient monitoring, the Home Health Hubs in healthcare market is segmented into high acuity patient monitoring, moderate acuity patient monitoring, low acuity patient monitoring. In 2018, the high-acuity patient monitoring segment held the largest share of the market. Moreover, moderate-acuity patient monitoring segment is expected to register the highest CAGR of 30.6% in the market during the forecast period.

End User-Based Insights

In terms of end user, the Home Health Hubs in healthcare market is segmented into hospitals, healthcare payers and home care agencies. In 2018, the hospital segment held the largest share of the market. Moreover, it is expected to register the highest CAGR of 30.5% in the market during the forecast period.

Strategic Insights

The Home Health Hubs in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

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.

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