Press release
Global Home Health Hub Market Expected to Grow at 28.70% CAGR By 2028
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Key Insights
As per the analysis shared by our research analyst, the global home health hub market value is expected to grow at a CAGR of 28.70% over the forecast period.
In terms of revenue, the global home health hub market size was valued at around USD 217.40 million in 2021 and is projected to reach USD 987.9 million by 2028.
The increased usage of smartphones around the world, a rise in the number of lifestyle-related and chronic diseases, and an increase in the senior population are likely to drive the market.
By end user, the home care agencies segment accounted for the largest market share in 2021
By product monitoring type, the high equity health monitoring segment is expected to hold the highest share in the market in 2021.
The Asia Pacific dominated the global home health hub market in 2021.
The global home health hub market is segregated based on product monitoring type, end-users, product, and region. Based on product monitoring type, the market is divided into low-acuity, moderate-acuity, and high-acuity patient. Among these, the high equity segment dominated the market in 2021. Based on end-user, the market is classified into home care agencies, hospitals, nursing homes & assisted living facilities, and healthcare payers. Over the forecast period, the home care agencies market is expected to develop at the fastest rate. Based on product & services, the market is classified into standalone, smartphone-based hubs, and services. The smartphones-based hubs segment dominated the market in 2021.
News: https://www.zionmarketresearch.com/news/global-home-health-hub-market
Geographic Analysis:
The global home health hub market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific grew at the highest rate in the market in 2021. Increased trends in health and wellness, as well as the growing trend of digitization & smart homes, are some of the factors responsible for the growth of this region's home health hub market. The healthcare industry in these countries still follows a traditional paradigm of healthcare delivery; however, this is increasingly changing as health awareness grows, demand for better healthcare services grows, and smartphone usage grows.
Home Health Hub Market: Restraints
The rising number of frauds globally may hamper the global market growth.
One of the primary issues for governments and health organizations is rising treatment costs due to rising maintenance costs and required high-tech software. Thus, they are working to reduce healthcare costs that may constrain the expansion of the global home health hub market.
Home Health Hub Market: Opportunities
The rising aging population brings up several growth opportunities.
With an aging population, the market for home health hub has increased in various countries. Wireless carriers focus on addressing the complete breadth to provide the greatest solutions to the senior population. Individualized disease management programs are designed to meet physical demands specific to Alzheimer's disease and dementia (Memory Care Specialty Programmed) and problems associated with cardiac illnesses, focusing on pain control and life quality (Cardiac Specialty Program).
Competitive Landscape
Some of the main competitors dominating the global home health hub market include - Qualcomm, Honeywell, Vivify, Lamprey Networks, AMC Health, health Lab, IDEAL LIFE, HI care, Med, and Nook.
Global Home Health Hub market is segmented as follows:
By Product & Service
Standalone Hubs
Smartphone-based hubs
Services
By Type of Patient Monitoring
High-acuity Patient Monitoring
Moderate-acuity Patient Monitoring
Low-acuity Patient Monitoring
By End User
Hospitals
Healthcare Payers
Home Care Agencies
Nursing Homes & Assisted Living Facilities
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FREQUENTLY ASKED QUESTIONS
Which key factors will influence home health hub market growth over 2022-2028?
What will be the value of the home health hub market during 2022-2028?
Which region will contribute notably towards the home health hub market value?
Which are the major players leveraging the home health hub market growth?
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