LONDON, May 15, 2023 /PRNewswire/ — The home health hub market is a rapidly growing sector that is revolutionizing the way healthcare is delivered to patients in their homes. Home health hubs, also known as home health gateways, are innovative technology platforms that connect patients, caregivers, and healthcare providers in real-time. These hubs offer a range of services, including remote monitoring, medication management, telehealth consultations, and personalized care plans, all from the comfort of a patient’s own home. With the rise of chronic diseases and an aging population, the demand for home health hubs is only set to increase, making it an attractive and lucrative market for healthcare providers and investors alike.
The Global Home Health Hub Market was worth USD 210.40 million in 2021 and is poised to amass a valuation of USD 2,035.30 million by 2028, registering a CAGR of 38.3% over the assessment timeline of 2022-2029.
Key Takeaways
- Global Home Health Hub Market is slated to register a CAGR of 38.3% over 2022-2029.
- Growing prevalence of chronic and lifestyle diseases along with the surging geriatric population base are primarily aiding market expansion.
- By products and services, the smartphone segment is slated to amass notable gains due to the increasing popularity of mobile health technologies in the healthcare sector.
- MEA is projected to showcase a steady progression due to the surge in the volume of elderly populace, rising prevalence of chronic diseases.
Home health hubs are technology-enabled healthcare platforms which enable patients to access a range of healthcare services from the comfort of their homes. These hubs typically consist of a suite of connected devices, including remote monitoring devices, communication tools, and mobile apps, that enable patients to monitor their health status and communicate with healthcare providers in real-time. They can be used to manage a variety of health conditions, including chronic diseases such as diabetes, hypertension, and heart disease, as well as acute conditions such as post-surgical recovery. By providing remote monitoring and care coordination, home health hubs can help to reduce hospital readmissions, improve patient outcomes, and lower healthcare costs.
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Elaborating the key trends and dynamics of the Home Health Hubs Market
Growing prevalence of chronic and lifestyle diseases along with the surging geriatric population base are primarily augmenting the outlook of this business sphere. Furthermore, increasing health awareness among the masses, rapid internet proliferation, and rising adoption of smart devices are creating lucrative opportunities for this industry vertical to prosper. Alongside, rising needs to decrease healthcare costs and dearth of healthcare professionals are adding momentum to the progression of this marketplace.
Major Growth Drivers
Outbreak of the COVID-19 pandemic- The COVID-19 pandemic has accelerated the adoption of remote healthcare services, as patients seek to avoid in-person visits to healthcare facilities. Due to the increased volume of infected patients, it got quite difficult for healthcare professionals to accommodate the needs of other patients. This increased home healthcare trends and therefore the adoption of home health hubs. These hubs provided a convenient and safe alternative, enabling patients to receive care from the comfort of their homes. This in turn stimulated the overall dynamics of this market.
Rise in geriatric population- The global population is aging rapidly, with older adults accounting for an increasing proportion of the total population. Older adults are more likely to have chronic health conditions that require ongoing management, and home health hubs are an attractive solution for this demographic. By enabling older adults to receive care from the comfort of their homes, home health hubs can help to maintain their independence and quality of life while reducing healthcare costs.
Challenge
Data privacy related issues- Home health hubs collect sensitive health data from patients, and there is a risk that this data could be breached or misused, leading to privacy and security concerns for both patients and healthcare providers. This is hindering the remuneration scope of this business vertical.
Home Health Hubs Market- Competitive Landscape
The prominent players defining the competitive terrain of the Global Home Health Hubs are Lamprey Networks, Qualcomm Incorporated, Vivify Health Inc., AMC Health, iHealth Lab, IDEAL LIFE Inc., Hicare, Honeywell International, MedM Inc., OnKöl, Cisco Systems Inc., and Others.
Segmental Assessment
By products and services, the smartphone segment is slated to amass notable gains due to the increasing popularity of mobile health technologies and the convenience of using smartphones as a primary tool for health management.
Based on type of patients, the moderate-acuity monitoring segment is likely to garner significant returns over 2022-2029. This is attributable to the rising prevalence of long-term illnesses like diabetes and escalating demand for low cost health delivery models.
In terms of end users, the home care agencies segment is poised to register the fastest growth. This is because home health hubs are primarily designed to provide remote monitoring and care coordination services for patients receiving care in their homes.
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Geographical Analysis & Landscape
Middle East & Africa Home Health Hubs Market
MEA is projected to showcase a steady progression over the forecast duration. This is credited to the surge in the volume of elderly populace, rising prevalence of chronic diseases, and an increasing focus on improving the quality of healthcare services in the region. Also, growing healthcare expenditure and widespread digitalization are further propelling the expansion of this regional market.
Europe
Europe has emerged as one of the fastest growing regions in this industry vertical. This is attributable to the prompt internet proliferation, increased adoption of smart devices, along with rising R&D activities in the field. Moreover, the presence of noteworthy players, growing efforts to reduce healthcare costs, and increasing pervasiveness of target diseases are contributing to the further growth of this business space.
Opportunities in this industry
Growing pervasiveness of chronic ailments- Increasing prevalence of chronic diseases: Chronic diseases such as diabetes, hypertension, and heart disease are on the rise globally, and home health hubs are being used to manage these conditions more effectively. With remote monitoring and care coordination, patients can receive timely interventions to prevent complications and improve their overall health outcomes.
Restraints
Limited reimbursement policies: The adoption of home health hubs is also limited by the lack of reimbursement policies in many countries, which makes it difficult for patients to afford these services and for healthcare providers to justify the investment in these technologies.
Major Developments in Home Health Hubs Market
Acquisitions
In August 2021, Philips announced the acquisition of Medumo, a patient navigation and engagement technology company. The deal will enable Philips to enhance its patient engagement capabilities and integrate Medumo’s technology into its existing telehealth and remote monitoring solutions.
In February 2021, BioTelemetry, a remote cardiac monitoring company, announced the acquisition of the Remote Patient Monitoring (RPM) business from Welch Allyn, a medical diagnostic device company.
Partnerships
In September 2020, Siemens Healthineers and Geisinger Health System joined forces to develop a home health hub platform. The platform will integrate a range of healthcare services and devices, including remote monitoring devices and telehealth solutions, to provide patients with a comprehensive home-based healthcare experience.
Porter’s Five Forces Analysis
Threat of new entrants: The threat of new entrants in the home health hub market is moderate. Although the market is growing rapidly, it requires significant investment in technology, infrastructure, and regulatory compliance. Additionally, existing players have established brand recognition and strong relationships with healthcare providers, making it difficult for new entrants to gain market share.
Bargaining power of suppliers: The bargaining power of suppliers in the home health hub market is moderate. Suppliers of hardware components, such as sensors and communication devices, have some bargaining power due to the limited number of manufacturers in the market. However, the increasing competition in the market is reducing the bargaining power of suppliers.
Bargaining power of buyers: The bargaining power of buyers in the home health hub market is high. Buyers, such as hospitals and healthcare payers, have significant bargaining power due to the large volume of purchases they make. Additionally, the availability of a wide range of products and services from various vendors further increases the bargaining power of buyers.
Threat of substitutes: The threat of substitutes in the home health hub market is low. Traditional healthcare delivery models, such as in-person consultations and hospital-based care, have limited ability to provide the same level of convenience and cost-effectiveness as home health hubs. As a result, the demand for home health hubs is likely to continue to grow.
Competitive rivalry: The competitive rivalry in the home health hub market is high. The market is highly fragmented, with numerous players competing for market share. Additionally, the market is rapidly evolving, with new technologies and services being introduced regularly. As a result, existing players must continually innovate and improve their products and services to maintain their market position.
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North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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