home health hub Market

The global home health hub market is expected 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.

Driving factor such as, rising preference for home monitoring devices, better health outcomes and reduced costs are boosting the market over the years. Besides, growing use of smartphones is likely to have a positive effect on the growth of the market in the forecast years. However, increasing cyber threats and data security issues are likely to hamper the growth of the market in the coming years.

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 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, 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.

Thus, the mHealth and Telehealth is expected to play a dynamic role in decreasing overall healthcare spending that will likely add novel opportunities for the home health hubs market in the forecast period.

The global home health hub market is segmented by product & services, type of patient monitoring, end user. On the basis of product & services, the market is segmented into smartphone-based, standalone, and services. In 2018, the standalone segment accounted for the largest market share in the global home health hub market by product & services because it provides connecting gateway between the healthcare and the external network. The standalone products enable the patients to manage chronic conditions at preferred care setting by the patient. Based on the type of patient monitoring, the home health hub market was segmented into high-acuity patient monitoring, moderate-acuity patient monitoring and low-acuity patient monitoring. 

Some of the important primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), European Business Council in Japan. United States Department of Health & Human Services, The Journal of the American Medical Association and others.