Home Health Hub Market Size, Share, Growth, Forecast 2030

Home Health Hub Market

Home Health Hub Market by Product & Services (Standalone Hub, Mobile Hub, Remote Patient Monitoring Service), By Patient Monitoring (High, Moderate, and Low Acuity), By End-Use (Hospital, Payers, Home Care Agency), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Category: Healthcare Report Format : PDF Pages: 236 Report Code: ZMR-5413 Published Date: Aug-2022 Status : Published
Market Size in 2021 Market Forecast in 2028 CAGR (in %) Base Year
USD 217.40 million USD 987.9 million 28.70% 2021

The global home health hub market size was worth around USD 217.40 million in 2021 and is estimated to grow to about USD 987.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 28.70 percent over the forecast period.

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The report analyzes the home health hub market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the home health hub market.

Home Health Hub Market: Overview

A home health hub is an essential piece of equipment that allows a medical hub to track, collect, and transfer patient data to the appropriate healthcare providers using the patient's electronic devices. It enhances the communication between hospitals and patients and the effectiveness and accuracy of patient data collecting. To combine data from several sources, these devices require wireless communication. The devices enable several connection methods to collect data from wired and wireless healthcare devices that are commercially accessible, including pulse oximeters, blood pressure monitors, and many others. Additionally, they offer connectivity for users to share recorded information through a remote device with a display, such as a smartphone, computer, tablet, or the cloud, to act with it. Its main objective is to improve patient outcomes while lowering healthcare expenses.

The home health hub platform enables the implementation of remote diagnostics, treatment, and preventative care programs for the most common health issues. The fast-expanding healthcare technology and breakthroughs made by various market players, all to constantly enhance the quality of healthcare supplied to patients, are expected to create new opportunities in this market. The growing public interest in health and wellness tracking will drive the market expansion. Furthermore, the need to cut medical costs and the growing trend of smart homes drive market expansion. The rapid expansion of digital health innovations and technical progress by various market players are focused on continuous updates to improve the quality of healthcare supplied to patients.

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COVID-19 Impact:

The COVID-19 pandemic has slowed market expansion and severely impacted the country's overall GDP. Sales in the medical advancements and imaging market are declining because of fewer surgeries and delayed or protracted equipment purchases. Furthermore, virtual consultations with healthcare specialists are projected to become the standard care distribution strategy following the pandemic. Telemedicine will prosper in the next years as telehealth transforms medical delivery. As a result, global market specialists must devise efficient strategies to mitigate the negative effects of this severe epidemic while maintaining a strong market growth rate.

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.

Home Health Hub Market: Growth Drivers

Rising smartphone and e-gadget penetration is likely to pave the way for global market growth.

People's increased internet and smartphone penetration have aided the expansion of the global home health hub market. The widespread availability of smartphones in the house and improved internet connectivity drive the global demand for home health hubs. New electronic and telecommunications research & development is also boosting the functionality of home health hub systems, thereby driving the market growth.

Global Home Health Hub Market: Restraints

The rising number of frauds globally may hamper 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).

Global Home Health Hub Market: Segmentation

The global home health hub market is segregated based on product monitoring type, end-users, product, and region.

By product monitoring type, the market is divided into low-acuity, moderate-acuity, and high-acuity patients. In terms of market share and revenue, the high equity health monitoring sector led the market in 2021. This segment has tremendous potential in the future since it provides nurses with knowledgeable, rapid, and competent service.

By product & services, the market is segmented into standalone hubs, mobile hubs, and remote patient monitoring services. Smartphone-based hubs are a thriving market segment with the biggest market share in 2021 due to the rise in digital platform smartphones. Increased adoption of mobile platforms to enhance patient information accessibility is driven by increased smartphone adoption and the ongoing growth of high-speed mobile networks. Smartphone-enabled home health hubs are expected to rise more rapidly due to increased awareness and accessibility.

By end-users, the market is classified into homecare agencies, hospitals, nursing homes & assisted living facilities, and healthcare payers. Home care agencies are expected to develop at the fastest rate during the forecast period. Home care agencies, which have the major market share in the group, offer a more comfortable alternative to living at home. The favorable insurance coverage for home care agencies is anticipated to fuel expansion.

Recent Developments

  • September 2020, Sensate Cybersecurity Solutions launched a cyber-security program for critical access and rural hospitals. This program provides rural hospitals an integrated security platform to the hospitals in the rural regions, which covers servers, networks, medical devices, and related devices.
  • March 2022, VEON Ltd. a global provider of connectivity and internet services, announces that its Banglalink mobile operator in Bangladesh has launched Health Hub, the country's first integrated digital health platform.

Home Health Hub Market: Report Scope

Report Attributes Report Details
Report Name Home Health Hub Market Research Report
Market Size in 2021 USD 217.40 million
Market Forecast in 2028 USD 987.9 million
Growth Rate CAGR of 28.70%
Number of Pages 210
Key Companies Covered Qualcomm , Honeywell , Vivify , Lamprey Networks , AMC Health , health Lab , IDEAL LIFE , HI care , Med , and Nook
Segments Covered By Product & Service, By Type of Patient Monitoring, By End User and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2021
Historical Year 2016 to 2020
Forecast Year 2020 - 2028
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

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 .

Home Health Hub Market: Regional Landscape

Asia Pacific dominated the global home health hub market in 2021

The Asia Pacific will dominate the global home health hub market over the upcoming years. This is due to the significant players, the rising prevalence of chronic disease, the growing senior population, and the involvement of digitalization in the healthcare sector. The increasing trend in health and wellness, as well as the growing trend of digitization and smart homes, are some of the factors responsible for the growth of this region's home health hub market. Furthermore, increased demand for home care services, especially among seniors in need of long-term care and adult patients who suffer from accidents or illnesses, is creating many opportunities.

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The need for more advanced remote patient monitoring tools is expected to multiply as health becomes more prevalent in these countries' healthcare systems. Furthermore, this will create significant development potential for APAC's house wellness clinics in the next years.

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"

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The growing public interest in health and wellness tracking will drive market expansion. Furthermore, the need to cut medical costs and the growing trend of smart homes are driving market expansion.

According to the report, the global home health hub market was worth about 217.40 (USD billion) in 2021 and is predicted to grow to around 987.9 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 28.70 percent.

Asia Pacific dominates the home health hub market due to the increased trend in health and wellness, as well as the growing trend of digitization and smart homes are some of the factors responsible for the growth of this region's home health hub market. and accounts for the more largest share of the global revenue. Many people come in quest of higher education and work possibilities, as well as business opportunities. The region's growing immigrant population is likely to generate new opportunities for home health hub service providers.

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 .

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