(PharmaNewsWire.Com, May 16, 2020 ) The home health hubs market is expected to reach USD 848.2 Million by 2023 from USD 218.5 Million in 2018, at a CAGR of 31.2%. Factors such as the increasing geriatric population and the subsequent increase in the prevalence of chronic diseases, need to reduce healthcare costs, and the shortage of healthcare professionals are the major factors driving the growth of the market.
The standalone hubs segment held the largest share of the home health hubs market in 2017.
On the basis of product and service, the market is segmented into standalone hubs, smartphone-based hubs and home health hub services. In 2017, the standalone hubs segment accounted for the largest share of the global home health hubs market. This large share can be attributed to growing focus on reducing healthcarecosts, shift of point-of-care diagnostics from hospital-based care to home care settings, and the growing burden on healthcare settings are the major factors driving its adoption in the market.
The high-acuity patient monitoring segment accounted for the largest share of the home health hubs market in 2017.
By type of patient monitoring, the home health hubs market is segmented into high-acuity patient monitoring, moderate-acuity patient monitoring, and low-acuity patient monitoring. The high-acuity patient monitoring segment accounted for the largest share of the global home health hubs market. The larger share can be attributed to the growing geriatric population and high prevalence of chronic conditions such as congestive heart failure, chronic obstructive pulmonary disease, and chronic kidney diseases.
The hospital segment held the largest market share of home health hubs market in 2017.
Based on end users, the global home health hubs market is broadly segmented into hospitals, healthcare payers, home care agencies, and nursing homes & assisted living facilities. The hospitals segment accounted for the largest share of home health hubs market in 2017. Government initiatives to improve the quality of care delivered to patients; increasing focus on curbing the rising healthcare costs and reducing patient readmissions; and growing need to improve the affordability and accessibility of healthcare services are some of the major factors driving the adoption of home health hubs among hospitals across the globe.
North America accounted for the largest share of the home health hubs market in 2017, followed by Europe. The large share of North America in this market is attributed to the increasing prevalence of chronic and lifestyle diseases, growing healthcare costs, shortage of physicians, increasing demand for better healthcare services, and timely availability of patient data to authorized healthcare professionals in the region.
Some of the prominent players in this market are Qualcomm (US), Honeywell (US), Vivify (US), Lamprey Networks (US), AMC Health (US), iHealth Lab (US), IDEAL LIFE (US), Hicare (US), MedM (US), and OnKöl (US).
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