Home Health Hub Market to Reach US$ 2,008.30 Mn at a CAGR of 30.1% in 2027

Home Health Hub Market to 2027 - Global Analysis and Forecasts by Product & Services (Smartphone-Based, Standalone, Services); Type of Patient Monitoring (High-Acuity Patient Monitoring, Moderate-Acuity Patient Monitoring, and Low-Acuity Patient Monitoring); End User (Hospitals, Healthcare Payers and Home Care Agencies) and Geography

Publication Month : Dec 2019

  • Report Code : TIPHE100001408
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 171
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The Home Health Hubs in healthcare market was valued at US$ 188.73 million in 2018 and it is projected to reach US$ 2,008.30 million by 2027; it is expected to grow at a CAGR of 30.1% from 2019 to 2027.

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 growth of the Home Health Hubs in healthcare market is attributed to the increasing demand for home monitoring devices and better health outcomes and reduced costs. However, the growth of market is likely to experience restrain due to cyber threat and rise in data security.

The Home Health Hubs in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Lucrative Regions for Home Health Hubs in Healthcare Market



Lucrative Regions for Home Health Hubs in Healthcare Market
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Market Insights

Growing Applications of Home Health Hubs in Healthcare to Drive Home Health Hubs in Healthcare Market Growth

Home health hubs are a developing zone of the home health technology market, which is also known as home health gateways. The two major components included in home health hubs are standalone devices, and monitoring & maintenance services, which include mobile devices such as smartphone or tablet, and wearable devices such as smart watches. These devices and services use wireless technology to collect information from disparate sources from connected home medical monitoring equipment and standalone health and wellness devices. Home medical monitoring programs are intended to help patients with re-hospitalization or frequent emergency room (ER) visits to receive treatments at home. The aim of home health hub is to reduce hospital trips and length of stays in hospitals. A home health hub comprises a wide range of health data of a patient from the point of care that includes vital signs, weight, heart rates, blood sugar, blood oxygen levels, blood pressure, and electrocardiograms. The data can be transmitted to skilled health professionals in facilities such as hospitals and intensive care units, skilled nursing facilities, centralized off-site case management programs and monitoring centers. The patients monitored remotely by professionals are provided with a treatment plan based on the health data information. Many companies are focusing on developing innovative products. For instance, in January 2014, iHealth Lab Inc., launched three new wearable mobile personal health products—ambulatory blood pressure monitor (ABPM), wearable pulse oximeter, and wireless ambulatory electrocardiogram (ECG). Therefore, owing to the abovementioned factors, the demand for home health hubs is significantly increasing during the forecast period.

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, these technologies enable to use of telecommunication techniques from health services research to bring about change in the health insurance and hospital industries. Self-care medical devices such as blood pressure and blood glucose monitoring kits, and telemetry monitoring for heart conditions, wearable devices also play a vital role in home healthcare. Moreover, ehealth and mhealth services also play a dynamic role in decreasing overall healthcare spending. For instance, remote analysis services and remote or mhealth technologies enable highly trained professionals to work as pooled resources and contribute to lower cost, in turn of higher quality care. 

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. The program includes the development of more practice of smartphones to collect and share the operating mHealth projects to the other countries within national health systems. It is a collaboration between ITU and WHO, which was released on 7th August 2017. The project is funded by The European Commission Horizon-2020 2016-2017 Work Program. Thus, the mHealth and Telehealth is expected to play a dynamic role in decreasing overall healthcare spending that will likely to add novel opportunities for the home health hubs market in the forecast period.

Product & Services -Based Insights

In terms of product & services, the Home Health Hubs in healthcare market is segmented into smartphone based, standalone, and services. In 2018, the standalone hub segment held the largest share of the market. Moreover, smartphone-based hubs segment is expected to register the highest CAGR of 30.7% in the market during the forecast period.

Home Health Hubs in Healthcare Market, by Component – 2018 and 2027



Home Health Hubs in Healthcare Market, by Component – 2018 and 2027
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Type of Patient Monitoring -Based Insights

Based on type of patient monitoring, the Home Health Hubs in healthcare market is segmented into high acuity patient monitoring, moderate acuity patient monitoring, low acuity patient monitoring. In 2018, the high-acuity patient monitoring segment held the largest share of the market. Moreover, moderate-acuity patient monitoring segment is expected to register the highest CAGR of 30.6% in the market during the forecast period.

End User-Based Insights

In terms of end user, the Home Health Hubs in healthcare market is segmented into hospitals, healthcare payers and home care agencies. In 2018, the hospital segment held the largest share of the market. Moreover, it is expected to register the highest CAGR of 30.5% in the market during the forecast period.

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Home Health Hub Market: Strategic Insights

home-health-hubs-market
Market Size Value inUS$ 188.73 Million in 2018
Market Size Value byUS$ 2,008.30 Million by 2027
Growth rateCAGR of 30.1% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The Home Health Hubs in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

 

Home Health Hubs in Healthcare Market – by Product & Services

  • Smartphone-Based
  • Standalone
  • Services

Home Health Hubs in Healthcare Market – by Type of Patient Monitoring

  • High-Acuity Patient Monitoring, 
  • Moderate-Acuity Patient Monitoring
  • Low-Acuity Patient Monitoring

Home Health Hubs in Healthcare Market – by End User

  • Hospitals
  • Healthcare Payers 
  • Home Care Agencies

Home Health Hubs in Healthcare Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • OnKöl, INSUNG INFORMATION CO,LTD.
  • IDEAL LIFE INC.
  • iHealth Labs Inc.
  • Honeywell International Inc.
  • Vivify Health, Inc.
  • Capsule Technologies Inc. (QUALCOMM LIFE, INC.)
  • MedM
  • SENSATO CYBERSECURITY SOLUTIONS
  • CISCO SYSTEMS, INC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product & Services ; Type of Patient Monitoring ; End User and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions


What are home health hub?

Home health hubs are also called home health gateways 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.

What are the driving factors for the home health hub industry across the globe?

The rising preference for home monitoring devices, increasing remotely monitored patients by professionals with a treatment plan based on the health data information is expected to propel the growth of the home health hubs market. Moreover, Better health outcomes by advanced home health hubs at reduced costs is anticipated to drive the global market.

What are the prices of home health hubs?

Prices of home health hub varies from USD 20 (small home hub that work with any connected health device such as blood pressure, weight scales, etc.) to USD 150.

The List of Companies

  1. OnKöl
  2. Insung Information Co, Ltd.
  3. Ideal Life Inc.
  4. iHealth Labs Inc.
  5. Honeywell International Inc.
  6. Vivify Health, Inc.
  7. Capsule Technologies Inc. (Formally: QUALCOMM LIFE, INC.)
  8. MedM
  9. Sensato Cybersecurity Solutions
  10. Cisco Systems, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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