Home Health Technology Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Solution (Wireless Health Devices, MHealth/Mobile Health, Telehealth, Electronic Health Records), And By Geography - Forecasts From 2021 To 2026

The global home health technology market is evaluated at US$186.162 billion for the year 2019 and is projected to grow at a CAGR of 14.94% to reach US$493.385 billion in 2026.

Home health care technology refers to the health care provided to patients within the comforts of their homes using technological solutions. Technology plays an integral role in the current home healthcare system. The role of technology is not only to facilitate home healthcare within the overall healthcare system but also to bring about community-based independence among individuals. The technologies used in the home health care system include active technology and passive technology. Passive technology allows the ability to monitor the patient without him requiring to operate the required system. For instance cameras, sensors, and other technological solutions are embedded in the residential infrastructure. Whereas, active infrastructure aid in physical monitoring, safety, and monitoring of patient function and help in the detection of emergencies. Moreover, the home health technology market is estimated to grow at a stable rate over the forecasted period. The growth in the market can be associated with the growing aging population and the increasing requirement for constant health monitoring. Moreover, the growing prevalence of chronic illnesses & other airborne diseases, growth of point-of-care services, and increasing adoption of health and wellness devices are expected to further augment the demand in the Global Home health technology market over the forecasted period. Furthermore, the growing need to expand home healthcare access coupled with increasing healthcare expenditure globally is expected to provide market attractiveness over the forecasted period. However, pertinent patient safety concerns and the lack of availability of homecare personnel are expected to hamper growth in the global home health technology market.

COVID-19 has had a positive impact on the home health technology market. The pandemic led to increased demand for medical diagnostic devices, thereby escalating demand for home healthcare monitoring and screening devices. Moreover, the COVID-19 pandemic resulted in rising demand for telehealth solutions. This led to many hospitals, and healthcare institutions adopting new wellness guidelines for teleconsultation and telemedicine, thereby positively impacting the market. Furthermore, the telehealth segment is estimated to grow significantly in the post-lockdown phase.

Health/MobileHealth to witness lucrative growth opportunities.

Telehealth has gained significant reaction over the last few years and is expected to grow at a significant rate over the forecasted period. The market growth can be attributed to advancements in technology coupled with the growing need for remote patient monitoring. Moreover, the mobile health or MHealth segment is projected to offer lucrative growth opportunities over the forecasted period. The growth in the market segment can be associated with the growing adoption of mobile technology worldwide. Additionally, growing demand for the mobile health segment is facilitated by the ease of access provided by the platform in tracking steps, medications, glucose, and patient portals. Moreover, the growing demand for remote health care and rising independence in capturing and monitoring data is estimated to further drive demand in the market segment.

North American Region to hold dominant market share.

The North American region holds a notable market share and is anticipated to grow at a significant rate over the forecasted period. Owing to the rising presence of prominent market players, rising per capita income, widespread adoption of smart technologies, and growing geriatric population are expected to drive demand in-home health technology market in the region. Moreover, advancements in technology are the main catalyst driving growth in the market.

Participation by market players.

The growing adoption of homecare settings and inclining market trends towards technological advancements force market players to offer innovative cost-effective product solutions. For instance, Omron Healthcare launched its first remote patient monitoring service, VitalSight which aims to boost physician-patient communication and empower more active management of hypertension.                                                                                                 

Competitive Insights.

Companies in the home health technology market are adopting varied technological solutions to offer novel innovative product solutions catering to specific segments, thereby implementing various growth strategies to gain a competitive advantage over their competitors.

Home Health Technology Market Scope:

Segmentation

• By Solution
  • Wireless Health Devices
  • MHealth/Mobile Health
  • Telehealth
  • Electronic Health Records
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others