Home Health Hub Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Products & Services (Smartphone-Based Hubs, Standalone Hubs, Services, Others), By Type Of Patient Monitoring (High-Acuity Patient Monitoring, Moderate-Acuity Patient Monitoring, Low-Acuity Patient Monitoring), By End-User (Hospitals, Nursing Homes & Assisted Living Facilities, Home Care Agencies, Healthcare Payers), And By Geography - Forecasts From 2022 To 2027
- Published : Apr 2022
- Report Code : KSI061611799
- Pages : 124
The global home health hub market is evaluated at US$261.451 million for the year 2020 and is projected to grow at a CAGR of 26.53% to reach the market size of US$1,357.712 million by the year 2027.
The increased penetration of the internet and e-gadgets in people's lifestyles has increased the demand for home health hubs in the present market. The convenience and effectiveness offered by home health hubs compared to conventional types of healthcare systems are augmenting the market growth of global home health hubs. The rising elderly population and prevailing chronic diseases are some of the factors driving the growth of the global home health hub market. The rise in the number of chronic diseases is increasing the need for continuous monitoring of patients by doctors. The convenience offered by home health hub in continuous monitoring of patients is boosting the market demand for home health hub devices. The increasing elderly population is also one of the factors contributing to the potential growth of the global home health hubs market. The effectiveness offered by continuous monitoring in diagnosing disease and observation of patients is increasing the demand for home health hubs in the global market. The introduction of new e-medical gadgets by major market players, the promotion of e-diagnosis, and government support for home-based medical diagnosis are all boosting the market for the global home health hub market. The recent outbreak of the COVID-19 pandemic had a huge impact on the global home health hub market. The home health hub market was positively impacted by the COVID-19 pandemic. The widespread COVID pandemic has increased hospital cases, leading to the filling of hospitals with COVID patients. The convenience offered by home health hubs for patients in the home itself has increased the demand for home health hub systems. Medical observation and diagnosis from the home itself is one of the widely adopted techniques during the COVID period, fuelling the market growth of the global home health hub market. Continuous monitoring for elderly people and diagnosis of lifestyle diseases and other chronic disorders are efficiently handled from home itself during a pandemic situation with the support of the home health hub system. The increased adoption and application of home health hub medical devices during the pandemic period has driven the market for home health hubs positively in the COVID pandemic situation.
Chronic diseases and an aging population
The rising elderly population is one of the major factors driving the growth of the home health hub market. The elderly population with less access to hospitals and those who are unable to reach hospitals due to physical problems are driving the need for home health hub systems. According to the UN Department of Economic and Social Affairs' population dynamics, the share of the elderly population in the total global population has increased from 6% to 9% in the last 20 years. The increasing rate of the elderly population is boosting the demand for home health hub diagnosis systems in the global market. The convenience and effectiveness offered by home health hubs in the diagnosis and medication of elderly people are also driving the growth of the global home health hub market. The rising number of chronic diseases is also leading to the market growth of home health hub systems. A report by the U.S. Department of Health and Human Services states that chronic diseases are responsible for 7 out of 10 deaths in the United States. The continuous monitoring of chronic diseases that can be done by the home health hub system is pulling down the critical death rate from chronic diseases to a certain extent, contributing to the growth of the global home health hub market.
Smartphone and e-gadget penetration
The high rate of internet and smartphone penetration among people has positively influenced the growth of the global home health hub market. According to the data by the International Telecommunication Union, the global internet penetration rate is approximately recorded at about 60%. The increasing net access and availability of smartphone devices in the home leads to the demand for home health hubs in the global market. New research and developments in the field of electronics and telecommunication are also increasing the effectiveness of home health hub systems. The support provided by the government in promoting home health hub systems and investments made by companies in the field of home health hubs are boosting the market growth globally.
North America holds significant market share
Geographically, North America holds a major market share in the global home health hub market. High disposable income, rising cases of chronic diseases, and high healthcare expenditure are contributing to the market growth of the home health hub market in the North American region.
Home Health Hub Market Scope:
|Market size value in 2020||US$261.451 million|
|Market size value in 2027||US$1,357.712 million|
|Growth Rate||CAGR of 26.53% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product & Services, Type of Patient Monitoring, End-user, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Qualcomm incorporated, Honeywell International, Vivify Health, IDEAL LIFE Inc., Lamprey Networks, iHealth Lab, Hicare, MedM Inc, AMC Health, INSUNG INFORMATION CO.LTD|
|Customization scope||Free report customization with purchase|
- By Product & Services
- Smartphone-Based Hubs
- Standalone Hubs
- By Type of Patient Monitoring
- High-Acuity Patient Monitoring
- Moderate-Acuity Patient Monitoring
- Low-Acuity Patient Monitoring
- By End-user
- Nursing Homes & Assisted living facilities
- Home care agencies
- Healthcare Payers
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the home health hub market size by 2027?
A1. The global home health hub market is projected to reach a total market size of US$1,357.712 million in 2027.
Q2. What are the growth prospects for the home health hub market?
A2. The home health hub market is projected to grow at a CAGR of 26.53% during the forecast period.
Q3. What is the size of the global home health hub market?
A3. Home Health Hub Market was valued at US$261.451 million in 2020.
Q4. What factors are anticipated to drive the home health hub market growth?
A4. The rising elderly population is one of the major factors driving the home health hub market growth.
Q5. Which region holds the largest market share in the home health hub market?
A5. North America is holding a major share in the global home health hub market due to the high disposable income, rising cases of chronic diseases, and high expenditure of healthcare.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Home Health Hub Market Analysis, by Product & Services
5.2. Smartphone-Based Hubs
5.3. Standalone Hubs
6. Global Home Health Hub Market Analysis, by Type of Patient Monitoring
6.2. High-Acuity Patient Monitoring
6.3. Moderate-Acuity Patient Monitoring
6.4. Low-Acuity Patient Monitoring
7. Global Home Health Hub Market Analysis, by End-User
7.3. Nursing Homes & Assisted living facilities
7.4. Home care agencies
7.5. Healthcare Payers
8. Global Home Health Hub Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Qualcomm incorporated
10.2. Honeywell International
10.3. Vivify Health
10.4. IDEAL LIFE Inc.
10.5. Lamprey Networks
10.6. iHealth Lab
10.8. MedM Inc
10.9. AMC Health
10.10. INSUNG INFORMATION CO.LTD
IDEAL LIFE Inc.
INSUNG INFORMATION CO.LTD
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