DUBLIN--(BUSINESS WIRE)--The "Home Health Technology Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The growth in the market can be associated with the growing aging population and the increasing requirement of their 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 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 lack of availability of homecare personnel are expected to hamper growth in the global home health technology market.
The COVID-19 pandemic 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, 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.
Mobile-Health (mHealth) 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, 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 America to hold a dominant market share
The North American region holds a notable market share 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 is expected to drive demand in-home health technology market in the region. Moreover, advancements in technology being 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 forcing market players to offer innovative cost-effective product solutions. For instance, Omron Healthcare launched its first remote patient monitoring service, VitalSight that aims to boost physician-patient communication and empower more active management of hypertension.
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.
- Zebra Technologies Corp.
- Panasonic Corporation
- AliveCor, Inc.
- Omron Healthcare, Inc.
- NeuroSky, Inc.
- Apple Inc.
- Becton, Dickinson and Company
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