Consumers utilizing home health technology will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020, according to a new report from Tractica. The report reveals home health technologies are emerging as a distinct segment within the larger mobile and digital health market. Key factors driving the utilization of home health dinclude:
– the ability to remotely monitor patients with chronic conditions
– conduct virtual physician consultations (eVisits) is being seen as a way to improve the efficiency and effectiveness of the overall healthcare system, as well as to improve patient outcomes.
– leveraging the ubiquity of residential broadband networking and smartphones to help consumers manage health and wellness on an ongoing basis.
The market intelligence firm anticipates that medical monitoring, diagnosis, and treatment will be the largest application market during that timeframe, and will drive the deployment of a wide variety of connected health devices and software applications. Other key segments of this market are remote consultations, eldercare, and health and wellness.
“Key factors driving interest in home healthcare technologies include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases,” says principal analyst Charul Vyas. “However, significant challenges remain for the industry to solve, including regulatory issues, data security and privacy, and technology interoperability and integration issues.”
Tractica’s report, “Home Health Technologies”, examines the market trends and technology issues surrounding home health devices and applications and presents forecasts for users, services, and hardware during the period from 2015 through 2020. Services, devices, and applications are analyzed in depth, and the report also includes detailed profiles of key industry players across the home health ecosystem.