The global home health technology market is projected to grow at a good CAGR during the 2018-2023 period
The recent study, titled “Global Home Health Technology Market - Forecasts From 2018 TO 2023”, covers in-depth analysis of the market on the basis of solution and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. The report has segmented the home health technology market by solution as wireless health devices, wireless activity sensors, telehealth, and others and by geography as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The home health technology market is currently an upcoming one and is poised to grow at a fast pace during the forecast period owing to the growing geriatric population requiring better healthcare facilities which include continuous monitoring and care to attain the goal of healthy aging. Also, advancements in healthcare technologies, rising disposable income, growing prevalence of chronic diseases and a growing demand for the home healthcare services due to the better patient outcome, increasing treatment costs are fueling the growth of the global home health technology market during the forecast period. In addition, the growing adoption of mobile and wireless technologies is further spurring market growth.
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Growing adoption of mobile technologies is driving the growth of the global home health technology market.
The use of mobile devices has significantly aided in reducing the cost of healthcare operations, thus, improving the overall service quality. The cutting-edge technologies in mobile health have further facilitated patient monitoring and engagement in addition to providing immediate patient information. As the baby boomers are entering into their 70s, the home-based healthcare will be in demand and will attain a substantial growth as well. These technologies have further reduced the number of hospital re-admissions as the growing population prefers to stay at home and the utilization of mobile devices has become the most effective in bringing healthcare at home. Thus, these have become an indispensable tool as they are easy-to-use, is capable of providing constant monitoring in addition to the reduction in the need for inpatient visits.
North America will hold a noticeable market share.
The North America home health technology market is estimated to a significant portion of the market owing to the early adoption of innovations, high healthcare spending in the United States, high disposable income and out-of-pocket expenditure. The Stakeholders in the United States are moving from volume-based to value-based care by reforming policies, programs promoting operational efficiency, technology use, population health management, wellness, and addressing the social determinants of health. There is a shift in the healthcare market dynamics owing to the better patient outcome at lower costs, changing demographics like an aging population, and a growing number of people with chronic diseases. Thus, this calls for a requirement of a service which may provide help in the better tracking of the patients where the consumers prefer to be in greater control of their health management, emanating the growth of the global home health technology market during the forecast period.
Some of the major players discussed in the reports are Panasonic Corporation, AliveCor, Inc. and Omron Healthcare, Inc., among others.
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