The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
[122 Pages Report] The home health hubs market is expected to reach USD 848.2 Million by 2023 from USD 158.4 Million in 2017, at a CAGR of 31.2% during the forecast period.
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Telehealth-Based Clinical Trials – Future of Clinical Trial Management and a Growth Opportunity for Home Health Hubs Market
Telehealth-based clinical trials are a new concept in the healthcare industry intended to accelerate healthcare research. Telehealth technologies help speed up clinical trial recruitment by expanding patient reach to those living far from the study site. In addition, telehealth-based clinical trials also reduces patient time & travel burden, which in turn improves patient retention for the trial. Although the concept is new, pilot studies have shown positive results such as improved patient connectivity, FDA submissions, and study efficacy. Public-funded clinical studies (Phase III) in countries, such as the US and UK, implementing telehealth services have shown positive results. As home health hubs are basic equipment of telehealth-based clinical trials, the growing concept of telehealth-based clinical trials likely to propel further growth of the home health hubs market.
Remarkable Smartphone Penetration Globally to Drive the Global Smartphone-Based Home Health Hubs Demand to USD 295 million By 2023
Smartphone-based hubs depend on mobile applications (Android, iOS, Linux, and Windows) that can be downloaded to dedicated smartphones and tablets. Today, smartphones and tablets are used as the primary source of internet connectivity in developed regions; and their adoption is on the rise in emerging countries as well. Greater penetration of smartphones and the continued expansion of high-speed mobile networks are driving increasing utilization of mobile platform to improve the accessibility of patient information. With growing awareness and accessibility, there is higher growth anticipated for smartphone-enabled home health hubs by 2023.
Home Health Hubs Market
Asia Pacific Countries Showcase High Growth Potential for Home Health Hubs Market
Countries in the APAC region, such as China and India have shown remarkable economic growth in the past decade, and are likely to surpass many developed countries in the coming years. Although, the healthcare industry in these countries still follows a traditional model of healthcare delivery; the situation is gradually changing with growing health awareness, increasing demand for better healthcare services, and increasing penetration of smartphones. As telehealth becomes more prevalent in the healthcare infrastructure of these countries, the demand for better remote patient monitoring technologies is expected to grow multi-fold. This in turn will create significant growth potential for home health hubs in APAC region over the coming years.
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Prominent players in this market are Qualcomm (US), Honeywell (US), Vivify (US), Lamprey Networks (US), AMC Health (US), iHealth Lab (US), IDEAL LIFE (US), Hicare (US), MedM (US), and OnKöl (US).