Home Health Hubs Market: Introduction
- Home health hubs, also called home health gateways, are gaining popularity in the home health technology market. Home health hubs provide seamless connectivity with commercially available wired and wireless health care devices, such as pulse oximeters, blood pressure monitors, blood glucose monitors, and weight scales and consequently, allow multiple connectivity options to obtain data from these devices. Data obtained from these devices is subsequently relayed to a remote device, such as a tablet, smartphone, or PC, in order to track and monitor the patient’s health status and also provide alerts and medication reminders. The display interface also provides a real-time connection to caregivers, including family, friends, and physicians, and offers comfort and safety to the individual being monitored.
Key Drivers and Restraints of Global Home Health Hubs Market
- The global home health hubs market is driven by the increase in geriatric population, which has led to a rise in prevalence of chronic diseases, lack or shortage of healthcare professionals, and reduced cost of healthcare
- According to WHO, by 2050, the world’s population aged 60 years and older is expected to reach 2 billion, up from 900 million in 2015. The geriatric population in China is estimated to reach 120 million, and 434 million people globally, by 2050. Furthermore, 80% of the total global geriatric population is likely to reside in low- and middle-income countries by 2050.
- Rise in interest and involvement in health and wellness tracking, technological advancements, and an increase in the demand for remote patient monitoring are key factors boosting the home health hubs market
- However, lack or scarcity of awareness and poor internet availability in developing and underdeveloped countries are restraining the home health hubs market
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Strategies adopted by key players and emerging economies to offer attractive opportunities
- Companies operating in the global home health hubs market are focused on catering to the needs of the medical community and patient population by introducing novel products and technologies. Leading players emphasize on research and developmental activities and engage in acquisitions, mergers, and collaborations to strengthen their position in the global market.
- For instance, in January 2018, Qualcomm Incorporated, through its subsidiary Qualcomm Technologies, Inc., announced the launch of two Qualcomm Home Hub platforms supporting Google’s Android Things. Based on the Qualcomm SDA624 and SDA212 system on chips (SoCs), these platforms are designed to help developers and original equipment manufacturers (OEMs) to rapidly and cost-effectively develop home hubs featuring Google services such as the Google Assistant.
- In February 2016, ZeOmega Inc., a market leader in population health management solutions, and Vivify Health, a leader in remote patient monitoring technology and services, announced that Vivify mobility applications would integrate with ZeOmega’s Jiva Population Health Management platform.
- In March 2015, AMC Health, a privately-held provider of ‘real-time’ patient management solutions, and Qualcomm Life, Inc., a subsidiary of Qualcomm Incorporated, collaborated to enhance connectivity and virtual care coordination for chronic care patients
- Emerging economies present lucrative opportunities to the home health hubs market owing to increase in patient population, surge in chronic diseases, and rise in initiatives by governments in the health care sector
North America to account for major share of global home health hubs market
- North America is projected to account for a leading share of the global home health hubs market due to an increase in health awareness, rise in patient population, presence of well-established healthcare infrastructure, surge in research and developmental activities, and presence of key players in the region
- The home health hubs market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to a rise in the geriartic population, increase in initiatives by governments in the health care sector, surge in incidences of chronic diseases, and rise in interest of key players in expanding market presence in the region
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Key Players Operating in Global Home Health Hubs Market
Leading players in the global home health hubs market are focusing on research and development activities, and technological advancements. Their competitors are also emphasizing on various growth strategies including mergers, acquisitions, product advancements, product launches & approvals, partnerships, and collaborations. Leading players operating in the global home health hubs market are:
- AMC Health
- IDEAL LIFE INC.
- Honeywell International Inc
- iHealth Labs Inc.
- Qualcomm Technologies, Inc.
- Vivify Health, Inc.
Global Home Health Hubs Market: Research Scope
Global Home Health Hubs Market, by Product & Service
- Standalone Hubs
- Smartphone-Based Hubs
- Remote Patient Monitoring Services
- Support & Maintenance Services
Global Home Health Hubs Market, by Type of Patient Monitoring
- High-Acuity Patient Monitoring
- Moderate-Acuity Patient Monitoring
- Low-Acuity Patient Monitoring
Global Home Health Hubs Market, by End-user
- Healthcare Payers
- Home Care Agencies
- Nursing Homes & Assisted Living Facilities
Global Home Health Hubs Market, by Region
- North America
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.