Home Health Hub Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Home Health Hub Market Analysis

The Global Home Health Hub Market size is estimated at USD 0.95 billion in 2024, and is expected to reach USD 3.69 billion by 2029, growing at a CAGR of 31.30% during the forecast period (2024-2029).

Globally, the COVID-19 pandemic put enormous pressure on hospitals and healthcare systems that were understaffed and overworked. Home health hub technology helped patients to remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, which shows a positive impact on the market. According to the study titled "COVID-19's impact on home health services, caregivers and patients: lessons from the French experience," published in the Lancet Regional Health in August 2021, Since the start of the Covid-19 pandemic, home-based care has been in high demand to relieve hospital overcrowding and allow patients with chronic diseases or non-severe Covid-19 to be cared for and monitored at home. Thus, the home health hub market was positively impacted by COVID-19.

The Home Health Hub Market is predicted to develop as the number of chronic diseases rises, and the geriatric population grows. Additionally, the expanding use of smartphones, as well as the growing desire to cut healthcare costs, are both driving the market forward. According to the July 2021 update by the World Health Organization, cardiovascular diseases are the leading cause of death around the world, including diseases like coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others. As per the same source, in 2019, 17.9 million people around the world died from cardiovascular diseases, which amounted to about 32% of all global deaths. Additionally, The Globocan 2020 report published by Global Cancer Observatory estimated the incidence and mortality of 36 cancer in 185 countries. Globally, there were an estimated 19,292,789 new cases of cancer diagnosed in 2020, and about 9,958,133 people died due to cancer all over the world. Further, as per the same source, the number of new cancer cases is expected to reach 24,044,406 by 2030, which shows an increasing prevalence of cancer around the globe.

The geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to chronic diseases. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is aging at a much faster rate than in the past. Every country faces significant challenges in ensuring that its health and social systems are prepared to take advantage of this demographic shift.

However, various key strategic activities by the market players are anticipated to boost the market over the forecast period. For instance, in March 2022, VEON Ltd., a global provider of connectivity and internet services, announced that it is Banglalink mobile operator in Bangladesh had launched Health Hub, the country's first integrated digital health platform.

Thus, all aforementioned factors are expected to drive the market over the forecast period. However, security and privacy concerns and reimbursement issues are the factors that might restrict the growth of the market.

Home Health Hub Market Trends

This section covers the major market trends shaping the Home Health Hub Market according to our research experts:

Smartphone-based Segment is Expected to Dominate the Market Over the Forecast Period

Home Health Hub Industry Segmentation

As per the scope of the report, a home health hub is a software platform that proactively organizes, cares for, and manages chronic diseases for improved results by connecting the health caregiver and the patient through the patient's electronic devices. Significant advancements in connected home and mobile technology are improving the efficiency and automation of data collecting from patients. This improves hospital and patient connectivity, resulting in better healthcare delivery and care quality. The Home Health Hub Market is Segmented by Product and Services (Smartphone-Based, Standalone, Services), Type of Patient Monitoring (High-Acuity Patient Monitoring, Moderate-Acuity Patient Monitoring, Low-Acuity Patient Monitoring), End User (Hospitals, Healthcare Payers, Home Care Agencies), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.