Market Trends of Global Home Health Hub Industry
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
The growing popularity of digital platform smartphones has fueled the growth of the Smartphone-Based Hubs sector, which now has the largest market share. Mobile programs (Android, iOS, Linux, and Windows) that can be downloaded to dedicated smartphones and tablets are required for smartphone-based hubs. Smartphones and tablets are becoming the primary means of internet connectivity in developed nations, and their use is increasing in developing countries.
Increased use of mobile platforms to improve patient information accessibility is being driven by increased smartphone usage and the continuous growth of high-speed mobile networks. Smartphone-enabled home health hubs are expected to rise in popularity as awareness and accessibility grow. A growing preference for smartphone technology and the internet and mounting demand for smartphone-based health hub is expected to boost the market growth. As per Eurostat data, by updates from December 2022, by 2021, the share of EU households with internet access had risen to 92%, some 20 percentage points higher than in 2011 (72%). Moreover, broadband internet access was used by 90% of the households in the EU in 2021, 25 percentage points higher than in 2011 (65%).
Furthermore, product launches by the key market players are anticipated to boost the market over the forecast period. For instance, in March 2022, the GRS India startup launched a new smartphone-based portable oxygen kit that can provide consistent oxygen supply during disasters and medical emergencies.
Thus, all aforementioned factors are expected to boost the market over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
Factors such as the high adoption of sophisticated technology, the prevalence of chronic and lifestyle diseases, rising healthcare spending, physician shortages, and increasing demand for better healthcare services are all contributing to North America's big share of the worldwide market. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020, with nearly 612,390 deaths. In 2020, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States.
Additionally, the rise in healthcare expenditure and growth in disposable income also drive the market for home health hubs across the globe. According to the PETERSON-KFF Health System Tracker data published in February 2022, the United States health care spending increased 9.7% to reach USD 4.1 trillion in 2020, a much faster rate than the 4.3% increase seen in 2019. The acceleration in 2020 was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The average annual growth in health spending from 2010-2019 was 4.2%. The largest shares of total health spending were sponsored by the federal government (36.3%) and the households (26.1%). The private business share of health spending accounted for 16.7% of total health care spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%.
Furthermore, according to the study titled "Ensuring Quality Cancer Care through the Oncology Workforce: Sustaining Care in the 21st Century: Workshop Summary," published in the National Library of Medicine in October 2020, the United States faces a potential shortage of more than 1 million nurses by 2020. Thus increasing shortage of healthcare workforce in the country increases the adoption of home health hubs. Thus, all aforementioned factors are anticipated to boost the segment growth over the forecast period.
