Dublin, Sept. 25, 2024 (GLOBE NEWSWIRE) -- The "Home Health Hub Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global home health hub market is expected to grow at 28.06% (CAGR), thereby growing from US$975.581 million in 2024 to US$3.35 billion in 2029
The increased internet penetration and innovation of medical gadgets, followed by the growing demand for customized healthcare services, have provided a major scope for home health hubs in the current period. Moreover, the rising elderly population and prevailing chronic diseases have increased the need for continuous patient monitoring, which has further led to an upward market trajectory.
The ongoing transition to a new technological approach in medical applications, followed by the introduction of e-medical gadgets and e-diagnosis, coupled with government support for home-based medical diagnosis, drives the global home health hub market growth.
The growing geriatric population has accelerated the market expansion.
The home health hub offers personalized services, safety, convenience, and greater independence to elderly people and saves them from frequent hospital visits. In today's scenario, the elderly population accounts for a certain portion of the overall population, and in the coming, it is expected to show constant growth.
Older people with less access to hospitals and who are unable to reach medical or healthcare centers due to physical problems will be highly reliant on home health hub systems for diagnosis and other treatment purposes. The constant growth in the geriatric population is anticipated to further drive the demand for personalized healthcare services, positively impacting the demand for home health hubs in the coming years.
Favorable investment & initiatives to establish home care centers are propelling the market growth.
To increase the access of medical care to elderly people, various strategic investments and initiatives are being undertaken by government and private players to establish home care centers. For instance, in September 2023, senior care service provider KITES, in collaboration with Ahavaa Eldercare, established a senior care center in Chennai to make expert eldercare services accessible to the elderly in the state.
Global Home Health Hub Market Segment Analysis
Nursing homes and assisted living facilities are expected to grow at a significant rate.
Based on end-users, the global home health hubs market is divided into hospitals, nursing homes & assisted living facilities, home care agencies, and healthcare players. The nursing homes & assisted living facilities segment is expected to show significant growth during the given time frame, fuelled by ongoing investments in expanding old-age nursing homes and community centers.
Government-backed campaigns and programs to increase medical access for the elderly and disabled have provided a major boost to the establishment of nursing homes. Likewise, home care agencies and hospitals are poised for positive growth owing to favorable investments in bolstering local healthcare infrastructures and clinics.
North America will hold a significant share of the market.
The global home health hubs market, region-wise, is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region will account for a considerable market share fuelled by the ongoing investments to promote elderly care and increase healthcare service access to it.
Major regional economies, namely the United States, are witnessing the establishment of nursing homes and senior care centers in major states such as New York. Moreover, implementing new home health hub-associated initiatives by major organizations has led to an upward market trajectory.
The Asia-Pacific and European regions are expected to grow constantly during the given timeframe, whereas the Middle East and Africa will account for a minimal market share.
Global Home Health Hub Market Restraints:
The lack of nursing staff is an obstacle to the market growth.
Though home health hubs are experiencing various investments and campaign implementation to bolster their preference, such healthcare systems rely mainly on efficient healthcare services and nursing staff. In various nations, especially in developing and underdeveloped nations, the availability of such staff is very minimal, and due to a lack of proper infrastructure, the level of services also deteriorates. According to Oracle's April 2023 article, the healthcare industry though is growing but is experiencing a shortage of nurse assistants and home health aides.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $0.98 Billion |
| Forecasted Market Value (USD) by 2029 | $3.35 Billion |
| Compound Annual Growth Rate | 28.0% |
| Regions Covered | Global |
Companies Featured
- Qualcomm Incorporated
- Honeywell International
- Vivify Health
- IDEAL LIFE Inc.
- Lamprey Networks
- iHealth Lab
- Hicare
- MedM Inc
- AMC Health
- INSUNG INFORMATION CO.LTD
Market Segmentation
By Product & Services
- Smartphone Based-Hubs
- Standalone Hubs
- Services
- Others
By Type of Patient Monitoring
- High- Acuity Patient Monitoring
- Moderate-Acuity Patient Monitoring
- Low - Acuity Patient Monitoring
By End-User
- Hospitals
- Nursing Homes & Assisted Living Facilities
- Home Care Agencies
- Healthcare Players
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/8l9e6n
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