Home Health Hubs Market: Strategies adopted by key players and emerging economies to offer attractive opportunities
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.
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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.
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- 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
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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.
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