Home Health Hubs Market : Current Trends and Leading Players
The home health hubs market is expected to reach USD 848.2 Million by 2023 from USD 218.5 Million in 2018, at a CAGR of 31.2%. Factors such as the increasing geriatric population and the subsequent increase in the prevalence of chronic diseases, need to reduce healthcare costs, and the shortage of healthcare professionals are the major factors driving the growth of the market.
The hospital segment held the largest market share of home health hubs market in 2017.
Based on end users, the global home health hubs market is broadly segmented into hospitals, healthcare payers, home care agencies, and nursing homes & assisted living facilities. The hospitals segment accounted for the largest share of home health hubs market in 2017. Government initiatives to improve the quality of care delivered to patients; increasing focus on curbing the rising healthcare costs and reducing patient readmissions; and growing need to improve the affordability and accessibility of healthcare services are some of the major factors driving the adoption of home health hubs among hospitals across the globe.
North America dominated the market in 2017.
North America accounted for the largest share of the home health hubs market in 2017, followed by Europe. The large share of North America in this market is attributed to the increasing prevalence of chronic and lifestyle diseases, growing healthcare costs, shortage of physicians, increasing demand for better healthcare services, and timely availability of patient data to authorized healthcare professionals in the region.
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The global home health hubs market is moderately consolidated in nature with regional and global players. The market is led by few big market players such as QUALCOMM (US), Vivify (US), iHealth Labs (US), Lamprey Networks (US), and AMC Health (US). The companies are mainly focusing on agreements, collaborations, & partnerships and product launches & enhancements.
In 2017, Qualcomm dominated the global home health hubs market. The company focuses on strategies such as acquisitions, agreements, partnerships, and collaborations to maintain its market position. The company has its research center in the US, the Netherlands, China, India, and South Korea and has more than 170 offices in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The acquisition of Capsule Technologie (US) in 2015 further strengthened Qualcomm’s product portfolio and customer base thereby strengthening its position in the home health hubs market.
Lamprey Networks is known for its standalone home health hubs as well as smartphone-based home health hubs. The company has a wide customer base in North America, Europe, Asia, and Latin America. Lamprey Networks is also a member of the Continua Health Alliance of over 200 companies formed by HIMSS to improve the connectivity of medical devices and health systems such as EHRs and its close association with Continua Health Alliance provides additional advantages compared to other market players.
In 2017, Vivify held the second position in the global home health hubs market. Vivify is one of the largest providers of smartphone-based home health hubs with advanced features. The company is focused on strategies such as acquisitions, agreements, partnerships, and collaborations to strengthen its market presence. For instance, in 2017, Vivify and Iron Bow received USD 258 million from the US Department of Veterans Affairs to offer improved remote healthcare monitoring services to veterans using hubs and peripherals.