More than 78 Million Consumers Will Utilize Home Health
Technologies by 2020, according to Tractica
Growth to be Driven by Expanded Capabilities for Medical Monitoring,
Remote Consultations, Eldercare, and Health and Wellness Applications
BOULDER, Colo.–(BUSINESS WIRE)–
Home health technologies are emerging as a distinct segment within the larger mobile and digital health market. The ability to remotely monitor patients with chronic conditions, utilize technology for improved eldercare, and conduct virtual physician consultations (eVisits) is being seen as a way to improve the efficiency and effectiveness of the overall healthcare system, as well as to improve patient outcomes. Meanwhile, home health devices and applications are leveraging the ubiquity of residential broadband networking and smartphones to help consumers manage health and wellness on an ongoing basis.
According to a new report from Tractica, consumers utilizing home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020. The market intelligence firm anticipates that medical monitoring, diagnosis, and treatment will be the largest application market during that timeframe, and will drive the deployment of a wide variety of connected health devices and software applications. Other key segments of this market are remote consultations, eldercare, and health and wellness.
“Key factors driving interest in home healthcare technologies include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases,” says principal analyst Charul Vyas. “However, significant challenges remain for the industry to solve, including regulatory issues, data security and privacy, and technology interoperability and integration issues.”
Tractica’s report, “Home Health Technologies”, examines the market trends and technology issues surrounding home health devices and applications and presents forecasts for users, services, and hardware during the period from 2015 through 2020. Services, devices, and applications are analyzed in depth, and the report also includes detailed profiles of key industry players across the home health ecosystem.
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding User Interface Technologies, Wearable Devices, and Automation & Robotics. For more information, visit www.tractica.com or call +1.303.248.3000.
Clint Wheelock, +1.303.248.3000
My Advice as Editor of Modern Health Talk
If you buy any of these market research reports, make sure you get a chance to interview the authors personally to understand their assumptions, research process, and what shapes their conclusions. Make sure they aren’t just extrapolating trends but also include thoughtful discussion of market drivers, inhibitors and enablers, because you’ll need that insight to craft your strategies.
Do the authors understand what’s driving telehealth, including the ageing populations and resulting increase in chronic illness, environmental pollution, the availability of nutritious foods, rising care costs, and physician shortages? What do they think of obstacles posed by legal, privacy and security issues, payment models, medical school curriculum and funding? What impact will regulators and the political process have, either as driver or inhibitor? And what will be the short- and long-term impact of broadband Internet access and the exponentially accelerating pace of tech innovation? Consider how quickly Moore’s Law is finding its’ way into healthcare (http://www.mhealthtalk.com/moores-law-and-the-future-of-healthcare/) and ask what will likely happen as medical devices keep getting cheaper, smaller, more accurate, and easier to use.
Consider the impact of IBM Watson moving from physician assistance tool to advising and coaching consumers directly. How quickly will each of the medical functions done today by physicians in hospital & clinic settings safely move down-market to consumers at home? Won’t retail clinics and kiosks, and home doctor/nurse visits, just be stepping-stones along a path toward that eventuality?
And finally, what phases will the market projections go through, and when? What levers might you have to make projections happen more quickly? And what should you watch out for that could make them happen more slowly?