Consumers using home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020, according to research firm Tractica.
With capability to remotely monitor patients with chronic conditions, utilize technology for improved eldercare, and conduct virtual physician consultations, the firm says home health technologies are emerging as a distinct segment within the larger mobile and digital health market. Medical monitoring, diagnosis, and treatment will be the largest application market over the next few years, with the projected growth of a wide variety of connected health devices and software apps.
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 Tractica 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.
Nonetheless, according to a separate report from iData Research, the U.S. patient monitoring market is projected to grow to more than $5 billion by 2020, thanks to double-digit growth over the next five years in the telehealth market. By 2020, the firm predicts that telehealth for disease conditions management will account for more than half of the total telehealth market, fueled by the demand for customized healthcare solutions, increased chronic illness among an aging population, and strained healthcare budgets.
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