Home health tech market expected to more than quadruple by 2020
The home health technology market is expected to grow to more than four times its current size by 2020, according to a report from market intelligence firm Tractica.
In 2014, approximately 14.3 million individuals worldwide were utilizing home health technologies. That number is expected to increase to 78.5 million by 2020, according to the Tractica report. Tractica 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 drivers of the growth of the home health technology market include rising healthcare costs, the aging population and an increase in people with chronic conditions, according to Tractica 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," said Vyas in a release.
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.