The home health technology market--connected devices, services and applications used by a consumer outside of a clinical setting for medical, health or wellness purposes--will grow from $3.4 billion in 2014 to more than $13.7 billion by 2020, according to a report from Tractica.
Home health technology is becoming increasingly recognized by the healthcare industry as an effective means of curbing healthcare costs and producing better patient outcomes, according to a release.
The market intelligence firm forecasts that remote medical consultations will constitute the largest portion of this revenue mix, followed by eldercare, medical monitoring and health and wellness devices.
“Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services, and applications,” said principal analyst Charul Vyas. “Many of the application segments within the broader home health technologies market are complementary, and are being combined to enable strong return on investment, in addition to allowing the patient to be a more active participant in their healthcare.”
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.