News Feature | May 11, 2015

Home Health Technology Use Will ‘Skyrocket' By 2020

Christine Kern

By Christine Kern, contributing writer

Home Health Technology

Tractica estimates some 78 million consumers will engage some form of home health technologies.

A Tractica report estimates more than 78 million consumers will utilize some form of home health technologies by 2020, with the growth driven by expanded capabilities for medical monitoring, telehealth options, Eldercare, and health and wellness applications. According to a press release, 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.

According to the report, Home Health Technologies, the number of consumers engaging some form of home health technologies will increase from 14.3 million worldwide in 2014 to approximately 78.5 million by 2020. The report also includes market trends and technology issues surrounding home health devices and applications, as well as global market forecasts for users, services, and applications during the period from 2014 through 2020, as well as in-depth analysis of services, devices and applications, and profiles of key industry players across the home health ecosystem.

The market forecasts, segmented by world region, include 20 different market segments and product categories within the areas of medical monitoring and management, 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.”

An earlier iData Research study estimated telehealth technology will experience double-digit growth through 2020 in the United States, driven by thedemand for customized healthcare solutions, increased chronic illness among the aging population, and strained healthcare budgets. The U.S. patient monitoring market is projected to expand to over $5 billion by 2020.

“The goal of telehealth is to prevent hospital readmission, reduce in-office visits, better manage health of individuals with long term conditions and reduce costs for more remote and isolated healthcare providers,”explained Dr. Kamran Zamanian, CEO of iData.