Telehealth & Home Healthcare Solutions Witnessed Exponential Uptake in the Last Few Years - Arizton
CHICAGO, Oct. 7, 2021 /PRNewswire/ -- In the era of digitalization healthcare is moving towards innovation in technologies. Apple has developed more interest in converting their iPhone into an mHealth devices using its technological capabilities and the iOS ecosystem. Vendors are moving towards providing value-based solutions in the market. Telehealth provides higher satisfaction to customers, which is expected to provide improved patient outcomes, higher-quality care, and lower costs in the future years. The UK, France, Germany, Italy, Spain, and the Netherlands in Europe are contributing to the highest growth in the telehealth market. Arizton is developing insightful and customized reports to boost your business easily. The health & lifesciences industry reports are high on demand due to its quality of information. Get flash sale on our selected healthcare reports now!
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1. Home Healthcare Market - Global Outlook and Forecast 2021-2026
Home healthcare market size was valued at USD 276 billion in 2020 and is expected to reach USD 390 billion by 2026. With the launch of many advanced and innovative medical devices every year, people are opting for home healthcare services. In the recent years, vendors are focusing on innovating and introducing devices that are targeting a wider population. Increasing adoption of AI and ML is expected to boost the growth of digital point-of-care testing in the future. Biosensors and wearables are one of the most hiked trends in home healthcare. In developed regions such as North America and Europe, the acceptance of home healthcare services and the willingness to spend on home healthcare devices is high compared to other regions.
The introduction of wearable to detect health at home is gaining high traction across the globe. For instance, many companies have launched wearable monitors such as HeartGuide by OMROM, an oscillometric blood pressure monitor that can continuously monitor blood pressure. FreeStyle Libre by Abbott is a wearable biosensor used for continuous monitoring of blood glucose levels. The process of healthcare reformation, that is being applied by many developed and developing countries, is expected to facilitate the growth of the home healthcare market. It promotes patient centricity and a value-based model in healthcare, positively impacting home healthcare across the globe.
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2. Medication Management Market - Global Outlook & Forecast 2021-2026
The global medication management market size to reach USD 4,517.87 million by 2026, growing at a CAGR of 15.15% during the period 2021-2026. With the high adoption of IT in the healthcare industry, mdication management is gaining traction in the global market. The global medication management market is dominated by North America and is expected to witness the highest incremental growth of USD 1,151.75 million during the forecast period. During the COVID-19 pandemic medication management systems have widely helped the management of vaccines among the population. The incorporation of next-generation technologies is gaining priority in the healthcare industry as it helps to better manage and offer consumer-friendly experience for the patients.
The trend of adopting cloud services is providing healthcare providers a wide opportunity to grow in the medication management market. Most of the leading vendors in the medication management market are involved in strategic developments. Omnicell, Epic Systems Corporation, BD, Cerner Corporation, McKesson Corporation, UnitedHealth Group are the key vendors in the market.
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3. Telehealth Market - Global Outlook and Forecast 2020-2025
Telehealth market size will cross USD 22 billion by 2020 and is expected to reach USD 60.86 billion by 2025. The introduction of telehealth is transforming the healthcare industry. In the US, among all healthcare providers, about 70% of hospitals and 52% of physician clinics/groups are offering telehealth services to patients. Players are competing to increase their footprints in the telehealth market by adopting strategies such as new product launches and strategic collaborations. AMD Global Telemedicine, American Well, GlobalMedia Group, Koninklijke Philips, Resideo Life Care Solutions, Medtronic, and Vivify Health are some of the key vendors in the market. Vendor partnerships and strong IT capabilities are key to the successful implementation of telehealth across the healthcare value chain.
The implementation of next-generation healthcare technologies such as cloud-based telehealth is taking precedence as healthcare providers seek to manage the influx of patients, their health information, and their expectations for more consumer-friendly healthcare experience. The cloud-based telehealth market is expected to contribute incremental growth of USD 5.12 billion by 2025. Cloud technology allows providers to scale existing healthcare services and offer new services at minimal costs across the globe. Hospitals are collaborating with vendors to serve as beneficial in increasing the adoption of tele-ICUs in the telehealth market.
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4. U.S. Telehealth Market - Industry Outlook and Forecast 2021-2026
The US telehealth market size is expected to reach USD 43 billion by 2026, growing at a CAGR of 28% during the forecast period. Recognizing the significant benefits of telehealth services, the Centers for Medicare & Medicaid Services (CMS) have expanded the reimbursement options for telehealth services. In 2020, telehealth providers rapidly scaled up their telehealth offerings and are seeing 50-175 times rise in the number of patients availing telehealth than before. In the current situation, when social distancing is among the major measures used to fight the COVID-19 pandemic, telehealth is stepping up as the most promising technology for safe and efficient communications.
The government initiative towards the adoption of telehealth services is fueling the market growth in the US. US based Companies such as Fitbit and Garmin have introduced wearable medical devices that are compatible with smartphones to monitor their health at home. Wearable medical devices and enhanced telehealth services is likely to have a positive impact on the growth of the US telehealth market in the coming years. Mergers, acquisitions, and partnerships are further increasing the competitiveness in the US telehealth market.
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