Health IT for the Home to Top $12 Billion by 2018
From a technology standpoint, the market will experience device convergence, meaning that home health products will become richer in features.Worldwide revenue for home health care devices and services will rise to $12.6 billion in 2018, up from $5.7 billion in 2013, according to a report from IT research firm IHS Technology. Medical providers’ efforts to reduce costs by taking a more holistic approach to health care will spur a doubling in the global market for home health technologies in the coming years, the report indicated. Meanwhile, the quantity of patient-generated data will grow exponentially with the increasing use of home health technologies. Big data in health care will determine the success of population health management, which the report said is essential to the business model of accountable-care organizations and their objective of providing value-based care. "Health care providers are focusing on patient-centered care to increase the quality of medical treatment," Roeen Roashan, medical devices and digital health analyst at IHS, said in a statement. "By doing this, medical firms hope to attain lower health care expenditures during the lifetime of patients. Home health technologies will play an important role in the continuum of care and in the concept of constantly managing patients’ health."
From a technology standpoint, the market will experience device convergence, meaning that home health products will become richer in features.