US and European Home Care Digitalization Growth Opportunities Forecast to 2028

Revenue Forecast

The revenue estimate for the base year 2023 is $15,494.2 million, with a CAGR of 22.8% for the study period.

The Impact of the Top 3 Strategic Imperatives on the Home Care Industry

Transformative Mega Trends

Why

• As the aging population becomes the dominant demographic worldwide, demand increases for primary and long-term care for seniors.
• Technological innovations aim to improve seniors’ health, independence, and quality of life.
• Better and more reliable telehealth and remote patient management solutions are instilling confidence in home care.

Frost Perspective

• Digital health tools will facilitate the shift toward at-home care, connecting independent patients with their care teams and family members.
• Home care facilities are looking to address internal challenges with the use of digital health tools that augment their workforce.

Internal Challenges

Why

• Home care organizations, like major healthcare systems, are suffering from a lack of resources and overburdened staff.
• With the rise in consumerism, more healthcare services are availed at home and patients are less willing to travel to the site of care.

Frost Perspective

• Digital health tools will allow home care organizations to effectively manage their resources while allowing staff to spend more care time with patients.
• The tools offer flexibility to staff and encourage behavior change in patients, resulting in more participation from all stakeholders and an overall better care environment.

Disruptive Technologies

Why

• Home care, which mainly had been related to low-acuity services, is becoming more common in the treatment of high-acuity conditions because of the availability of advanced digital health solutions.
• Artificial intelligence (AI), natural language processing, machine learning (ML), and the internet of things (IoT) are essential for the integration of home care service and technology.

Frost Perspective

• For remote monitoring, disruptive technologies can help in image, speech, and activity recognition and provide intelligent clinical insights and recommendations without bias and sometimes more efficiently than humans.
• It is important that innovations do not invade privacy and result in depersonalization.

Scope of Analysis

• Home care, aging in place, and nursing agencies provide routine care and/or medical condition management to elderly, disabled, or adult populations in the comfort of their home. The industry underwent a digital transformation and confronted other challenges during the COVID-19 pandemic.

• This in-depth analysis of digital solutions that US and European home care facilities use includes a 5-year forecast that considers technology trends, growth drivers and restraints, and the competitive landscape in the following technology segments:

  • Virtual visits for chronic care, acute care, and transitional care
  • Remote patient monitoring (RPM) equipment, consumables and accessories, and services (excludes nonclinical-grade and lifestyle wearables)
  • Smart medication management system (SMMS) software and devices
• The analysis examines key players in each technology segment and provides detailed profiles of pivotal companies that have demonstrated remarkable performance.
• The mergers and acquisitions (M&A) landscape section provides a list of potential targets based on predefined criteria and includes notes about growth potential.

Introduction and Segmentation

Home care facilities offer professional support to help people live comfortably and safely at home. With digital health technologies, they can improve care and care coordination, save time and money, and lessen the need for travel.

The most common users of services that include personal care, activities of daily living, and home management are elderly persons requiring assistance to live independently. Those managing chronic illness, recovering from medical issues, or having special needs or disability also utilize services.

Home Care Digitalization

Virtual Visits

Video or audio channels that can replace an in-person consultation include synchronous televisits, asynchronous monitoring, virtual text/voice-based assistants, and virtual visit platforms/services for home care agencies. Examples include primary care consultation and tele-mental health.

Remote Patient Monitoring

Devices and software for remote, medical-grade monitoring of specific biometric indicators—as well as consumer and medical-grade wearables for digital therapeutics (DTx) vital signs, and lifestyle tracking—help people manage chronic and routine care treatments by enabling a physician to monitor progress remotely.

Smart Medication Management Systems

Products and solutions that help people manage their medication and improve treatment adherence include automated pill dispensers, personalized dosing, and timely medication reminders to prevent missed doses, overdoses, and unnecessary medication.

Competitive Environment