US and European Home Care Digitalization Growth Opportunities Forecast to 2028

US and European Home Care Digitalization Growth Opportunities Forecast to 2028

Technology will Support Consumer Preferences for Receiving Care in the Comfort of Home

RELEASE DATE
09-Apr-2024
REGION
North America
Deliverable Type
Market Research
Research Code: KA39-01-00-00-00
SKU: HC_2024_659
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Description

Home has become an attractive care delivery site because of the convenience, affordability, and patient-centric care environment it offers. The home care digitalization industry represents technologies that home care agencies use to improve/enhance services for the end user (B2B2C). The industry picked up pace during the COVID-19 pandemic and has since evolved to tackle persistent healthcare challenges including workforce shortages, rising costs, and the transition to value-based care. Home care helps to reduce costs, prevent hospitalization, improve outcomes, and provide comfortable recovery, especially for the elderly population.

Virtual visits, remote patient monitoring (RPM), and smart medication management systems are promising solutions in the home care industry that offer a sense of trust and professional care while helping consumers maintain their independence and alleviating the burden on family caregivers. These technologies enable the provision of personalized care plans, including medical and non-medical support.

Vendors in this industry are primarily active in the RPM segment, which also is a major source of revenue. All three segments are ripe for innovation because of the evolving technologies and the growing interest in home care among consumers, providers, payers, governments, and regulatory bodies. The key pathway for growth in this industry requires a mix of organic and inorganic strategies with M&A activity aimed at increasing the customer and technology base.

Artificial intelligence will come into play as a strong competitive differentiator. Vendors that will integrate conversational AI and generative AI in their product mix to simplify patient engagement will capture more market share. Eventually, the industry will become integrated, with vendors offering combined solutions across the three categories delivered through self-charging devices. This will reduce the device management burden and increase device mobility for the end users.

Author: Nitin Manocha

Home has become an attractive care delivery site because of the convenience, affordability, and patient-centric care environment it offers. The home care digitalization industry represents technologies that home care agencies use to improve/enhance services for the end user (B2B2C). The industry picked up pace during the COVID-19 pandemic and has since evolved to tackle persistent healthcare challenges including workforce shortages, rising costs, and the transition to value-based care. Home care helps to reduce costs, prevent hospitalization, improve outcomes, and provide comfortable recovery, especially for the elderly population. Virtual visits, remote patient monitoring (RPM), and smart medication management systems are promising solutions in the home care industry that offer a sense of trust and professional care while helping consumers maintain their independence and alleviating the burden on family caregivers. These technologies enable the provision of personalized care plans, including medical and non-medical support. Vendors in this industry are primarily active in the RPM segment, which also is a major source of revenue. All three segments are ripe for innovation because of the evolving technologies and the growing interest in home care among consumers, providers, payers, governments, and regulatory bodies. The key pathway for growth in this industry requires a mix of organic and inorganic strategies with M&A activity aimed at increasing the customer and technology base. Artificial intelligence will come into play as a strong competitive differentiator. Vendors that will integrate conversational AI and generative AI in their product mix to simplify patient engagement will capture more market share. Eventually, the industry will become integrated, with vendors offering combined solutions across the three categories delivered through self-charging devices. This will reduce the device management burden and increase device mobility for the end users. Author: Nitin Manocha
More Information
Deliverable Type Market Research
Author Nitin Manocha
Industries Healthcare
No Index No
Is Prebook No
Podcast No
WIP Number KA39-01-00-00-00