Dive Brief:
- A recent report by Tractica estimates the home health tech market will triple from $3.4 billion in 2014 up to $13.7 billion by 2020, with 78.5 million consumer users worldwide.
- Telemedicine will lead the revenue stream, followed by elder care, medical monitoring and health and wellness devices.
- The healthcare industry recognizes home health technology as an effective way to cut healthcare costs and produce better patient outcomes.
Dive Insight:
Charul Vyas, a Tractica principal analyst, said: "Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services and applications. Many of the application segments within the broader home health technologies market are complementary, and are being combined to enable a strong return on investment, in addition to allowing the patient to be a more active participant in their healthcare."
Last year, HealthcareDive reported the telemedicine market will reach $43.4 billion by 2019, according to a BCC Research report.