Skip to main content

Digital Home Health Services to Top $2B

Revenue from digital-home health services in the U.S. will quadruple over the next five years to exceed $2.1 billion in 2010, according to a new report from Parks Associates. The two fastest growing areas, wellness monitoring services and e-health services, will both achieve a compound annual growth rate (CAGR) of over 50 percent over the next five years, while geriatric care monitoring services will achieve a CAGR of 22 percent and acute care monitoring services a CAGR of 35 percent over the same time period.

"Due to the aging population in the U.S. and the gradual change in the healthcare service model from clinical intervention to preventive care, home-based healthcare services demonstrate strong long-term growth potential," said Harry Wang, research analyst at Parks Associates.

"Delivering Quality Healthcare to the Digital Home" is less bullish on the industry's near-term growth potential, however, which is inhibited by several factors, including a lack of documentation on the clinical efficacy and financial benefits of home care services. As a result, payors in both private and government sectors are less likely now and in the next two years to proactively reimburse care providers for these types of services.

"This industry will start to grow rapidly around 2008-2010, when enough clinical data and cost-saving evidence exist to influence payors' attitudes towards home-based care services," Wang said. "Meanwhile, services that are easily comprehensible to consumers and subject to less stringent clinical standards, such as e-health services and wellness monitoring, will see faster adoption by consumers, service providers, and payors."

Popular posts from this blog

Digital Talent Demand Exceeds Supply in Asia-Pac

Even the savviest CEO's desire for a digital transformation advantage has to face the global market reality -- there simply isn't enough skilled and experienced talent available to meet demand. According to the latest market study by IDC, around 60-80 percent of Asia-Pacific (AP) organizations find it "difficult" or "extremely difficult" to fill many IT roles -- including cybersecurity, software development, and data insight professionals. Major consequences of the skills shortage are increased workload on remaining digital business and IT employees, increased security risks, and loss of "hard-to-replace" critical transformation knowledge. Digital Business Talent Market Development Although big tech companies' layoffs are making headlines, they are not representative of the overall global marketplace. Ongoing difficulty to fill key practitioner vacancies is still among the top issues faced by leaders across industries. "Skills are difficul

Mobile Device Market Still Awaiting Recovery

The mobile devices market has experienced three years of unpredictable demand. The global pandemic, geopolitical pressures, supply chain issues, and macroeconomic headwinds have hindered the sector's consistent growth potential. This extremely challenging environment has dramatically affected both demand and supply chains. It has led to subsequent inflationary pressures, leading to a worsening global cost of living crisis suppressing growth and confidence in the sector. In tandem, mobile device industry stakeholders have become more cautious triggering market uncertainties. Mobile Device Market Development Operating under such a backdrop, the development of mobile device ecosystems and vendor landscapes have been impacted severely. Many of these market pressures persisted throughout 2022 and now into 2023, borne chiefly by the smartphone market. According to the latest worldwide market study by ABI Research, worldwide smartphone shipments in 2022 declined 9.6 percent Year-over-Year

Open Banking Usage to Grow by 470 Percent

The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ