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In recent years, rising healthcare costs, particularly in hospital settings, have turned attention to other treatment options such as home healthcare. As a result, demand for home health monitoring equipment such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and fetus monitors is growing. The use of remote and home monitoring technology has resulted in fewer hospital re-admissions.
Modern technological tools have advantages over conventional systems, such as cost savings in the health and wellness market, increased people's empowerment, improved patient monitoring through continuous symptom evaluation, assessing compliance with self-management programs, and chronic disease prevention. Telemedicine is a crucial technique for providing remote health care and home care. Fast and prompt access to health information, decreased medical errors, improved coordination among health care professionals, reduced travel time for patients from distant locations to urban healthcare facilities, and patient education are few of the benefits of this technology in the health domain. The demand for home healthcare is estimated to develop in the near future due to increased health awareness among people and growth in the number of persons diagnosed with chronic diseases such as diabetes, heart problems, and respiratory ailments. Chronic diseases, such as diabetes, are more common in the elderly. As a result, the home healthcare market is likely to expand in the future.
According to estimates, globally the market size for home health monitoring devices was USD 24.35 billion in 2020 and is expected to increase drastically to USD 42.1 billion by 2025 with a CAGR of 11.57%.
Dr. Glen Stream, Chairman, Family Medicine for America’s Health commented “We believe consumer health technologies — apps, wearables, self-diagnosis tools — have the potential to strengthen the patient-physician connection and improve health outcomes.”
But, Are there any hurdles?
While there is a potential benefit to home health monitoring devices, there are numerous hurdles in designing and using them. Invasive monitoring devices present several problems, including the discomfort associated with inserting monitoring tools such as pulmonary artery catheters (PAC). Other crucial concerns include air embolism, infection, bleeding/hematoma, cardiac arrhythmias, diminished distal limb circulation, hemorrhage, nerve injury (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis. During invasive procedures, these factors raise mortality risk. Furthermore, Physicians and patients frequently lack knowledge of new practices and are hesitant to abandon established (traditional) approaches and therefore hesitate to use telehealth and telemedicine services. Finally, the main disadvantage of home health monitoring devices is the lack of proven accuracy. The efficacy of these technologies in the health and wellness market will remain uncertain as long as the possibility of imprecision exists.
There has been an adverse impact on the healthcare industry due to the COVID-19 pandemic. To sell and implement patient monitoring equipment, access to clients declined as hospitals grew increasingly focused on the pandemic in 2020. Because of the pandemic, demand for home health monitoring solutions has skyrocketed, shifting the trend from traditional healthcare practices to preventive and patient-centric approaches.
Given that social separation is the only available option capable of minimizing exposure, the COVID-19 pandemic presents an enormous opportunity for these home health monitoring technologies.
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