The global market for home health monitoring systems should grow from $12.3 billion in 2020 to reach $29.1 billion by 2025, at a compound annual growth rate (CAGR) of 18.8%, according to the BCC Research report Home Health Monitoring Device Industry: Global Markets.
Due to the increased burden placed on healthcare facilities, authorities encouraged people to quarantine themselves at home and use telehealth and other remote healthcare options. This has had implications on the home health monitoring devices and gadgets industry.
Monitoring vital signs has been paramount to breaking COVID-19 growth cycles and saving lives. It also helped lower the burden on healthcare facilities worldwide and treat about 70% of COVID-19-affected patients in their homes.
Although the pandemic raised the demand for health monitoring products, it also demonstrated their many limitations. For example, it was unclear to many users how they should take readings and what to do next if readings showed results that needed further action.
Report Highlights
- The home healthcare industry is looking for new edge devices that are lighter, faster, economical and functionally rich, in addition to being flexible and thin.
- The fastest-growing home health monitoring devices is continuous heart rate monitoring devices, which should grow from $34.8 million in 2020 to $778.4 million by 2025, at a CAGR of 86.1%.
- Continuous core temperature monitoring devices is the second-fastest-growing segment of the industry at 43.8% annually, when it is expected to reach $84.5 million by 2025.
Read the full report here.
