Given the increasing prevalence of chronic diseases across the globe, there is a surge in the demand for home healthcare devices that ensure supportive care to manage disease conditions such as diabetes. Home healthcare devices allow the patient to remain in their comfort zone and get medical attention from the experts to manage their disease condition. These healthcare services include assistance such as medication management, daily activities, wound care, and therapy services. With the introduction of smart technology and the integration of artificial intelligence, the healthcare system will be able to manage patient’s disease conditions without admitting them to hospitals.
The global home healthcare market landscape features several established companies that are accelerating their product development and focusing on exploring new opportunities to contribute to the growing demand for remote devices. Home healthcare offers several significant options for acute and chronic conditions. These advanced healthcare services help them regain independence, and they become more self-sufficient in managing diseases. Additionally, the ongoing advancements in technology and the development of telemonitoring devices help to capture vital signs and symptoms of diseases and offer patients comfort and flexibility. Owing to the significance of healthcare services, market leaders are currently paving the way towards future technologies to facilitate patient remote care. Let us take an in-depth overview of understanding the role of advanced technology in home healthcare and future technologies of home healthcare.
Understand the Role of Advance Technologies in Home Healthcare
The introduction of the Internet of Things and mobile technology has revolutionized the home healthcare market, offering convenience in disease management with real-time data monitoring. IoT enables devices and sensors to offer significant benefits for individuals needing care, such as monitoring of heart rate, respiration, and blood pressure. The ability to connect with smartphones and other healthcare devices helps patients to keep a track record of their health parameters. Additionally, the introduction of new technologies will emphasize facilitating healthcare in remote settings. At present, there are several smart solutions available that are creating opportunities for improving healthcare quality and reducing costs.
1. At Home Infusion
This technique allows patients to get intravenous treatments at this home without visiting hospital facilities. For instance, patients with chronic kidney disease can receive dialysis treatment at home through peritoneal dialysis or hemodialysis setup at this home. It involves use of lining of the abdomen to filter the fluid waste, while home hemodialysis involves use of a machine to filter blood similar to dialysis given in hospital settings.
Wirelessly linked infusion pumps send data to clinicians and platforms that track treatment regimens. Providers are using these gadgets to provide simple, consumer-focused treatment. Before investing in this technology, home healthcare market players should be cautious and verify that comprehensive solutions address essential aspects such as simplicity of administration, infection monitoring and prevention, and capabilities to identify post-infusion status.
2. Home Care Management Platforms
This device facilitates the transition from an acute care environment to the home, hence ensuring good care coordination. These platforms have typically focused on caring for people with chronic illnesses and the elderly; however, emerging solutions now cater to parents who care for babies. The technology spans from assisting with the scheduling of continuing care to monitoring whether patients have attended to their current care requirements. Evaluate these infrastructures to ensure that investments align with your overall growth plan for handling diverse patient populations, such as the elderly, people with chronic conditions, and acute care patients.
3. Digital Therapeutics
These solutions integrate evidence-based research with digital technology to give treatment alternatives for persistent medical conditions that may be handled at home. The technology delivers applications and digital tools to help with concerns ranging from mental health to illness management in gastrointestinal, endocrinology, and cardiology. Currently, the market players are keeping a close eye on these digital therapeutic technologies to find solutions that can address specific disease conditions or help in managing disease conditions. Evaluate the technology based on its simplicity of use, including if the solutions deliver clear content and satisfy the diverse demands of the communities that will be served.
4. Connected Emergency Response Solution
Connectivity may significantly enhance emergency care efficiency and reaction times, potentially saving lives. With contemporary healthcare smart technology, data can be sent quickly across emergency vehicles, medical professionals, first responders, and medical emergency rooms, allowing for real-time reactions. This technology allows for speedier communication, video chats with doctors within ambulances, shorter patient histories, and simpler hospital admission with a pre-established history and condition.
5. Mobile Health
Mobile Health (MHealth) is an essential component of patient-centered treatment in smart hospitals. With the growing use of smartphones, MHealth applications allow people to take an active role in managing their health. Remote patient monitoring becomes more seamless as it allows patients to measure health parameters and exchange real-time data with healthcare practitioners. Telehealth services work in tandem with MHealth in order to collect real-time data and provide necessary measures to be taken to manage disease conditions of the patient.
Mobile health and wellness applications include personalized exercise monitoring, dietary coaching, and mental health assistance, all of which promote preventative treatment. Furthermore, MHealth enables patients to better manage their medications and prescriptions without any assistance from physicians.
Major Companies in the Home Healthcare Market
The key players in the home healthcare market are emphasizing the development of advanced technologies that facilitate remote care and enable healthcare experts to track patient’s health without hospital visits. Some of the leading companies that are actively exploring new opportunities to develop home healthcare devices include:
⬝ Abbott
⬝ AccentCare
⬝ Amedisys
⬝ BAYDA Home Health Care
⬝ LifePoint Health
⬝ Masimo
⬝ Omron
⬝ Portea Medical
⬝ The Pennant Group
⬝ Trinity Health
Current Developments in the Home Healthcare Market
It is worth noting here that the home healthcare market has witnessed several acquisitions and developments in this field. Some examples of the recent developments that have taken place in the home healthcare market include:
⬝ In June 2023, Optum announced the strategic acquisition of Amedisys (a renowned company that specializes in offering diversified health services.
⬝ In May 2023, Medtronic strategically acquired EOFlow (a well-known manufacturer of EOPatch tubeless, wearable, and utterly disposable insulin delivery devices.
Concluding Remarks
In the future, the home healthcare market is likely to be expanding by digital transformation and smart technology. With more monitoring devices such as remote monitoring, telehealth devices, and augmented reality entering the market, healthcare systems will be able to take a proactive approach to treatment and disease management with precise data. Digital healthcare facilities rely on data collection from different resources that are prone to breach; hence, in the future, home healthcare market players will focus on adding healthcare cybersecurity and blockchain technology to improve patient data security. Driven by the ongoing activities in home healthcare care, it is anticipated that the market will grow at a steady rate in the upcoming years.
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