US and European Home Care Digitalization Growth Opportunities Forecast to 2028
Technology will Support Consumer Preferences for Receiving Care in the Comfort of Home
Home has become an attractive care delivery site because of the convenience, affordability, and patient-centric care environment it offers. The home care digitalization industry represents technologies that home care agencies use to improve/enhance services for the end user (B2B2C). The industry picked up pace during the COVID-19 pandemic and has since evolved to tackle persistent healthcare challenges including workforce shortages, rising costs, and the transition to value-based care. Home care helps to reduce costs, prevent hospitalization, improve outcomes, and provide comfortable recovery, especially for the elderly population.
Virtual visits, remote patient monitoring (RPM), and smart medication management systems are promising solutions in the home care industry that offer a sense of trust and professional care while helping consumers maintain their independence and alleviating the burden on family caregivers. These technologies enable the provision of personalized care plans, including medical and non-medical support.
Vendors in this industry are primarily active in the RPM segment, which also is a major source of revenue. All three segments are ripe for innovation because of the evolving technologies and the growing interest in home care among consumers, providers, payers, governments, and regulatory bodies. The key pathway for growth in this industry requires a mix of organic and inorganic strategies with M&A activity aimed at increasing the customer and technology base.
Artificial intelligence will come into play as a strong competitive differentiator. Vendors that will integrate conversational AI and generative AI in their product mix to simplify patient engagement will capture more market share. Eventually, the industry will become integrated, with vendors offering combined solutions across the three categories delivered through self-charging devices. This will reduce the device management burden and increase device mobility for the end users.
Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8
The Impact of the Top 3 Strategic Imperatives on the Home Care Industry
Growth Opportunities Fuel the Growth Pipeline Engine
Growth Opportunity Analysis
Scope of Analysis
Introduction and Segmentation
How Technologies Enable Healthy Aging in Place
State of the Industry: Key Demographic Drivers
Key Competitors
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Considerations
Revenue Forecast
Revenue Forecast by Region
Revenue Forecast by Segment
Table Home Care Digitalization: Revenue Forecast by Segment, US and Europe, 2023-2028
Revenue Forecast Analysis
Competitive Environment
Growth Opportunity Analysis: Virtual Visits
Definition and Overview
Trends and Drivers Supporting Growth
Reimbursement and Regulatory Trends
Technological Trends in Virtual Visits for Home Care
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Revenue Forecast by Application
Table Virtual Visits in Home Care: Revenue Forecast by Application, US and Europe, 2023-2028