Forbes: Home Health Tech Market to Double, Reach $5.8 Billion by 2018
Federal mandates continue to push connectivity between health care providers and their patients, the market for home health technologies is projected to double to $5.8 billion by the end of 2018, reports Forbes.
Citing data from analytics firm IHS, Forbes notes that the market for home health tech includes everything from motion sensors, blood glucose and blood pressure monitors, to wearable technologies such as fitness and heart-rate monitors as well.
Laws signed by President Obama are fueling this multi-billion dollar growth opportunity, the article writes, one of which is the Health Information Technology for Economic and Clinical Health Act, or HITECH.
Signed into law in 2009, HITECH was part of the American Reinvestment and Recovery Act stimulus legislation, which provides more than $20 billion to assist doctors and hospitals in moving into the digital age through the use of electronic health records and related health information technology.
“As connectivity and interoperability is increasing, these products—both devices and services—are starting to converge giving consumers more comprehensive solutions,” an IHS analyst was quoted as saying in the article. “As they become more comprehensive, the gap between clinical care and home health becomes more narrow, which is necessary to provide patient centered care.”
Written by Jason Oliva