Report: Approx. 78 Million to Use Home Health Technologies by 2020

In five years, more than 78 million people will be using home health technologies, such as remote health monitoring devices, according to a new market research report.

Boulder, Colo.-based market intelligence firm, Tractica estimates that consumers utilizing home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020. The researchers say that the medical monitoring, diagnosis, and treatment will be the largest application market during that timeframe and drive up the adoption. They also expect rising interest in remote consultations, eldercare, and health and wellness.

These devices, researchers say, will aim to improve the efficiency of the healthcare system as well as overall patient outcomes. “Key factors driving interest in home healthcare technologies include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases,” principal analyst Charul Vyas said in a statement. 

“However, significant challenges remain for the industry to solve, including regulatory issues, data security and privacy, and technology interoperability and integration issues," he adds.