Home health tech to be used by over 78M consumers by 2020

Tractica wearable devices report

Consumers utilizing home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020. According to the market intelligence firm Tractica – medical monitoring, diagnosis, and treatment will be the largest application market during that timeframe, and will drive the deployment of a wide variety of connected health devices and software applications. Other key segments of this market are remote consultations, care of the elderly, and health and wellness.

“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,” says principal analyst Charul Vyas. “However, significant challenges remain for the industry to solve, including regulatory issues, data security and privacy, and technology interoperability and integration issues.”

The new market is enabled by home health devices and applications which are leveraging the residential broadband networks and smartphones to help consumers manage health and wellness on an ongoing basis.