IoT-Based Technologies and Patient Preference Propel Growth Prospects for Global Home Healthcare Solutions
Future growth potential to be accelerated by reforms in payment and reimbursement policies
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As per medicare.gov, home healthcare is defined as a wide range of healthcare services that can be given at home for an illness or injury. Home healthcare is usually less expensive, more convenient, and just as effective as the care provided in a hospital or Skilled Nursing Facility (SNF). Presently, home healthcare has evolved to also cater to preventive and proactive care. The most important value offered by technology-enabled home care is preventing or delaying the patient’s shift to acute or long-term-care settings. Technology holds a central role in expanding the market for home healthcare. It has come a long way from infrastructure and equipment consisting of durable medical products to technologies consisting of sensors, communication technology, Big Data, and AI. The study focuses on market for advanced data-based technologies. The main objective of technology-enabled home care could vary for developing and developed countries. For developing countries, it may be linked to improving the accessibility of care, while for the developed countries the main objective probably focused on reducing the overall healthcare cost. The current study focuses on the developed markets of the US and Western Europe (Germany, France, Italy, Spain, and UK).
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