Home Health Monitoring as a market is becoming more prominent and sophisticated in APAC and is expected to generate in excess of $2 billion in the next 3 years. Patients as well as service providers are excited about the endless possibilities technology has opened up for them.
What started as a mixed bag of standalone patient monitoring devices is now shifting to comprehensive remote patient monitoring platforms that offer end-to-end chronic disease management.
Natasha Gulati drives research in this industry and agreed to give us her perspectives on why Home Health Monitoring is destined to take off
Sapan: Natasha, Who is Home Healthcare for and why do you think the demand is on the rise globally and in APAC?
Natasha: Well in reality home healthcare is for everyone! These days even young healthy people want to keep a tab on their diabetes and cholesterol so they use all sorts of apps and wearables for it. But from a Growth Opportunity perspective we are looking at the elderly population – people suffering from chronic diseases and at risk of winding up in the ER is their condition is not monitored and managed on a daily basis.
Sapan: What are examples of technologies that could revolutionize how home health care is delivered?
Natasha: Traditionally home health monitoring meant using patient monitoring devices like glucometers or blood pressure monitors that would just capture vitals on a day-to-day basis. NOW the whole scenario is changing because you have all sorts of apps, connected devices, wearable sensors AND Cloud platforms that don’t just sit on data. They enable patients to monitor, analyze and action their health information and that really changes the role of the end-user in the market.
Sapan: So does this mean patient needs take precedence over physician demands when it comes to Home Health care Systems?
Natasha: Indeed! Gone are the days when the doctor was the king. Clinical outcomes are important but basically an SLA! Beyond providing positive clinical outcomes, what else can the doctor do for the patient – reassure him, provide comfort and convenience, enable a better quality of life – that’s what home health monitoring can do for you.
Sapan: How will doctors ensure best outcomes when the patient is not in a clinically controlled environment?
Natasha: Excellent question! and that is exactly the fear that the medical community has over technology platforms. Any new technology or solution needs to prove itself in terms of both clinical effectiveness and operational efficiency. Without demonstrating this value the solution will not see adoption amongst care providers as a clinically relevant platform and be reduced to any other fitness tracker, which is basically a consumer-driven, commoditized market. If a home health monitoring platform wants to demand a premium for its service it must show its metal in clinical setting.
Sapan: Your advice home health monitoring vendors in Asia?
Natasha: Data and patient engagement are the game changers. Data generated from connected home health monitoring devices is changing the business model from device-selling to services. Vendors need to reinvent their business model keeping in mind the affordable technologies that are now out there or else they will get left behind
There is a latest research report hot off the press called APAC Home Health Monitoring Market, Forecast for 2020
Read this research piece if you want to know more about the opportunities that this market holds
Better still talk to Natasha and hear directly from the expert
Natasha Gulati is an Industry Manager and Expert with Frost & Sullivan. She can be reached at firstname.lastname@example.org
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at email@example.com | +603 6204 5830