Smart Home Medical Device Market Outlook, Opportunity And Demand Analysis, Forecast 2016-2024
Post-discharge care plays an extremely important role in ensuring speedy and effective recovery of the patient. This is especially a matter of concern for the elderly as well as pediatric population who mostly spend their time at home and are usually dependent on someone else to ensure continued care. However, due to busy lifestyle of the populace in developed and emerging economies, post-discharge care is often hampered. This concern of family members as elderly people living alone is expected to favor growth of the market for smart home medical devices, such as fall detection system, bathroom sensors, monitoring and detecting systems and assisting systems. According to a Welfare Ministry Survey, in 2016, there were around 6.24 million people aged 65 and above were living alone in Japan. The increasing lonely deaths in the region is also a vital factor that is expected to favor the smart home medical device market.
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Growing internet penetration favors growth of smart home medical devices market:
Smart home medical device is latest and futuristic approach towards making life easier and secure. This revolutionary step by the medical devices company has affected the healthcare industry and the adoption rate for such technology in a positive way. While most consumers and healthcare organizations were skeptical about the technology, the scenario is rapidly changing, with higher adoption rate of such devices, a trend that is expected to continue over the forecast period. Furthermore, the wide availability of the smart home medical devices is a crucial block to fill the loop hole for acceptance of such devices and services. Easily available personal monitoring system and other electronic devices are expected to favor rise in adoption of smart home medical devices. Smart home basically defined as the residence that uses controllers to integrate the functions of the device installed at home. The controllers are connected through a computer that is connected via internet and the data of the respondent is recorded on cloud or on-premises data bank, which can be further monitored by the physician or caretaker accordingly.
Growth in adoption of health caregiving is expected to underpin the smart home medical device market
According to American Association of Retired Persons (AARP), in 2016, around 80% growth has been observed in the medication management segment in the health caregiving market, which in turn is expected to support growth of the smart home medical device market in the near future. Medical technology utilized in home care settings, where the caregivers are active, ranges between complex and simple materials that are also used for administering first aid to sophisticated devices and advanced medical treatment. The products involved in home care settings can vary from tiny wireless devices to massive machines. Smart home medical devices such as blood pressure measuring equipment, sugar level measuring equipment and devices are widely used.
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Highly fragmented market due to dominance of ICT organizations in smart home medical device manufacturing
The global smart home medical device market is highly fragmented market as encompasses pharmaceuticals, healthcare and information and communication technology industries. Growth in internet of things segment and its acceptance globally is expected to support the market for smart home medical device. Although, it is a difficult task to align the technology to the human vitals, incorporating the appropriate features into a medical device that are utilized by the patient or the care recipient at home is the most challenging factors for such devices. Major players involved in the smart home medical device market include ViVO Smart Medical Devices Ltd., Health Care Originals, Hocoma AG, VitalConnect, Proteus Digital Health, Cyrcadia Health, Qardio, Inc., and Neurometrix.
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