The demand for home monitoring devices has been increasing with the integration of factors such as the emerging senior demographic coupled with economic, social, and technological developments.
The home monitoring devices will contribute to improved in-home care. Monitoring devices, which were earlier 3 M units in 2011, are estimated to grow to over 36 M units in 2017 at a CAGR of 55.9%. This is due to market transition from safety-based offerings to health monitoring services and also as a result of improvements in safety, comfort, and well-being for seniors within their care homes and own homes.
Additionally, home monitoring will represent a two-fold increase, from 12% to 22%, in wearable wireless device health market share.
According to the principal analyst at ABI Research, Jonathan Collins, caretakers and healthcare providers are searching for suitable devices to promote better monitoring of seniors in their own homes while demographics and economics scale up that demand.
Improvement in the potential of care givers to offer crucial care and the capability of seniors to live independently can be driven by the ability to leverage wireless communications based on either short range or cellular in a simple form factor. This specialized healthcare market will enable new players to enter into the market. The players include established healthcare device players, traditional specialists, and a range of new start-ups who make efforts to promote device availability and broadband connections within the senior’s residences.
The established Personal Emergency Response Systems (PERS) and Ambient Assisted Living (AAL) market has been common services that are independent of medical monitoring, ensuring customers with direct access. These services will be incorporated with healthcare monitoring while considering seniors on par with chronic disease management.