Smart Home Medical Device Market Size, Trends, Shares, Insights and Forecast – 2018-2026
Author : Sanjay Joshi | Published On : 04 May 2021
Highly fragmented market due todominance of ICT organizations in smart home medical device manufacturing
The global SmartHome Medical Device Market is highly fragmented market as encompassespharmaceuticals, healthcare and information and communication technology industries.Growth in internet of things segment and its acceptance globally is expected tosupport the market for smart home medical device. Although, it is a difficulttask to align the technology to the human vitals, incorporating the appropriatefeatures into a medical device that are utilized by the patient or the carerecipient at home is the most challenging factors for such devices. Majorplayers involved in the smart home medical device market include ViVO SmartMedical Devices Ltd., Health Care Originals, Hocoma AG, VitalConnect, ProteusDigital Health, Cyrcadia Health, Qardio, Inc., and Neurometrix.
Smart Home Medical Device Market
Post-discharge care plays anextremely important role in ensuring speedy and effective recovery of thepatient. This is especially a matter of concern for the elderly as well aspediatric population who mostly spend their time at home and are usuallydependent on someone else to ensure continued care. However, due to busylifestyle of the populace in developed and emerging economies, post-dischargecare is often hampered. This concern of family members as elderly people livingalone is expected to favor growth of the market for smart home medical devices,such as fall detection system, bathroom sensors, monitoring and detectingsystems 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 inJapan. The increasing lonely deaths in the region is also a vital factor thatis expected to favor the smart home medical device market.
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Growing internet penetrationfavors growth of smart home medical devices market:
Smart home medical device islatest and futuristic approach towards making life easier and secure. Thisrevolutionary step by the medical devices company has affected the healthcareindustry and the adoption rate for such technology in a positive way. Whilemost consumers and healthcare organizations were skeptical about thetechnology, the scenario is rapidly changing, with higher adoption rate of suchdevices, a trend that is expected to continue over the forecast period.Furthermore, the wide availability of the smart home medical devices is acrucial block to fill the loop hole for acceptance of such devices andservices. Easily available personal monitoring system and other electronicdevices are expected to favor rise in adoption of smart home medical devices.Smart home basically defined as the residence that uses controllers tointegrate the functions of the device installed at home. The controllers areconnected through a computer that is connected via internet and the data of therespondent is recorded on cloud or on-premises data bank, which can be furthermonitored by the physician or caretaker accordingly.
Growth in adoption of healthcaregiving is expected to underpin the smart home medical device market
According to American Associationof Retired Persons (AARP), in 2016, around 80% growth has been observed in themedication management segment in the health caregiving market, which in turn isexpected to support growth of the smart home medical device market in the nearfuture. Medical technology utilized in home care settings, where the caregiversare active, ranges between complex and simple materials that are also used foradministering first aid to sophisticated devices and advanced medicaltreatment. The products involved in home care settings can vary from tinywireless devices to massive machines. Smart home medical devices such as bloodpressure measuring equipment, sugar level measuring equipment and devices arewidely used.
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Key companies are involved invarious business strategies such as product launches, in order to expand theirproduct portfolio. For instance, in April 2018, Airthings, a Norwegian companylaunched Airthings Dashboard, which is an online platform that provides accessto indoor air quality data for smarter homes.
Key companies are involved invarious business strategies such as collaboration and partnership, in order togain competitive edge in the market. For instance, in January 2018 SamsungElectronics America and MobileHelp collaborated to provide mobile personalemergency response capabilities to Samsung Gear S3 smartwatches.
Key companies are involved invarious business strategies such as product launches, in order to expand theirproduct portfolio. For instance, in January 2018, L’Oreal UV Sense devices atConsumer Electronics Show (CES) 2018. It is a battery-free wearable device thatmeasure UV exposure.
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