A combination of factors including the growing senior demographic combined with economic, social, and technological developments are driving investment and demand for home monitoring devices that can extend and improve in-home care.
As the market transitions from safety focused offerings toward health monitoring and extending and enhancing the comfort, safety, and well-being for seniors living in their own homes and care homes, monitoring devices will grow to more than 36 million units in 2017, up from under 3 million units in 2011, at a CAGR of 55.9%.
Over the same time, home monitoring will almost double its share of the wearable wireless device health market to 22% from 12%.
Jonathan Collins, principal analyst at ABI Research and author of a new report examining the wearable wireless device healthcare market, says:
“Healthcare providers and caregivers alike are looking for devices to improve the monitoring of seniors in their own homes as economics and demographics increasingly drive that demand.”
The ability to leverage wireless communications – either using short range or cellular – in a form factor that can be worn without restriction or discomfort will help extend the ability of seniors to live independently and care givers to provide crucial care. The potential of this market will bring in new players into the market from traditional specialists, to established healthcare device players, and a range of new start-ups looking to leverage device availability and broadband connections into senior’s homes.
“Connectivity suppliers, wearable device and health gateway vendors, online applications, and existing vertically integrated players are all ramping up their offerings to meet the demands of this growing market,” says Collins.
The established Personal Emergency Response Systems (PERS) and Ambient Assisted Living (AAL) market has traditionally been a service sold directly to consumers and largely separate from medical monitoring. However, given the significant link between seniors and chronic disease management these services will increasingly be integrated with healthcare monitoring.