Smart Home Medical Device Market Forecasts up to 2024, Research Reports- Coherent Market Insights

Artificial Pancreas Market Industry
Smart Home Medical Device Market - Global
Industry Insights, Trends and Opportunity Analysis,
2016–2024
[DATE]
[COMPANY NAME]
[Company address]

Report Description
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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Global smart home medical device market taxonomy
The global smart home medical device market is classified on the basis of following segments:
Product Type:
o
o
o
o
o
o
o
Detection and monitoring systems
• Asthma detection kit
• Glucose monitoring system
• Others (blood pressure, weight variations)
Back therapy kit
Digital pills
Wearable
Others
• Clothes
• Wrist watches
• Alert patch
• Smart contact lens
• Mattress
• Bathroom accessories
Applications:
• Medication Management
• Glucose management
• Diagnoses
• Therapy
• Assistance
• Infant care
• Telehealth management
• Others (feeding, voiding)
Data Storage
• Cloud

o
• On-premises
Modality
• Benchtop
• Wearable
• Standalone
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 onpremises
data bank, which can be further monitored by the physician or caretaker accordingly.
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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.
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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