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.
Smart Home Medical Device Market
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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Key Developments
Key companies are involved in
various business strategies such as product launches, in order to expand their
product portfolio. For instance, in April 2018, Airthings, a Norwegian company
launched Airthings Dashboard, which is an online platform that provides access
to indoor air quality data for smarter homes.
Key companies are involved in
various business strategies such as collaboration and partnership, in order to
gain competitive edge in the market. For instance, in January 2018 Samsung
Electronics America and MobileHelp collaborated to provide mobile personal
emergency response capabilities to Samsung Gear S3 smartwatches.
Key companies are involved in
various business strategies such as product launches, in order to expand their
product portfolio. For instance, in January 2018, L’Oreal UV Sense devices at
Consumer Electronics Show (CES) 2018. It is a battery-free wearable device that
measure UV exposure.
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