SEATTLE, April 07, 2021, (MEDGADGET) — Smart home medical is useful for the people who live alone especially elderly people. The smart home medical devices include fall detection systems, 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 based on the following segments:
- Detection and monitoring systems
- Asthma detection kit
- Glucose monitoring system
- Others (blood pressure, weight variations)
- Back therapy kit
- Digital pills
- Alert patch
- Smart contact lens
- Bathroom accessories
- Medication Management
- Glucose management
- Infant care
- Telehealth management
- Others (feeding, voiding)
- Data Storage
Increasing internet penetration is expected to favor the growth of smart home medical devices market:
Growing usage of the internet coupled with the rising adoption of advanced technology is the prime factor fueling the market growth. Moreover, the easy availability of smart home medical devices is also expected to boost the market growth of smart home medical devices.
Rising adoption of health caregiving is projected to underpin the smart home medical device market
According to the 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 the 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.
Highly fragmented market due to the dominance of ICT organizations in smart home medical device manufacturing is fostering the market growth.
The global smart home medical device market is a highly fragmented market due to the integration of pharmaceuticals, healthcare and information and communication technology industries. Moreover, rising usage of the internet of things segment and its acceptance around the globe is expected to support the market for a smart home medical device. 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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- 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 a 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 measures UV exposure.
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