Smart Home Medical Device (SHMD) Market Overview:
Post-hospital care is crucial to a patient’s speedy and complete recovery. The elderly and children, who spend the majority of their time at home, and who depend on others for care, are particularly vulnerable to this problem. Post-discharge care is essential, but it is often hampered by the busy lifestyles of people in both developed and emerging economies. The market for smart home medical devices like fall detection systems, bathroom sensors, monitoring and detecting systems, and assisting systems is expected to grow as a result of the concerns of family members of elderly people living alone. As of 2016, there were approximately 6.24 million Japanese citizens aged 65 and up who were living independently, per a survey conducted by the Welfare Ministry. Growing numbers of people passing away alone in the region is also a key factor that will likely benefit sales of smart home medical devices in the region.
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Global smart home medical device market taxonomy
The market for SHMD (smart home medical device) worldwide is categorized based on the following segments:
- Product Type:
- Detection and monitoring systems
- Glucose monitoring system
- Asthma detection kit
- Others (blood pressure, weight variations)
- Back therapy kit
- Digital pills
- Alert patch
- Wrist watches
- Smart contact lens
- Bathroom accessories
- Medication Management
- Telehealth management
- Glucose management
- Infant care
- Others (feeding, voiding)
- Data Storage
The market for smart home medical devices is expanding thanks to rising internet penetration.
Using a cutting-edge, futuristic smart home medical device is one way that people can feel safer and more at ease in their own homes. The healthcare sector and the pace of technology adoption are both better off as a result of the medical device manufacturer’s revolutionary move. Despite initial skepticism from both consumers and healthcare providers, the adoption rate for such devices is on the rise and is expected to continue rising over the forecast period. The widespread availability of smart home medical devices is also a key barrier to bridging the gap in the general public’s acceptance of these kinds of products and services. Smart home medical devices are anticipated to see increased adoption due to the widespread availability of personal monitoring systems and other electronic devices. A “smart home” is a home where electronic devices are controlled centrally to perform multiple tasks. The data of the respondent is recorded in a cloud or on-premises data bank, which can be monitored by the doctor or caretaker accordingly, and the controllers are linked through computers that are connected to the internet.
The market for medical devices that can be used in the home is expected to grow due to the rising demand for health care.
Based on data from the American Association of Retired Persons (AARP), the medication management subsector of the health caregiving market grew by roughly 80% in 2016, a trend that will likely continue to fuel demand for in-home medical technology in the near future. Caregivers in home care settings use a wide spectrum of medical technology, from basic materials used for first aid to high-tech, cutting-edge diagnostics and therapeutics. Items used in the home health care setting can range from tiny wireless devices to humongous machines. Home health monitoring systems are increasingly common, with applications including the monitoring of blood pressure and glucose levels.
As a result of the dominance of information and communication technology (ICT) companies, the market for medical devices used in the smart home is extremely fragmented
Considering that it includes the pharmaceutical, healthcare, and ICT sectors, the global smart home medical device market is extremely competitive and decentralized. The market for smart home medical devices is predicted to grow thanks to the expansion and widespread adoption of the internet of things. Incorporating the right features into a medical device that is used by the patient or the care recipient at residence is the most critical areas for such devices, despite the difficulty of aligning the technology to the human vitals. ViVO Smart Medical Devices Ltd., Health Care Originals, Hocoma AG, VitalConnect, Proteus Digital Health, Cyrcadia Health, Qardio, Inc., and Neurometrix are all significant players in the market for smart home medical devices.
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In order to broaden their offerings, major corporations engage in a variety of business strategies, including new product launches. For instance, the Norwegian firm Airthings released their smart home IAQ data-accessing online platform Airthings Dashboard in April 2018.
To gain an edge in the market, major corporations engage in a wide variety of business strategies, including collaboration and partnership. As an example, Samsung Electronics America and MobileHelp teamed up in January 2018 to add personal emergency response functionality to Samsung Gear S3 smartwatches through the use of mobile technology.
In order to broaden their offerings, major corporations engage in a variety of business strategies, including new product launches. For instance, L’Oreal displayed their UV Sense devices at CES 2018 in January 2018. This UV exposure monitor is a wearable device that doesn’t require batteries.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Smart Home Medical Device Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Smart Home Medical Device Industry Impact
Chapter 2 Global Smart Home Medical Device Competition by Types, Applications, and Top Regions and Countries
2.1 Global Smart Home Medical Device (Volume and Value) by Type
2.3 Global Smart Home Medical Device (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Smart Home Medical Device Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Smart Home Medical Device Market Analysis
Chapter 6 East Asia Smart Home Medical Device Market Analysis
Chapter 7 Europe Smart Home Medical Device Market Analysis
Chapter 8 South Asia Smart Home Medical Device Market Analysis
Chapter 9 Southeast Asia Smart Home Medical Device Market Analysis
Chapter 10 Middle East Smart Home Medical Device Market Analysis
Chapter 11 Africa Smart Home Medical Device Market Analysis
Chapter 12 Oceania Smart Home Medical Device Market Analysis
Chapter 13 South America Smart Home Medical Device Market Analysis
Chapter 14 Company Profiles and Key Figures in Smart Home Medical Device Business
Chapter 15 Global Smart Home Medical Device Market Forecast (2023-2030)
Chapter 16 Conclusions
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