An aging population, the proliferation of connected devices, and the growing need to contain healthcare costs will produce a spike in the global market for home health technologies in the coming years.
Get ready for an explosion of home healthcare devices and solutions over the coming five years. A number of major megatrends are converging: an aging population that will consume more healthcare, the proliferation of connected devices, and the growing need to contain healthcare costs. These trends will produce a spike in the global market for home health technologies in the coming years, according to a report from IHS Technology.
The report, "Home Health Technology Report – 2014," reveals that worldwide revenue for home healthcare devices and services will rise to $12.6 billion in 2018, up from $5.7 billion in 2013. IHS notes that the home healthcare market consists of six distinct segments: independent living services, consumer medical devices, telehealth, personal emergency response systems (PERS), wearable technologies, and health gaming (games designed to improve health).
The report noted that home healthcare products will experience technology convergence that will make the devices richer in features. These products will see a blending of Internet connectivity, interoperability with other devices, big-data analytics, miniaturization, and wearable technology. This has already occurred to some extent with mobile PERS devices, which are able to act as gateway devices for telehealth, or activity monitors with optical heart-rate sensors.
Healthcare IT vendors are developing highly connected and interoperable solutions taking advantage of patient-generated data to support the decision-making process of healthcare professionals, and to create the inevitable bridge between clinical care and home health.
The report noted that the quantity of patient-generated data will grow exponentially with the increasing use of home health technologies. Big data in healthcare will determine the success of population health management, which is essential to the business model of accountable-care organizations and their objective of providing value-based care.
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— Rob Spiegel is the Senior Editor, Automation & Control on Design News.