The global market for elder-care technology products is expected to reach to $10.3 billion in 2020.
(PRWEB) October 01, 2015
Wellesley, Mass., October 1, 2015 – Home telehealth uses electronic and communications technology to remotely collect, store and send data in real-time for monitoring and interpretation. According to BCC Research, this emerging market holds tremendous potential to increase the quality and efficiency of healthcare delivery while controlling and perhaps reducing the cost of delivering care significantly.
Elder-care technologies are broadly defined as products and systems that increase the health status and quality of life for seniors. Elder-care technologies include two groups of monitoring systems: home telehealth and safety monitoring. Home telehealth, which uses technology to deliver care in a patient’s place of residence, includes monitoring of the patient’s physiological parameters and symptoms, as well as education about the patient’s condition. Safety monitoring includes assist-call devices, medication-management products, wander-management systems, fall-management devices, smart home systems and robotically enhanced mobility-assistance devices.
The global market for elder-care technology products is projected to grow from $4.4 billion in 2015 to $10.3 billion in 2020, reflecting a five-year (2015-2020) compound annual growth rate (CAGR) of 18.8%.
Home telehealth, which is projected to dominate the global market, should increase from $2.8 billion in 2015 to $7.8 billion in 2020, reflecting a CAGR of 22.8%. The global market for elder safety monitoring technology is expected to grow at a five-year CAGR of 9.9%, reaching nearly $1.6 billion and $2.5 billion in the first and end years, respectively.
Elder-care technologies represent a critical segment of the health information technology (HIT) industry. Storage, retrieval, sharing and use of healthcare information for decision-making and ultimately communications mark the cornerstones of HIT. The integration of the technologies in this report represents a rapidly growing segment of the HIT industry, one that is paramount to developing a higher-quality, more efficient continuum of patient care. The telehealth market commands the technology forefront. This market is bursting with potential and is poised for rapid growth over the next five to 10 years.
“However, the home telehealth technologies market will not come close to achieving its full potential until well beyond the forecast period of this report. In this analysis, a subset of the total age-65-and-older chronically ill population was viewed as the potential market,” says BCC Research analyst Andrew McWilliams. “The subset represented those likely and able to use home telehealth technology. The potential market will continue to grow as the number of seniors with chronic diseases continues to increase in the coming decades. Future growth in this market will be driven by factors such as growing physician acceptance, rising hospital and nursing home costs, and private and public health insurers’ efforts to control the costs of patient care.”
Technologies for Long-Term Care and Home Healthcare: Global Markets (HLC079C) examines long-term care and home healthcare technologies, focusing on remote health-monitoring and safety-monitoring systems. The report also identifies market dynamics, growth drivers, inhibitors, opportunities, and trends through 2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email email@example.com.