Report Highlights
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The global market for elder-care technology products is worth approximately $2.6 billion in 2010 and should grow to about $4 billion in 2015, at a compound annual growth rate (CAGR) from 2010 to 2015 of 8.7%.
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Safety monitoring technologies are valued at $2.3 billion in 2010 and are expected to reach $3.4 billion by 2015, a compound annual growth rate of 8.2%
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Home telehealth technologies are worth $371 million in 2010 and are expected to increase at a compound annual growth rate (CAGR) of 11.2% to reach $631 million in 2015.
INTRODUCTION
- Describe how changing medical needs driven by an aging population, the necessity to cut costs in the delivery of care, and further adoption of technology and broadband connectivity by seniors will accelerate future demand for remote monitoring devices and home safety technology
- Describe how efforts to increase interoperability of consumer medical products and examination of the resulting standards will accelerate future utilization of elder technologies
- Describe the regulatory framework that controls the introduction of new remote monitoring devices in varied long-term care settings
- Describe how efforts to create a nationally adopted health IT platform in the U.S. and a European Union-based platform will accelerate efforts to bridge data gaps and more seamlessly integrate home care and provider-based point of care medical records
- Analyze the growth of patents granted for innovations that provide the technological basis for advances in remote patient monitoring (RPM) and personal safety devices
- Examine the challenges that must be overcome for these technologies to achieve commercial success in the industry
- Examine reimbursement policy and other financial considerations that will dictate the pace of adoption of these elder technologies
- Identify the product manufacturers that will drive innovation and create demand for technological components particularly sensors
- Examine international players in this market segment with the greatest commercial potential as well as identification of future industry players that could influence the long-term commercialization of elder technologies.
REASONS FOR DOING THE STUDY
The healthcare industry is not sustainable in its current form. Emerging trends in the healthcare industry combined with demographic changes and technological advances provide the impetus for this report.
- The worldwide growth of the senior population will strain the capabilities of healthcare providers and the financial resources of healthcare payers.
- Seniors’ desire to “age in place” is often complicated by the diaspora of the immediate family unit and projected workforce shortages.
- Advances in communications capabilities, including increased utilization of broadband and cellular networks have coincided with the willingness of the elderly and their caregivers to utilize technology.
- A re-examination of the need to alter reimbursement strategies and align them with outcomes in order to improve care and contain costs.
- A paradigm shift in medical practice from acute care to prevention and disease management is accompanied by a geographic shift from point of care in medical settings to the patient location.
- Together these factors have increased patient engagement and patient responsibility for their own well-being.
SCOPE OF REPORT
- Descriptions of home telehealth and safety monitoring technologies and drivers of adoption
- Current status of the long-term care environment, including trends and factors affecting growth
- Current and projected market status of these technologies
- General regulatory and standards overview
- Patent trend analysis
- Information on the industry players
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DISCLAIMER
The information developed in this report is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or its use.
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