Technologies for Long-Term Care and Home Healthcare: Global Markets

Published - Apr 2010| Analyst - Allison Coplein| Code - HLC079A
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Report Highlights

  • 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%.
  • 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%
  • 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 

Everybody is aware that our society is aging. The over-65 set is perceived as a “sure” market, and the creation of products to service them is seen as the next great gold rush. In actuality, though, seniors are a challenging, non-homogenous target market. Soon-to-be seniors are facing aging in an unprecedented way. They are living longer, more adamant in guarding their independence, and more technologically savvy than previous generations.
 
While seniors overwhelmingly want to “age in place,” family members living afar worry about their elderly relatives living alone. The reality is that eventually most seniors will get sick or suffer from injury-related disability. In the current economic climate, remote living family members’ worry is compounded by the fact it is challenging for many seniors to sell their houses and without selling their homes or having significant savings, many cannot afford to move to long-term-care facilities. 
 
Advances in communications and information technology (IT) have created products that make remote monitoring feasible. Smart phones, personal digital assistants (PDAs), and wireless networks are everywhere, including now, in seniors’ residences. These technologies carry both an economic and emotional appeal to caregivers and the elderly. This report will examine if the excitement surrounding new mobile apps and smart monitoring systems that cater to the elderly can achieve the anticipated mainstream success.
 
Elder-care technologies are not a defined market. This report will examine two types of remote monitoring systems—home telehealth and safety monitoring, which encompass the most exciting breakthroughs in elder care. While the elderly represent a large subset of potential users of these systems, these technologies were not intended exclusively for elder use. Undeniably, though, these technologies have the potential to improve the aging experience while also benefiting society at large by improving the quality and efficiency of care of the elderly while potentially saving the healthcare industry significant money.
 
STUDY GOALS AND OBJECTIVES
 
This report, HLC079A—Technologies for Long-term Care and Home Healthcare: Global Markets, examines a unique industry segment poised for tremendous potential expansion. The technologies in this report—remote health- and safety-monitoring systems—are pivotal to improving the quality of care for the elderly and increasing efficiencies throughout the continuum of care.
 
Our key objectives are to present a comprehensive analysis of the market for these technology products and forecast their commercial potential through 2015.
 
This report will accomplish the following:
 
Analyze the 2009 market and forecast demand for elder-care technologies for remote monitoring and safety monitoring devices through 2015 by region of the world, by technology type, as well as by benefit to the global healthcare industry.
  • 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 convergence of the following trends represents the motivation and timeliness 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 

This report is a business analysis with the primary purpose of examining the potential market for elder-care technologies, specifically home telehealth and safety monitoring. The report includes sections on the following topics:
  • 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 

INTENDED AUDIENCE 

This report is intended for anyone interested in the elder-care and remote-technology markets. Executives, consultants, trade associations and marketing professionals in the medical device industry, machine-to-machine (M2M) industry, health insurance industry, long-term care industry, health information technology (HIT) industry, superconductor industry and the broadband and wireless communications industry would benefit from this report. Additionally, payers, stock analysts, venture capital (VC) funders and investors interested in senior markets, opportunities in the general healthcare industry, or expanding markets for cellular and wireless communications services would also benefit. Manufacturers and distributors of the technology and component parts discussed in this report are also an intended audience.
 
INFORMATION SOURCES
 
We reviewed reports, white papers and studies produced by industry, trade associations, corporations, professional organizations, payers, governments, healthcare providers, and academia. We compiled data from the U.S. Census Bureau, U.S. Patent and Trademark Office (USPTO), the Department of Health and Human Services (HHS), and sub-agencies, including the Food and Drug Administration’s (FDA) medical device data registry, the Center for Medicare and Medicaid Services (CMS), the Agency for Healthcare Research and Quality (AHRQ), the Centers for Disease Control and Prevention (CDC), and the National Center for Health Statistics (NCHS). We conducted interviews with industry sources, consultants, manufacturers, academics, and researchers.
 
ANALYST CREDENTIALS
 
Allison Coplein is an attorney with a background in business and transactional activities. Lori Solomon is a freelance writer with a focus on public health issues. 
 
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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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