The Smart Home Healthcare Market is expected to register a CAGR of 26.5% over the forecast period 2020 – 2025. The increasing adoption of IoT devices is why the smart home healthcare market players are increasingly launching such products. Growing alongside this trend is the potential for healthcare services to be provided in a smart home. Read full report here.
Among the report’s findings:
- Smart devices are projected to grow to 200 billion by 2020, according to Intel. Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. According to the Centers for Disease Control and Prevention, 90% of the nation’s USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions. These patients, by availing services at home, would be helping hospitals save on monitoring and rehabilitation expenses as well.
- Also, AI and technology make advances, such as videoconferencing doctors, remote patient monitoring, and online over-the-counter medication purchasing not only possible but also the viable basis of a self-care revolution. In the near future, smart homes will be primary care. Ongoing monitoring has been facing issues due to the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Then, Paul Osterman from MIT estimated that the LTSS field requires additional 13.1 million family caregivers from 2015 to 2040 and currently faces a shortfall of up to 11 million caregivers.
- But the true potential of a smart home that offers care lies in identifying the unique health needs of each individual residing in a home, from infants to the elderly, by serving unique needs simultaneously. Being originally developed to alert homeowners to unwelcome activity, connected home security technology is an aspect that has rapidly evolved to serve both family and professional caregivers connected to aging adults against emerging health issues.
- Voice assistants, such as home assistants, like Google and Amazon, as well as apps, wearables and devices, have been actively preferred as a means to offer a smart home ongoing monitoring across areas such as glucose and blood pressure, for instance. In September 2019, voice-powered care assistant Aiva Health got investment from the Google Assistant Investment Program. The former has been using Google Home, Amazon Echo, and other smart speakers to engage patients and the elderly and connect them with their caregivers.
In the middle of the COVID-19 pandemic, connected health and RPM (remote patient monitoring) is becoming more pervasive than ever, as these methods and services are enabling physicians to monitor patients contactless, preventing the spread of the novel coronavirus. This is facilitating them by increasing the bed space for patients with severe cases. Hospitals, in these times, are actively supporting the usage of connected health and RPM and fostering the same toward building a smart home healthcare lifestyle during the pandemic.