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Home Healthcare Monitoring Technology Estimated to be Worth $10 Billion

Companies around the globe are developing innovative solutions for the elderly and disabled. Many of these products and services – in particular the United States, Europe, and Canada – are designed to enable senior citizens to live independently during their golden years.

Homecare Software Is A Major Industry

In 2010, a report conducted by the Swedish analyst firm Berg Insight estimates this market is worth $10 billion. New devices utilizing wireless technology are also being created for this industry. Senior analyst André Malm stated “"Progress is being made in the adoption of wireless technology among manufacturers of medical monitoring equipment, but there is still a long way to go before remote monitoring becomes a standard practice in the healthcare sector." As more home health care agencies realize the benefits of this innovative technology, no doubt it will become more readily available.

Malm predicted that health-related apps will be released for smartphones in increasing numbers, making mobile health programs more accessible. Mobile Health programs (mHealth) focus primarily on seniors with chronic conditions. Older adults with emphysema, bronchitis, asthma, sleep apnea, diabetes, cardio arrhythmia and chronic obstructive pulmonary often stay in hospitals for extended durations, which is costly to healthcare systems and detrimental to an individual's quality of life. With an estimated 200 million across Europe and the United States suffering from one or more of these conditions, it is easy to see how home monitoring technology would be a cost-effective solution for continuing care.

Health Monitoring Technology Lowers the Cost of Healthcare

  • mHealth devices will also be key to lowering health costs as “Baby Boomers” age and require more care. Currently, Europe spends 7 percent of total GDP on healthcare costs, while the United States spends 15 percent. As a result, many companies are investing in this new generational multimedia trend. BlackBerries, iPhones, and smartphones with Google’s Android operating system may be one of the most accessible platforms for mHealth so far. According to the Wall Street Journal, more than 8,500 apps have already been created for healthcare needs.
  • A new report from Pyramid Research entitled “Health Check: Key Players in Mobile Healthcare” found that 70 percent of people worldwide are interested in having at least one mHealth device or program – and are willing to pay for it.

Demand for other home health care technologies will continue to rise as well, experts predict. In 2010, home telehealth technologies were worth $371 million, and are expected to increase at a compound annual growth rate of 11.2% to reach $631 million in 2015. The reason for this incredible growth? Seniors are willing to pay for exceptional in-home healthcare. Now is the time to ask yourself if your agency is equipped to handle this ever-increasing demand. If not, take a tour through ClearCare’s website. Our ground-breaking technology is just what your company needs to bring in more business and satisfy more clients.

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