The Rise of the Smart Home Health Care Market
As we mentioned in another blog post earlier this year, the global home health care market is predicted to see a significant growth in the next three years. With a compound annual growth rate (CAGR) of 9.40 percent, the market is expected to reach $391.41B in revenue by 2021. Why is the market growing? With a growing geriatric population and increases in the number of people diagnosed with chronic illnesses as well as higher healthcare costs, and an improvement in healthcare awareness, the global home health market is experiencing a much greater demand than it has in past years.
One additional reason for the market’s increased demand is advancements in healthcare technology, and that brings us to the smart home health care market, a specific segment of the home health care market that is defined by its usage of cellular networks, wireless communication, and other technologies in its day-to-day operations.
Like the general market, the smart home health care market is forecasted to grow greatly in the upcoming years. According to a recent market research report from P&S Market Research, the smart home health care market is expected to reach $30 billion in revenue by 2023, with a CAGR of 37.3 percent during its most recent forecast period.
These are the reasons for said growth are:
- A growing geriatric population
- Increased demand for personalized healthcare
- A rise in demand for mHealth (mobile health) technologies
- An upswing in demand for advanced smart home health care technologies.
In particular, the smart home health care model is applied to:
- Fall detection and prevention (which has the highest CAGR at 39.8 percent)
- Safety and security
- Health status monitoring
- Nutrition and diet monitoring
- Memory aids, and others.
In addition to helping with the diagnosis, treatment, and care in-home, smart home health care technologies (such as IoT-based monitoring systems and mobile health technology) help to improve the communication between patients, carers, and their health care providers. As IoT technology continues to develop, so do its applications in the home health care process to improve the quality of care and overall disease management and reduce the cost of treatment.However, as these technologies become more commonplace in home health care practices, it’s important to understand how they can create additional liabilities and insure for them. Certainly any network-based technology will require robust cyber liability coverage in order to cover the provider in the event of a breach of medical data or an attack that renders necessary healthcare technologies inoperable. In addition, it will need to be determined whether the providers are deemed responsible as the directors and officers of the technology in the event that it leads to a claim.
About Caitlin Morgan
Caitlin Morgan is a premier wholesaler providing insurance products for the home healthcare sector, which includes companies that provide healthcare services in patients’ private residences, assisted living or independent living facilities. For more information call us at (317) 575-4440.