$12 Billion Senior Connected Care Market in North America by 2026 |
Connected care became a top priority in response to the coronavirus pandemic and Internet-enabled, at-home health services have become mainstream. This technology evolution has had the biggest impact on older adults who have the highest rates of chronic illnesses and make up the largest portion of healthcare expenditures. For people aged 65 and older who represent 80% of the COVID-19 fatalities, this has been a lifesaver by connecting seniors with healthcare providers and other caregivers from the safety of their homes. Regulatory flexibility, user acceptance, billions of venture capital investment and advances with Internet of Things (IoT) technologies have enabled a rapid transformation for healthcare and home care services for seniors. The challenges for healthcare organizations are to adapt to these changes and provide connected care services for patients with a wide range of needs and technology capabilities. Growing Technology Adoption by Seniors ON World has conducted an in-depth analysis of the connected care market in North America over the last two years based on interviews and surveys with consumers, caregivers, vendors, service providers and healthcare organizations. One of the key discoveries from our research is that-- although providers are rapidly expanding their connected care services-- there are many inefficiencies, overlooked potential services and missed revenue opportunities. Our surveys with 2,000 Americans aged 55+ and caregivers found growing adoption for not only Internet broadband and smartphones but also smartwatches, smart speakers/voice assistants and home automation systems. Seniors are the fastest growing population age group and 1 in 3 households will have a senior resident by 2026. The technology adoption gap between seniors and younger consumers will continue to decline over the next six years when it will be 2X narrower than it was in 2020. Connected Care for Seniors Will Nearly Double In Six Years Remote patient monitoring (RPM) of physiological data such as blood pressure, glucose levels, cardiac ECG, oxygen levels and respiratory flow rates is currently used by a small fraction of the ~50 million North Americans aged 65 and older with chronic conditions. The highest adoption rates today are vertical markets such as cardiac monitoring and patients with respiratory and sleep disorders. However, integrated remote physiological monitoring -- targeted at all major chronic or acute conditions— is increasing the fastest and represents the largest total potential market. RPM programs by Kaiser Permanente, the Mayo Clinic, Trinity Health and the Veterans Health Administration (VHA) have shown the benefits such as significantly reduced hospitalizations, improved patient satisfaction and better outcomes. The Veterans Affairs’ $1 billion expansion of its RPM program over the next six years illustrates the growing demand. By 2026, annual revenues for connected care services for seniors in North America will reach $11.95 billion up from $7.2 billion in 2020. Connected Health systems will make up most of the revenues by this time but Ambient Assisted Living (AAL) solutions will increase faster. Much of this growth will be due to increasing offerings from the smart home security, mobile/Internet and wearables industries as well as increasing convergence between AAL and Connected Health. For more information about our customized research studies and datasets, please contact us at:
About ON World: Back to News 02/22/2022 |
