The global market for in home monitoring devices is expected to explode from fewer than 3 million units to 36 million in five years, according to ABI Research.
Included in the projected growth, the industry is expected to increase its share of wearable wireless devices from 12% to 22% by 2017.
The ability of the home monitoring market to provide such wireless technology will allow more seniors to keep their independence at home despite their health conditions, according to ABI. The expanding industry will also grant new companies and innovators a chance to get involved with the industry’s already established players.
“Connectivity suppliers, wearable device and health gateway vendors, online applications, and existing vertically integrated players are all ramping up their offerings to meet the demands of this growing market,” said Jonathan Collins, principal analyst at ABI Research.
While the previous trend has been to sell medical monitoring equipment directly to consumers, the devices are being increasingly used by home care professionals, according to ABI.
Written by Erin Hegarty