The demand for home-based medical devices is driven by an aging population, advancements in technology, and the global shift towards personalized healthcare. From glucose monitors for diabetics to wearable ECG monitors for cardiac patients, the diversity of offerings is expanding rapidly. These devices will fundamentally alter the healthcare landscape of the elderly and play a pivotal role in patient-centric, preventative healthcare, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Aging Population and Medical Devices – Thematic Intelligence,” illustrates the growing use of technology like remote monitoring, virtual care, and artificial intelligence (AI) in home care, assistive, and wearable devices. These innovations empower individuals to seamlessly track chronic conditions and overall wellness in real-time. The aging population is a captive market for the medical devices industry due to the rising demand for home care solutions for the elderly.
Ashley Clarke, Medical Analyst at GlobalData, comments: “Investments in research and development highlight a commitment to creating user-friendly, reliable devices that cater to a spectrum of medical needs. These devices track health indicators, integrate with healthcare networks, and act as emergency alert systems, ensuring quicker intervention for safety concerns like an irregular heartbeat or a fall.”
Though the shift towards home care for the elderly has been occurring for several years, the COVID-19 pandemic accelerated device adoption and development, resulting in a significant increase in the number of conditions that can be managed in a home care setting. Preference for patient-centered, consumer-driven healthcare is also growing.
Clarke continues: “These devices allow aging patients to function independently and can reduce the costs and stress of constant care. Patients and caregivers favor home care since it’s convenient and more accessible for those who have disabilities, low mobility, or live far from their specialist or doctor. If diagnosis or care can be completed at home, it reduces or eliminates the need for routine in-person appointments, therefore minimizing patient exposure to other illnesses and alleviating part of the burden on healthcare workers.”
The aging population also faces an increasing burden of chronic diseases, with the elderly particularly susceptible to chronic conditions like heart disease, respiratory disease, diabetes, and cancer.
Clarke concludes: “Addressing the unmet care and support needs of an aging population is becoming an urgent public health priority for many countries. With the climbing costs of health care services and hospital stays and shortages of healthcare personnel, there is now more pressure on medical systems to provide quality care with fewer resources. Remote monitoring, wearables, and connected devices empower patients to take control of their health journey and will be vital to prevent healthcare systems from becoming overburdened as the global population ages.”
