Parks Associates predicts unit sales of networked medical devices will exceed 14 million units by 2018, more than five times the sales from 2012, according to a new report. The firm also looked at what connected medical devices consumers had in their homes.
“The addressable market for networked medical devices includes 68 million Americans with hypertension and 26 million with diabetes,” Harry Wang, Director, Health and Mobile Product Research said in a statement. “Consumers are also demanding more autonomy in managing their care, which will drive the market in 2014 to improve patients’ self-care experience. Network connectivity will enable new business models built on health software and services instead of hardware and consumable sales.”
The research group found that more than 50 percent of consumers had some kind of healthcare product in their home. The most common was a digital weight scale, followed by blood pressure meters and large fitness equipment. Digital pillboxes and medical alert buttons were among the least common devices.
“With networking technology integrating into devices that capture patient vital signs and help diagnose health conditions, health professionals are able to extend the point of care to locations more convenient to patients, most notably the household,” said Wang. “Networked medical devices enable patient-centered care and drive care cost away from the most expensive premises.”
Wang also predicted that the growing consumer market, and the increased emphasis on outcomes-based incentives in clinical contexts, would lead to continued growth.
“The health data gateway market will garner substantial interest from both device makers and care providers,” Wang said. “Health data will be a hot commodity in this ACA era. Device makers and health data gateway providers, both incumbents and start-ups, will leverage these data to build new revenue opportunities and create new business partnerships.”