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In-Home Health Monitoring Market Faces Near-Term
Uphill Struggle
Seniors and Baby Boomers Lukewarm to Service Concept, Frugal on
Spending
The U.S.’s senior and baby boomer populations are not currently
receptive to in-home health monitoring, according to Parks Associates’
Delivering
Quality Healthcare to the Digital Home, which reports that
two-thirds from both populations see little to no value in these services.
Of the one-fifth who find the service valuable, 60% would still not
spend extra money, either out-of-pocket or in higher healthcare premiums,
for in-home health monitoring. Only 20% would accept a moderate increase
in health insurance premiums, and another 16-20% would be willing to pay
out-of-pocket for it.
According to Parks Associates, in-home health monitoring is a service
that allows patients to use network-connected measurement devices, such as
glucose meters, weight scales, and peak flow meters, to collect vital
signs at home and send electronic data to clinicians for ongoing chronic
condition monitoring.
“Low interest in this service among the grey-power generation and the
baby boomers stems from multiple reasons, including the fact that the
service is a novelty to many senior citizens, who are typically slow to
adopt new technologies in the first place,” said
Harry Wang,
research analyst at Parks Associates. “The seemingly complex applications
inhibit adoption.”
Wang added that
the industry is still attractive in the long term. As the nation’s
population ages, wealthy baby boomers will bring their do-it-yourself
lifestyles to the personal care management business. Over time, the
industry will receive another boost once the cost-saving benefits of home
care monitoring services are clearly documented and recognized by
insurers.
“The industry, which is composed of many small, private companies, is
suffering from a lack of consumer understanding and poor reimbursement
mechanisms in the private and public sectors,”
Wang said. “This
situation will be improved once influential constituents, such as the U.S.
government, large employer groups and health plans, and IT giants, make a
concerted effort to remove those speed bumps.”
Delivering Quality Healthcare to the Digital Home is a
comprehensive industry report analyzing the emerging technologies and
their applications in the healthcare industry. Using data from Parks
Associates’ recent survey
Bundled
Services & Residential Gateways: 2005, it focuses on products and
services that help consumers manage their chronic disease states at home
through advanced communication tools, self-diagnostic devices, and
home-monitoring appliances. The report also examines incentives,
regulatory and reimbursement issues, and the drivers and barriers for the
implementation of home-based care services. Finally, the report profiles
emerging players and offers a future roadmap for this industry.
For additional information on
Delivering
Quality Healthcare to the Digital Home or
Bundled
Services & Residential Gateways: 2005, visit
http://www.parksassociates.com
or contact 972-490-1113 or
sales@parksassociates.com.
About Parks Associates: Parks Associates is an
internationally recognized market research and consulting company specializing
in emerging consumer technology products and services. Founded in 1986, Parks
Associates creates research capital for companies ranging from Fortune 500 to
small start-ups through market reports, primary studies, consumer research,
custom research, workshops, executive conferences, and annual service
subscriptions.
The company's expertise includes new media, digital
entertainment and gaming, home networks, Internet and television services,
digital health, mobile applications and services, consumer electronics, energy
management, and home
control systems and security.
Each year, Parks Associates hosts executive thought
leadership conferences CONNECTIONS™, with support from the Consumer Electronics Association (CEA®), and CONNECTIONS™ Europe. In addition, Parks
Associates produces the online publication Industry Insights in
conjunction with the CONNECTIONS™ Conference series.
http://www.parksassociates.com |
http://www.connectionsconference.com |
http://www.connectionseurope.com
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http://www.connectionsindustryinsights.com
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