A recent analysis from Berg Insight finds that around 5.9 million people in Europe were using connected care solutions at the end of 2016.
The number of connected care users will grow at a compound annual growth rate (CAGR) of 18.7 percent to reach 16.5 million, the report said.
The category of IoT solutions mentioned in the report include traditional telecare, next-generation telecare and telehealth solutions used across the EU28+2 countries.
Traditional telecare is the largest and most mature of the three market segments, but the next-generation telecare and telehealth market segments are expected to have a higher growth rate while traditional telecare is being phased out, the report said.
Traditional telecare will be overtaken by next-generation telecare as the largest segment of the connected care market with a forecasted 8.1 million users in 2022. However, traditional telecare will follow with 6.2 million users and telehealth with 4.0 million users at the end of the forecast period.
The European connected care industry is facing major changes that will reshape the competitive environment for solution vendors and service providers during the coming years. Digitalization of telephone networks is cited as the primary reason for this change.
Also, there is a strong need for solutions that enable social care and healthcare services to be delivered more cost-efficiently without compromising the quality of care, said Anders Frick, senior analyst, Berg Insight. This market segment will grow stronger in the future.