12 Jun PHArA-ON: In-depth analysis of the market for exploitation activities and business models
PHArA-ON aims to support Europe’s ageing population through the integration of digital services, devices and tools on open platforms. Despite a highly fragmented market in Europe, PHArA-ON aims to implement and maintain competitive solutions as part of a tailor-made innovation strategy. In order to gain insight into the market relevant to PHArA-ON, extensive analyses including a market analysis and patent trends analysis were conducted.
The primary objective was to provide a comprehensive analysis of the market relevant to the PHArA-ON exploitation and business models, including market trends and forecasts for individual technologies. To this end, in-depth analysis of the market and of trends in patenting were carried out. Through these extensive analyses, market volume and forecasts in the context of PHArA-ON, along with market trends and forecasts for individual technologies, were identified. This structured approach provided comprehensive assessment of the overall market and relevant technology trends relevant to PHArA-ON. To better analyse the highly fragmented market and corresponding national differences, the developments in the level of healthcare expenditure were analysed. The figure below shows the healthcare expenditure per inhabitant in 2012 and 2019.
Market Analysis
A market analysis was carried out to provide valuable insights and better understanding of the overall market relevant to PHArA-ON. This included market size and volume, as well as forecasts and market trends for individual technologies relevant to the PHArA-ON project, such as wearables, robots, Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML). In addition, key drivers and general market forces such as demographic change and healthcare spending were analysed.
Sliver Economy
To better understand the market and its potential, different perspectives on the market relevant to PHArA-ON were considered. The silver economy market encompasses expenditures of people aged 50 and over. For example, expenses in the following areas are part of the silver economy: [1].
- Housing and utilities
- Food and beverages
- Transport
- Recreation and culture
- Health
- Communications
- Furnishings and household
Patent Analysis
Complementary to the market analysis, a patent analysis was carried out to identify trends relevant to innovations in the health and care sector, e.g., IoT, AI, ML, robotics, cloud and edge computing, smart wearables, big data, and advanced analytics. This analysis provided an overview of relevant innovations and emerging technologies in the context of PHArA-ON with the aim to identify trends in patenting that may lead to innovations in the health and care sector.
References
[1] The Silver Economy – Executive Summary: http://publications.europa.eu/resource/cellar/
Links
https://twitter.com/PharaonProject
https://www.youtube.com/channel/UCQEJv9C3T–xLXCldYaBWeQ
https://www.linkedin.com/company/pharaonproject/
https://www.linkedin.com/groups/12335464/
Keywords
market analysis, silver economy, patent analysis, older adults, smart wearables, AI, cloud computing, big data, intelligence analytics
