Smart Home Healthcare Market Size By Technology (Wired, Wireless), By Service (Installation and Repair, Renovation and Customization), By Application (Fall Prevention and Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
Smart home healthcare market will exceed USD 30 billion by 2025; as per a new research report.
Growing preferences of consumers on health monitoring and fitness is driving the demand for smart home healthcare market. Heart related diseases and obesity are increasing worldwide, the demand for wearable devices to monitor their health status and fitness level is growing. Smartwatches and fitness band are combined with numerous sensors to screen various health related issues such as blood pressure and heart rate among others. These wearables provide accurate health information allowing customers to monitor their health issues without any intervention. Such advantages accelerates smart home healthcare industry growth. Moreover, wide range of wearable systems are available for elderly people that monitor vital signs of patients. These systems include wireless technology and software sensors to collect, transfer physiological data to a remote healthcare center. Such technologically advanced devices are expected to upsurge the business growth over analysis timeframe.
Numerous smart home healthcare technologies can benefit from internet of things, mHealth and artificial intelligence (AI) that help in different services related to effective patient care thus, further accelerates the business growth. AI can analyze and gather information regarding individual’s activities and health status. AI system includes a database that stores individual’s physiological and behavioral patterns along with medical histories. Additionally, this system can raise an alarm in case of medical emergency with the concerned authority allowing immediate and appropriate medical attention. Availability of such advanced technology further boosts industry growth. Furthermore, growing demand for personalized healthcare technologies that is an extended healthcare at home and assists to improve overall health conditions are factors that foster business growth. However, issues regarding privacy may hamper industry growth over the coming years.
Wireless segment accounted for over 57% revenue share in 2018 and will witness similar growth trend over the coming years. Development of technologically advanced condensed, mobile devices that are directly connected to Bluetooth for easy detection and patient assessment augments the segmental growth. Moreover, it offers connectivity via portable communication such as tablets that is expected to upsurge segment revenue size.
Installation and repair segment was valued around 4 billion in 2018. Rising demand for effective smart home healthcare repair and installations will foster the segmental growth. Installations are done to detect anomalies and behavioral patterns along with patient care. Additionally, it monitors respiration, pulse and daily activities that fosters segmental growth.
Memory aids segment will grow over 26% during the forecast timeframe. Memory function gradually decreases in older adults with certain age causing dementia and memory loss. Reminding system would be useful for elderly population on daily bases. This system provides reminder and alert signals to patient along with physicians for corrective patient access. Also, it aids in case of critical situations. Above-mentioned associated advantages coupled with growing elderly population boosts the segment growth.
Asia Pacific smart home healthcare industry accounted for more than 19% revenue share in 2018 and is estimated to witness momentous CAGR of by 2025. Rising adoption of household technologies for effective assessment for patient care enhances the regional growth. Increasing per capita income in countries such as India and China coupled with advancements in various home healthcare applications upsurges the regional business growth.
Prominent business players operating in smart home healthcare market include Companion Medical, Apple, General Electric Company, F. Hoffmann-La Roche, Google, Health Care Originals, Medical Guardian, Hocoma, Medtronic, Samsung Electronics, Proteus Digital Health, Zanthion and VitalConnect. Major industry players focus on product enhancement and new product launch to maintain their financial stability in the market. For instance, in September 2018 Apple introduced its Apple Watch Series 4 that is re-engineered and redesigned. It has advanced features such as gyroscope and accelerometer that is capable to detect fall. Such advancements and strategies help in company’s growth.
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