February 18, 2020
According to a recent study titled ‘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’ available with Market Study Report LLC, the global smart home healthcare market is projected to cross USD 30 billion by the year 2025.
Rising consumer awareness towards fitness and constant health monitoring is fueling the growth of smart home healthcare market. Increasing cases of obesity and cardiovascular diseases across the globe is driving the demand for wearable devices such as smartwatches and fitness bands. These wearables accommodate multiple sensors to monitor vital health data such blood pressure and heart rates. Moreover, these devices provide accurate health information and lowers the need for regular check-ups in hospitals. Some devices allow easy collection and transfer of physiological data to a remote healthcare center, which is particularly useful for elderly population.
Integration of advanced technologies such as internet of things (IoT), mHealth, and artificial intelligence (AI) will play a key role is fostering the business landscape in the coming years. AI can monitor and store an individual’s physiological data and behavioral patterns along with medical histories. This system is also capable of alerting medical authorities in case of medical emergency. Such advancements coupled with increasing demand for personalized home healthcare solutions is boosting the growth of smart home healthcare market. On the contrary, issues regarding privacy may hamper the market growth in the coming years.
Based on the technology spectrum, wireless smart home healthcare market segment accounted for over 57% revenue share in 2018 and is expected to witness substantial growth over the analysis period. The segment growth can be accredited to the emergence of technologically advanced mobile devices which can establish direct contact over Bluetooth for easy detection and patient assessment. In addition, these devices offer connectivity via portable electronics such as tablets.
In terms of service, installation & repair segment was worth USD 4 billion in 2018 and is expected to see considerable growth during the study period. Increasing demand for efficient smart home healthcare installations & repairs to detect anomalies and provide improved patient care is augmenting the segment growth.
Speaking of the application scope, memory aids segment is projected to grow by 26% over the predicted timeline. Rising cases of memory loss and dementia due to old age in tandem with increasing geriatric population is driving the segment growth. The system provides reminders and alert signals to patients and physicians for corrective patient access.
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Considering the geographical outlook, Asia Pacific smart home healthcare market registered 19% revenue share in 2018 and is expected to exhibit a strong CAGR during 2019-2025. Rising income and improved healthcare expenditure in countries such as India and China, coupled with technological advancements in home healthcare solutions will boost the regional business outlook.
The major players of smart home healthcare market are Medical Guardian, Companion Medical, General Electric Company, Apple, Google, Samsung Electronics, F. Hoffmann-La Roche, Health Care Originals, Medtronic, Hocoma, Proteus Digital Health, VitalConnect, and Zanthion.
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