Smart Home Healthcare Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Rising awareness among consumers regarding health and fitness has proliferated the demand for personalized devices that cater to the need for regular monitoring of health status and fitness level, thereby positively influencing smart home healthcare market. Fitness bands and smartwatches are the prominent examples of such devices. These wearable devices are integrated with several sensors to detect various health issues such as heart rate and blood pressure while providing highly accurate information allowing health examination without any interference.
Internet of things, artificial intelligence (AI), mHealth can be very useful in strengthening smart home healthcare technologies which facilitate effective patient care. AI can examine and gather information pertaining to individual’s health and daily activities. It comprises of a database that stores patient’s behavioral and physiological patterns as well as medical history. Moreover, this system can set an alarm in case of medical emergency which allows prompt medical attention. Presence of such technologically advanced systems will expedite the industry growth.
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According to GMI. report, smart home healthcare market size is poised to surpass USD 30 billion by 2025.
Accelerating demand for enhanced healthcare solutions has urged the manufacturers to adopt innovative technologies for providing improved customer experience. On account of this, several industry players are now inclined on integrating smart home healthcare devices with advanced technologies such as mHealth, Internet of Things and Artificial Intelligence (AI).
Artificial Intelligence based systems gather and analyze information pertaining to individual's behavioral and physiological patterns as well as medical histories. Further, these systems can raise an alarm in an event of medical emergency for alerting the concerned authority to provide immediate and adequate medical attention. With the availability of such advanced technologies, the overall smart home healthcare is likely to experience a remarkable growth over the foreseeable future.
Wireless segment had recorded an appreciable revenue share of over 57% in 2018, primarily due to increased adoption of technologically enhanced condensed mobile devices. These devices provide wireless connectivity through Bluetooth which facilitates easy detection and enhanced patient assessment. It also offers connectivity through portable communication devices such as tablets. Considering the benefits of wireless technology in healthcare, the segment is anticipated to observe notable growth over the subsequent years.
With increasing popularity of wireless devices, several market players are focused on developing advanced wireless health monitoring systems. For instance, in 2016, GE announced developing a wrist-worn electronic patch for monitoring vital signs in patient and to wirelessly transfer the data to connected devices such as smartphones.
According to the company, this device consists of OLEDs which allows analysis of patients’ sweat and detection of blood pressure, heart rate, blood-oxygen saturation and also ECG and EKG readings. Apparently, this product offering will help the company gain a competitive edge by offering the consumers with effective health monitoring tool for remote patient care.
Installation and repair segment is expected to witness a significant growth over the ensuing years on account of elevating demand for effective smart home healthcare installation and repair solutions. As installation services enable analysis of behavioral patterns and detection of anomalies, these services are witnessing an increased adoption for providing better patient care. Also, these services offer effective monitoring of pulse, respiration and daily activities which will positively influence the segment growth. For the record, in 2018, the segment had registered a valuation of over 4 billion.
Memory aids segment is estimated to witness a substantial growth rate of 26% over the forecast period owing to the rising prevalence of dementia and memory loss among elderly population as these systems offer alert and reminder signals to the physicians as well as patients, thereby providing efficient patient care. In addition, reminder systems are also helpful during critical situations, which will fuel the product adoption over the forthcoming years.
Asia Pacific smart home healthcare market had secured a substantial revenue share of more than 19% in 2018 and is projected to observe a commendable growth over the coming years. The growth can be credited to increasing adoption of household technologies for effective monitoring which offers enhanced patient care. Moreover, rising per capita income in countries such as China and India along with technological development in home healthcare applications will further foster the industry growth.
Prominent industry players operating in smart home healthcare market such as Apple, Companion Medical, General Electric Company, Google, Health Care Originals, F. Hoffmann-La Roche, Medical Guardian, Samsung Electronics, Hocoma, Medtronic, Zanthion, Proteus Digital Health and VitalConnect are focused on product development and new product launch to strengthen their product offering and gain a strong foothold in the market. For instance, in 2018, Apple announced the launch of its Apple Watch Series 4, re-engineered with advanced features such as accelerometer and gyroscope for detecting hard falls. Reportedly, this product launch helped the company gain a strong foothold in the industry.
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Partial Chapter of the Table of Content
Chapter 5. Smart Home Healthcare Market, By Service
5.1. Key segment trends
5.2. Installation and repair
5.2.1. Market size, by region, 2014-2025 (USD Million)
5.3. Renovation and customization
5.3.1. Market size, by region, 2014-2025 (USD Million)
Chapter 6. Smart Home Healthcare Market, By Application
6.1. Key segment trends
6.2. Fall prevention and detection
6.2.1. Market size, by region, 2014-2025 (USD Million)
6.3. Health status monitoring
6.3.1. Market size, by region, 2014-2025 (USD Million)
6.4. Nutrition or diet monitoring
6.4.1. Market size, by region, 2014-2025 (USD Million)
6.5. Memory aids
6.5.1. Market size, by region, 2014-2025 (USD Million)
6.6.1. Market size, by region, 2014-2025 (USD Million)