Smart Home Healthcare Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, Mexico, Brazil, Saudi Arabia, South Africa, UAE), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3211
Smart Home Healthcare Market size is expected to grow significantly from 2019 to 2025.
Smart home healthcare market is primarily driven by increasing demand for advanced smart home healthcare along with personalized healthcare technologies. Variety of smart home healthcare technologies such as mobile health (mHealth) as well as internet of things help in different services related to treatment and patient care that further boosts industry growth. According to the findings of International Telecommunication Union with over 85% of the population is now covered by a signal with commercial wireless connectivity providing them health information on their mobile phones. Additionally, there are around 5 billion mobile phone subscriptions in the world that further drives the business growth. mHealth is rapidly boosting as its applications in the healthcare sector is expanding widely. Moreover, personalized healthcare equipment is an extended healthcare at home, that helps to improve overall patient’s disease by providing similar to home treatment.
Furthermore, rising awareness for healthy lifestyle and fitness will render positive impact on the business growth. Numerous efforts undertaken by government and other organizations to raise awareness regarding healthy lifestyle should foster business growth. According to WHO, globally elderly population is on the rise and along with it incidence of age-related illnesses such as Dementia and Parkinson’s disease is also increasing. To combat this, more emphasis is given on increasing awareness that should further drive industry growth. However, issues related to privacy and securities may impede smart home healthcare business growth to certain extent over the forecast timeframe.
Wireless communication segment held significant revenue share owing to increasing awareness about home healthcare. Control devices allows recording of user and environment data, analysis of it and reaction to the environment or sending an alarm call. Increasing elderly population and rising awareness about advanced application and innovations of the smart home-based wireless sensors will spur the revenue size during the forecast timeframe.
Installation and repair segment is anticipated to witness robust growth during the forecast period. Rising demand for effective smart home healthcare along with rising number of CubeSensor installation will drive the business growth over the coming years. Moreover, Open Service Gateway initiative (OSGi) is used as a service residential platform to ease the installation and execution of multiple services in an individual home gateway that will eventually increase the segment revenue.
Health status monitoring segment is anticipated to witness robust growth during the forecast period. Benefits offered includes status of overall health of the occupant and in one go complete information regarding the disease, that should encourage customer preference. The health status is based on the information received from several other sensors. The smart home can benefit from artificial intelligence (AI), that can gather and analyze information regarding the patient’s activities and health status and helps to identify and report any anomalies. Above-mentioned technological advances will further spur revenue size.
North America smart home healthcare industry will account for substantial revenue share owing to increasing health awareness among population in the region. Moreover, improved healthcare infrastructure along with healthcare spending as well as growing prevalence of lifestyle diseases should boost regional growth. Prominent industry players in this region will positively impact industry expansion.
Some of the major industry players operating in the smart home healthcare industry include Amazon, Google, Apple, General Electric Company, Qualcomm Incorporated, Samsung Electronics, Medical Guardian, National HealthCare Corporation, Sunrise Medical and F. Hoffmann-La Roche. Strategic partnerships, merger and acquisition are some of the major strategies adopted by industry players to sustain competition in the market.
Smart Home Healthcare Market By Technology, 2014-2025 (USD Million)
- Cellular Network
- Wireless Communication
Smart Home Healthcare Market By Service, 2014-2025 (USD Million)
- Installation and Repair
- Customization and Renovation
Smart Home Healthcare Market By Application, 2014-2025 (USD Million)
- Fall Prevention and Detection
- Security and Safety Monitoring
- Health Status Monitoring
- Nutrition or Diet Monitoring
- Memory Aids
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Amazon, Inc.
- Apple Inc.
- F. Hoffmann-La Roche AG
- General Electric Company
- Medical Guardian LLC
- National HealthCare Corporation
- Qualcomm Incorporated
- Samsung Electronics Co. Ltd
- Sunrise Medical
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