Smart Home Healthcare Market size worth USD 30bn by 2025
Published Date: May 28, 2019 Authors: Sumant Ugalmugle
Smart Home Healthcare Market size is set to exceed USD 30 billion by 2025; according to a new research report by Global Market Insights.
Rising adoption of wearable devices and technological advancements drives smart home healthcare industry growth. Manufacturer’s focus on enhancement of devices for corrective patient management. Companies invests large amount in innovating smart home healthcare products thereby favors smart home healthcare market growth. Numerous companies such as Koninklijke Philips, Apple and Google among others aim at existing product enhancements and new product launch. For instance, in September 2016 Philips introduced Health Watch to track patient’s health. This device can track heart rate and sleep patterns. Massive demand for such wearables devices will accelerate the smart home healthcare industry growth.
Rising awareness for fitness and healthy lifestyle will render positive impact on the smart home healthcare business growth. Various initiatives undertaken by different organizations and government promoting healthy lifestyle should accelerate industry growth. Increasing number of fall accidents in elderly people is expected to further boost business growth. However, issues related to security may restrict smart home healthcare industry growth during the analysis timeframe.
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Wireless segment was valued more than 3 billion in 2018 and will witness tremendous growth over the analysis timeframe. Advancements in wireless communication, sensors coupled with embedded computing devices favors the segmental growth. It provides real time monitoring of physiological signs without interpreting daily activities of individuals that further accelerates the segment growth. Moreover, this technology can perform long term health trend analysis and generates alert signals in emergency cases. These factors further enhances the business growth.
Installation and repair segment accounted for over 66% revenue share in 2018 and will witness significant CAGR by 2025. Increasing demand for effective smart home healthcare installations will upsurge the segmental growth. Moreover, availability of different service residential platforms to ease installation in an individual’s home gateway will accelerate the segmental growth.
Fall prevention and detection segment was valued more than 2 billion in 2018 and is expected to experience lucrative growth over the coming years. Falls are the major concern in the elderly population that boosts the demand for fall detection devices. Technological advancements in securing geriatric population to prevent from fall accidents will favor segment growth. Rising adoption of such devices will further accelerate the business growth.
Browse key industry insights spread across 170 pages with 166 market data tables & 8 figures & charts from the report, “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, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
North America smart home healthcare market was valued around USD 2 billion in 2018. Rising health concerns and awareness regarding fitness among population will drive the regional growth. Well-established healthcare infrastructure as well as increasing healthcare spending for effective health management should foster the business growth.
Major business players functioning in smart home healthcare market include Apple, Companion Medical, F. Hoffmann-La Roche, General Electric Company, Google, Health Care Originals, Hocoma, Medical Guardian, Medtronic, Proteus Digital Health, Samsung Electronics, VitalConnect and Zanthion. Various initiatives undertaken by industry players such as partnership and mergers to sustain in the industry will prove beneficial for business growth. For instance, in January 2018, Medical Guardian launched next generation medical alert technology at Consumer Electronics Show. The company launched Freedom Guardian, a wearable device that provides clock monitoring, connectivity and support.
Smart home healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Smart Home Healthcare Market By Technology, 2014-2025 (USD Million)
Smart Home Healthcare Market By Service, 2014-2025 (USD Million)
- Installation and Repair
- Renovation and Customization
Smart Home Healthcare Market By Application, 2014-2025 (USD Million)
- Fall Prevention and Detection
- 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 Asia & Africa
- Saudi Arabia
- South Africa