Smart Home Healthcare Market: Segmented: Size By Technology (Wired communication, Wireless communication, Cellular Network and Others); By Service (Installation and Repair, Renovation and Customization); By Application (Fall Prevention & Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids and Safety & Security Monitoring); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
Smart Home Healthcare Market is anticipated to exceed USD 50.9 billion by 2030 from USD 8.2 billion in 2019 at a CAGR of 37.2% throughout the forecast period, i.e., 2020-30.
Smart Home Healthcare Market is devised to facilitate easy diagnosis and to provide treatment to the aged-people, outpatients, and handicapped patients in the home. It assists in enhancing the conversation among the healthcare experts and the patients. It was introduced to help people examine their health and well-being with the help of sensors that are either worn or installed in their habitat. Advancement of technology in medical science and healthcare persists to decrease the death rate, and thus pushes the demand for auxiliary solutions. Smart home healthcare helps in reducing costs and enables the incapable and elderly to reduce dependence on others. Also, many healthcare problems, mainly long-term diseases, can be easily monitored and attended to in a home equipped with required smart home devices. Smart home devices enable greater freedom and standard of health while reducing the possibility of social-isolation. Consequently, the rising demand for smart home devices will further fuel the growth of the market during the forecast period.
Smart Home Healthcare Market is expected to project a CAGR of 37.2% during the forecast period, 2020-2030
The Smart Home Healthcare Market is estimated to grow on the back of the following reasons. Growing demand for Internet-of-Things (IoT) is the major driving factor in the smart home healthcare market. IoT technology integrates several gadgets and structures covering actuators, sensors, computers, devices, and mobiles, leading to a highly disperse smart system that is competent in interacting with humans as well as other devices. Implementation of IoT in healthcare along with consolidated electronic health and aided living technology may depict a critical role in transforming the healthcare system for geriatric thereby, boosting the smart home healthcare market growth. Increasing the attention of key players towards the development of technologically updated and non-conventional smart home healthcare devices will further encourage the market. However, security and privacy concerns relating to the health of the patient may obstruct the growth of the smart home healthcare market during the forecast period.
Cellular network to emerge as the fastest-growing segment
Based on technology, the smart home healthcare market is segmented into wired communication, wireless communication, cellular network, and others. Amongst these, the cellular network segment held the largest share in 2019 and is forecasted to continue growing at a CAGR of XX% during the forecast period. Owing to easy accessibility by customers and the ease of operation are the key factors driving the growth of the segment.
Installation and Repair segment to drive the overall market growth
On the basis of the service, the smart home healthcare market is categorized into installation & repair, and customization & renovation. The installation and repair segment is anticipated to exhibit the highest CAGR of XX% during the forecast period and contributed a major share in the smart home healthcare market due to increasing demand for supplementing home with advanced technology-based home healthcare devices thereby, accelerating the need for cost-effective installations and repair.
Fall Prevention & Detection to grow at the highest CAGR during the forecast period
Based on the application, the smart home healthcare market is divided into fall prevention and detection, health status monitoring, nutrition or diet monitoring, memory aids, and safety & security monitoring. The fall prevention and detection segment captured maximum market share in 2019 and is projected to grow at the highest CAGR during the forecast period owing to the rising number of unfortunate or injury instances globally. Moreover, the growing endorsement of automated fall monitoring devices will support market growth.
Soaring cases of chronic diseases
In recent times, chronic diseases that require long-term treatment have become more prevalent and remain the chief reason for age-associated deaths, and this transition is not restricted to the developed countries. Curing and controlling long-term diseases has turned out to be a serious issue. Almost half of the home healthcare patients have at least one chronic disease, and this quantity is projected to keep rising in the future. Chronic diseases that attack different segments of the population disproportionately, further promote to dysfunctions reduce the quality of life and increase long-term care costs, thus creating a wide variety of growth opportunities for several home healthcare players.
Increasing Security and Safety Concerns
Major factors restricting the growth of the smart home healthcare market are the increasing safety and security concerns, increased capital spending, conservation prerequisite, and lack of knowledge about smart home healthcare technologies in emerging economies. Moreover, the lack of technical experts is also creating an adverse impact on the growth of the market.
Asia-Pacific to grow at the highest CAGR during the forecast period
The Smart Home Healthcare Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, North America's smart home healthcare market accounted for major market share and is projected to grow at more than XX% CAGR over the forecast period. Increasing the existence of long-term diseases owing to the increasing geriatric population, lifestyle changes and unhealthy eating habits are some of the major factors driving the growth of smart home healthcare devices. Moreover, rising healthcare expenditure paired with a sturdy hold of key market players in the region will further propel smart home healthcare market growth. However, Asia Pacific smart home healthcare market is anticipated to grow at the highest CAGR during the forecast period. The growth in this region is associated with increasing awareness about improved and advanced smart home-based healthcare devices. Furthermore, an increasing number of patients in the region together with growing IT investments in the healthcare industry will speed up Asia Pacific smart home healthcare market growth.
Company overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Smart Home Healthcare Market size was estimated at USD 8.2 billion in 2019 and is expected to reach USD 50.9 billion by 2030.
Philips Healthcare, Abbott Laboratories. Kindred Healthcar, Amedisys, Fresenius,Omron, McKesson, BAYADA Home Healthcare, Kinnser Software Inc., Linde Group
Cellular network to emerge as the fastest-growing segment and Installation and Repair segment
Drivers Soaring cases of chronic diseases
Smart Home Healthcare Market is devised to facilitate easy diagnosis and to provide treatment to the aged-people, outpatients, and handicapped patients in the home. It assists in enhancing the conversation among the healthcare experts and the patients. It was introduced to help people examine their health and well-being with the help of sensors that are either worn or installed in their habitat
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