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What's driving the Smart Home Healthcare Market Growth? | Key Players are Schneider Electric, Essence, Smart Solutions, AT&T, Siemens, Honeywell, Qualcomm, Samsung Electronics, Medical Guardian
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Among all these, fall prevention and detection application led the smart home healthcare market in 2017 with 39.0% revenue contribution and is expected to advance in the future at a CAGR of 39.8%. This is majorly attributed to the elderly, who are more prone to falling down and not being able to get back up on their own on account of their diminished physical strength. As per a 2018 article published by the World Health Organization (WHO), falls are one of the leading causes of deaths due to unintentional injuries.
The report further said that people above 65 years of age are the most likely to suffer a fatal fall. Now, in addition to falling down often and getting seriously hurt, the elderly are more prone to diseases, such as diabetes, cardiovascular disorders, and cancer, in general. Further, they need to be constantly monitored and that too for a longer duration as compared to people in other age groups. Internet of things (IoT)-based solutions help in streamlining their treatment and post-hospital care in their home, thereby aiding in the growth of the smart home healthcare market.
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According to the World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA) in 2017, people above 60 years of age, who numbered 382 million in 1980, increased to 962 million in 2017. Further, it is being estimated that by 20500end, the elderly across the world would number 2.1 billion. With the growing geriatric population, the demand for personalized care at their home is predicted to increase, taking the smart home healthcare market ahead during the forecast period.
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The key manufacturers operating in the smart home healthcare market are:
1- Schneider Electric
2- Essence
3- Smart Solutions
4- AT&T
5- Siemens
6- Honeywell
7- Qualcomm
8- Samsung Electronics
9- Medical Guardian
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