What's driving the Smart Home Healthcare Market Size? Companion Medical, Apple, General Electric Company, F. Hoffmann-La Roche, Google, Health Care Originals, Medical Guardian, Hocoma, Medtronic, Samsung Electronics, Proteus Digital Health, Zanthion and V
Wireless segment accounted for over 57% revenue share in 2018 and will witness similar growth trend over the coming years. Development of technologically advanced condensed, mobile devices that are directly connected to Bluetooth for easy detection and patient assessment augments the segmental growth. Moreover, it offers connectivity via portable communication such as tablets that is expected to upsurge segment revenue size.
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Prominent business players operating in smart home healthcare market include Companion Medical, Apple, General Electric Company, F. Hoffmann-La Roche, Google, Health Care Originals, Medical Guardian, Hocoma, Medtronic, Samsung Electronics, Proteus Digital Health, Zanthion and VitalConnect.
Smart home healthcare market will exceed USD 30 billion by 2025; as per a new research report. Growing preferences of consumers on health monitoring and fitness is driving the demand for smart home healthcare market. Heart related diseases and obesity are increasing worldwide, the demand for wearable devices to monitor their health status and fitness level is growing.
Smartwatches and fitness band are combined with numerous sensors to screen various health related issues such as blood pressure and heart rate among others. These wearables provide accurate health information allowing customers to monitor their health issues without any intervention. Such advantages accelerates smart home healthcare industry growth. Moreover, wide range of wearable systems are available for elderly people that monitor vital signs of patients. These systems include wireless technology and software sensors to collect, transfer physiological data to a remote healthcare center. Such technologically advanced devices are expected to upsurge the business growth over analysis timeframe.
Asia Pacific smart home healthcare industry accounted for more than 19% revenue share in 2018 and is estimated to witness momentous CAGR of by 2025. Rising adoption of household technologies for effective assessment for patient care enhances the regional growth. Increasing per capita income in countries such as India and China coupled with advancements in various home healthcare applications upsurges the regional business growth.
Numerous smart home healthcare technologies can benefit from internet of things, mHealth and artificial intelligence (AI) that help in different services related to effective patient care thus, further accelerates the business growth. AI can analyze and gather information regarding individual?s activities and health status. AI system includes a database that stores individual?s physiological and behavioral patterns along with medical histories. Additionally, this system can raise an alarm in case of medical emergency with the concerned authority allowing immediate and appropriate medical attention. Availability of such advanced technology further boosts industry growth. Furthermore, growing demand for personalized healthcare technologies that is an extended healthcare at home and assists to improve overall health conditions are factors that foster business growth. However, issues regarding privacy may hamper industry growth over the coming years.
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Major industry players focus on product enhancement and new product launch to maintain their financial stability in the market. For instance, in September 2018 Apple introduced its Apple Watch Series 4 that is re-engineered and redesigned. It has advanced features such as gyroscope and accelerometer that is capable to detect fall. Such advancements and strategies help in companys growth.
Memory aids segment will grow over 26% during the forecast timeframe. Memory function gradually decreases in older adults with certain age causing dementia and memory loss. Reminding system would be useful for elderly population on daily bases. This system provides reminder and alert signals to patient along with physicians for corrective patient access. Also, it aids in case of critical situations. Above-mentioned associated advantages coupled with growing elderly population boosts the segment growth.
Table of Content:
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Unpaid sources
Chapter 2. Executive Summary
2.1. Smart home healthcare industry 360 degree synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Service trends
2.1.4. Application trends
2.1.5. Regional trends
Chapter 3. Smart Home Healthcare Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
126.96.36.199. Growing popularity of Internet-of-Things (IoT) in home healthcare
188.8.131.52. Technological advancements
184.108.40.206. Growing demand for personalized healthcare in developed countries
220.127.116.11. Increasing prevalence of chronic diseases
18.104.22.168. Rising geriatric population base worldwide
3.3.2. Industry pitfalls and challenges
22.214.171.124. Concerns regarding data privacy and security
126.96.36.199. Stringent regulatory framework
188.8.131.52. High cost of smart home healthcare devices
3.4. Growth potential analysis
3.4.1. By technology
3.4.2. By service
3.4.3. By application
3.5. Porter's analysis
3.6. Competitive landscape, 2018
3.6.1. Strategy dashboard
3.7. PESTEL analysis
Chapter 4. Smart Home Healthcare Market, By Technology
4.1. Key segment trends
4.2.1. Market size, by region, 2014 - 2025 (USD Million)
4.3.1. Market size, by region, 2014-2025 (USD Million)
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)
Related Reports: -
Global (United States, European Union and China) Home Healthcare Market Research Report 2019-2025
Home health care is a diversified industry which includes home nursing care, infusion services, companion care, and others. Home healthcare is particularly referred as home medical care. Home health care generally involves helping geriatric people to recover from an illness or injury and live independently for as long as possible. Home health care includes occupational & physical therapy, speech therapy, and skilled nursing. It may involve helping older adults with activities of daily living, like bathing, dressing, and eating. It can also include assistance with cooking, cleaning, other housekeeping, and monitoring one?s medication routine.
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