Global Smart Home Healthcare Market 2020-2030

Global Smart Home Healthcare Market 2020-2030

Bonafide Trust 02-08-2022 147 Pages
Region : Global Category : Lifescience Medical Devices

Global smart home healthcare market will reach $108.96 billion by 2030, growing by 27.4% annually over 2020-2030 driven by the growing healthcare expenditure, rising usage of IoT-connected smart home healthcare devices, surging prevalence of chronic diseases along with the increasing geriatric population, and growing preference for personalized healthcare.

Smart home healthcare is an ecosystem created in the home, it is embedded with sensors and devices for in-home care of elderly people, out patients and persons with disabilities. Various smart devices like alert systems, smart watches, glucose monitoring devices, oximeters, and fall prevention & detection systems are used to track various medical parameters which provide better healthcare services by improving quality of life. Smart homes are equipped with internet-connected devices to enable the remote monitoring and management of appliances and systems, such as lighting and heating. Smart devices are either worn by the patient or fitted in the surrounding. The rapid rise in the geriatric population is the major factor that drives the market growth. As elderly people face more locomotion-related problems and need regular follow up. In addition, an increase in chronic diseases due to the adoption of an unhealthy lifestyle also excepted to the anticipate the smart home healthcare market growth. Furthermore, the Internet of Things (IoT) is gaining popularity day by day also propels the market growth. In addition, technological advancement and the rise in demand for personalized healthcare in developed countries is addressing the growth of smart home healthcare market forecast share. However, concerns regarding data privacy and security are a major restraining factor of the smart home healthcare industry, as this leads to a threat of inappropriate usage of one’s personal information. People would be able to live in homes that are likely to already have built-in healthcare system into their structure in the near future. Smart home healthcare systems are likely to be the building blocks of highly advanced healthcare systems, globally, where resources can be shared effectively and intelligently, while personalized services are provided to individual inhabitants based on their unique routines and needs. The future of mankind is expected to have smart home healthcare systems that would save lives and money, increase productivity, and augment the capacity of the healthcare system.

Real-time monitoring of health is driving the global smart home healthcare market. Smart healthcare systems also save money and are also likely to prove helpful in detection of day to day disease such as cold and flu in advance. Smart home healthcare care can prove highly useful in case of geriatric people and people with disabilities. It helps in real-time monitoring of their health and raising an alarm for caretakers in case of any mishap. The integrated system of wearable devices, activity detection sensors, sleep and environment monitoring, and online physician consultations makes the real-time monitoring significantly more effective. Availability of more human data would lead to improvement of more technological and automation capabilities, changing the way how humans receive healthcare and stay well. Smart home healthcare is expected to be the primary healthcare in the near future. While there's much work needed to realize the vision of smart home healthcare; however, there's a strong business opportunity in global smart home healthcare market.

North America accounted for a majority of the global smart home healthcare industry share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in smart home healthcare techniques, integration of advanced devices and software in smart home healthcare devices, presence of key and robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing rise in geriatric population, development of healthcare infrastructure and increase in investments projects in the region. Moreover, India and China are expected to witness growth at high CAGR in the smart home healthcare market of Asia-Pacific.

Lack of technical knowledge among users and high installation cost are major restraints of the global smart home healthcare market. The smart home healthcare is based on human computer interaction, which means the user is also supposed to possess some technical knowledge. Development of simpler technology with less complication in the near future is estimated to make the user experience easier.

COVID-19 Impact

Many people suffer from diabetes and cardiac diseases which need regular follow up, as there is lots of burden on healthcare system during the pandemic many people starts using smart devices like smart glucose monitoring system and smart cardiac monitoring system which minimized burden on healthcare system. Smart home healthcare devices do regular follow up and care of patients affected by chronic diseases at home with the advanced comfort. These factors maximized the demand for smart home healthcare devices for monitoring health during lockdowns.

Highlighted with 81 tables and 73 figures, this 147-page report “Global Smart Home Healthcare Market 2020-2030 by Offering (Solutions, Services), Technology (Wireless, Wired), Application (Fall Detection & Prevention, Health Status Monitoring, Safety & Security Monitoring, Memory Aids, Nutrition/Diet Monitoring), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global smart home healthcare market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate for 2020 and forecast from 2021 till 2030 with 2019 as the base year (Year 2020 is not appropriate for research base due to the outbreak of COVID-19).

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global smart home healthcare market in every aspect of the classification from perspectives of Offering, Technology, Application, and Region.

Based on Offering, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Solutions
• Services
• Installation and Repair
• Renovation and Customization

Based on Technology, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Wireless System
• Wired System

Based on Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Fall Detection and Prevention
• Health Status Monitoring
• Safety and Security Monitoring
• Memory Aids
• Nutrition/Diet Monitoring
• Other Applications

Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, South Africa)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2019-2030. The breakdown of all regional markets by country and split of key national markets by Offering, Technology, and Application over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request):
Apple Inc.
Awair Inc.
Eight Sleep
Evermind Inc.
Fitbit Inc.
Medical Guardian LLC
Proteus Digital Health
Samsung Electronics Co., Ltd.
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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