North America smart home healthcare market is expected to grow by 25.7% annually in the forecast period and reach $40.25 billion by 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.
North America dominated the smart home healthcare market during the historical period. The major factors supporting the market growth are the high per capita income in the region, presence of big consumer electronics companies offering advanced products at low prices, and increase in investments for technological innovations, to broaden the scope of wearable technologies in the healthcare industry. In addition, the prevalence of cancer and other chronic diseases is significantly high in the geriatric population of North America, which continues to fuel the demand for advanced healthcare solutions.
North America smart home healthcare market is estimated to witness significant growth over the analysis timeline. Rising prevalence of chronic diseases as a result of lifestyle changes and unhealthy dietary habits is the key factor driving demand for smart home devices. Increasing healthcare expenditure coupled with strong foothold of major industry players in North America will further boost smart home healthcare business growth.
The fall detection and prevention category is expected to register the fastest growth in the smart home healthcare market during the forecast period, under the application segment. This would be primarily due to the growing geriatric population across the globe. Fall detection systems allow elderly patients to immediately contact someone for assistance, who can take quick action. The wireless category accounted for the larger market size in 2019, and it is further expected to witness the faster growth in the smart home healthcare market during the forecast period. This can be ascribed to the surging inclination toward wireless networks, increasing number of smartphone users, rising internet penetration, and growing utilization of IoT-connected devices. Moreover, the wireless technology provides advantages such as less information technology (IT) costs, improved productivity, and flexibility to access multiple connections, which are further supporting its market growth.
Technological advancements in smart home healthcare will serve to be positive impact rendering factor. Focus of industry players on development of technologically advanced and innovative smart home healthcare devices will foster business growth. However, security and privacy issues pertaining to patient health may impede smart home healthcare market growth over the forecast period.
Growing demand for Internet-of-Things (IoT) in home healthcare will drive smart home healthcare market during the forecast period. IoT technology connects various devices and systems including actuators, sensors, computers, appliances and smartphones, resulting in highly distributed intelligent system that is capable of communicating with humans as well as other devices. Advent of technology in communication and computing technologies along with advanced, low-cost actuators, sensors and electronic components will offer opportunities for IoT applications in home healthcare. Application of IoT healthcare with integrated e-health and assisted living technology can play a crucial role in revolutionizing healthcare system for elderly thereby, accelerating smart home healthcare market growth. The popularity of IoT devices in the home healthcare sector is increasing tremendously due to the development of innovative and advanced products. For instance, the LifeFone fall detection pendant by LifeFone Inc. sends an alarm to the emergency response center if the person falls. There are numerous other IoT devices available that provide smart home healthcare services, such as the FooBot air quality monitor by Airboxlab SA, smart glucometers and insulin pens, connected inhalers, ingestible sensors, and smartwatches, which monitor stress levels, heart rate, blood pressure, and other parameters. These devices have gained a significant response from consumers all over the world. Thus, IoT devices are one of the major trends being witnessed in the smart home healthcare market.
Impact of Covid 19
The COVID-19 outbreak is negatively affecting the growth of the global smart home healthcare market in 2020. This is mainly due to the temporary closure of manufacturing facilities, restriction on the movement of goods, and disruption in the supply chain. Moreover, online retailers are struggling to courier items effectively. Additionally, the COVID-19 outbreak and mitigation measures have resulted in reduced economic growth and consumer spending on smartwatches and other wearables, as they are emphasizing on the purchase of essential goods. For instance, Fitbit Inc. recorded a decline of 21% in smartwatch shipments in 2020 (first quarter).
Highlighted with 22 tables and 36 figures, this 85-page report “North America 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 Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America 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 North America 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 North America smart home healthcare market in every aspect of the classification from perspectives of Offering, Technology, Application, and Country.
Based on Offering, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Installation and Repair
• Renovation and Customization
Based on Technology, the North America 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 North America 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 national/local markets are fully investigated:
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2019-2030. The breakdown 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):
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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