Europe Smart Home Healthcare Market 2020-2030

Europe Smart Home Healthcare Market 2020-2030

Bonafide Trust 17-08-2022 92 Pages
Region : Europe Category : Lifescience Medical Devices

Europe smart home healthcare market was valued at $2,785.3 million in 2020 and will grow by 27.3% annually over 2020-2030 owing to 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.

Over the last decade, the European smart home healthcare sector has grown significantly. The rising expense of healthcare, which has transferred the focus of healthcare from hospitals to the home, has been a key reason in the market's rise. Government initiatives to boost smart home healthcare are propelling the sector even faster. A growing elderly population, as well as an increase in the incidence of target diseases such as dementia and Alzheimer's, as well as Orthopaedic ailments, are expected to drive market expansion. Governments and health organisations are concerned about rising treatment costs and are attempting to lower healthcare costs. Home health care is a less expensive option than hospitalisation. Portable gadgets including heart rate monitors, respiratory assistance, and blood glucose monitors have enhanced lifestyle disease home care efficiency and effectiveness. Another important factor influencing the market is value-based healthcare. In most developed and developing countries, the central government provides either partial or entire coverage for in-home services.

The introduction of newer technologies into this market has significantly increased the current communication flow between patients and healthcare providers, allowing for better, faster, and more effective care. Remote patient monitoring, for example, is based on the successful integration of medical devices and information and communication technology (ICT), as well as the delivery of healthcare over large distances which ultimately drive the market growth. The growth of smart living and smart cities’ concepts will shape the market demand over the coming years, further facilitating the adoption of smart homes and living technology. Urban farming in indoor spaces using vertical and horizontal farming is expected to gain traction. It may help maintain a constant supply of healthy food for the growing health and fitness needs, which in turn will give rise to the needs of smart home healthcare.

Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. 90% of the nation’s USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions, according to the Centers for Disease Control and Prevention. Moreover, in-depth connected ecosystems focusing on wellness and management will offer industry and non-industry players the most significant opportunities. Although healthcare providers prefer developing in-house solutions, industry partnerships may help them establish therapeutic ecosystems that deliver value through multiple points of care. The self-care revolution has witnessed online pharmaceutical stores, telemedicine, and remote patient monitoring due to technological advancements in recent times. Soon, smart homes will be the sources of primary care. Ongoing monitoring has been facing issues because the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Across the growing home healthcare field, the portability and dissemination of computerized patient records serve as a significant health data risk to interception by hackers, leading to the violations of the Health Insurance Portability and Accountability Act (HIPAA). Such violations could attract substantial penalties and fines for operators/device manufacturers and service providers across the smart home healthcare segment. As technology advancements continue in the home healthcare field, providers and their parent companies must balance potential risks against these technologies’ benefits.

Impact of COVID-19

As COVID-19 continues to wreak havoc on health-care facilities, the need for home-based treatment is rapidly increasing. The pandemic of COVID-19 has had a mixed impact on the European smart home healthcare market. Blood glucose monitors, blood pressure monitors, pulse oximeters, and temperature monitors are some of the most common smart home healthcare monitoring equipment. However, many other businesses and service providers have seen a drop in sales as a result of industrial operations ceasing and supply networks being disrupted. However, this slowdown is only projected to last a short time, as the economy gradually recovers following the lockdown. In addition, increased collaboration between service providers is creating lucrative industry growth potential.

Highlighted with 32 tables and 40 figures, this 92-page report “Europe 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 Europe 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 Europe 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 Europe smart home healthcare market in every aspect of the classification from perspectives of Offering, Technology, Application, and Country.

Based on Offering, the Europe 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 Europe 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 Europe 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:
• Germany
• UK
• France
• Spain
• Italy
• Russia
• Rest of Europe (further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
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):
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.)

Read More

Card image cap

Interested in this report?
Get your FREE sample!

Requirement Gathering & Methodology
Data Collection Techniques
Our Research Team & Data Sourcing
Data Science & Analytical Tools
Data Visualization & Presentation Skills
Project/ Report Delivery & After Sales Services