Asia Pacific Smart Home Healthcare Market 2020-2030

Asia Pacific Smart Home Healthcare Market 2020-2030

Bonafide Trust 17-07-2022 90 Pages
Region : Asia-Pacific Category : Lifescience Medical Devices

Asia Pacific smart home healthcare market will grow by 31.9% annually with a total addressable market cap of $119.87 billion over 2021-2030 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.

Smart home healthcare is an ecosystem of devices and sensors that assistance track the health of individual living in the home on a real-time basis. This ecosystem also proposes personalised feedback to every individual of the household. Speedy expansion of the global Internet infrastructure has made the implementation of these technological tool easier and available to the mass population. Automation has allowed round the clock self-operated surveillance with respect to health , which works in a highly efficient manner, providing information through smart application at any place and any time, minimizing the concerns of consumers. The trend of older population living away has given rise to the development of mobile health, addressing the concern of safety and security of the elderly. Mobile health gives easy access to healthcare applications which can be used to monitor health of the elderly. The development of mobile health is indeed a driving factor for smart homes and buildings market, as more number of nuclear families will lead to higher adoption of technology and drive revenue flow of the market. Regional growth can be attributed to growing awareness regarding innovative and advanced smart home-based wireless devices. Additionally, large patient pool in the region along with rising IT investments in healthcare industry will accelerate Asia Pacific smart home healthcare market growth.

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. 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.

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. This is due to the increased convenience of non-skilled labour, caretakers, services, physicians, and various home healthcare equipment in homecare settings and a growth in healthcare expenditures at hospital premises in the region.

In conjunction with the electronic health records (EHRs), physicians can be more efficient during their consultation hours without physically visiting the patients every few hours. They can also prove to be the most quantifiable RoI for hospitals since operational costs can be saved by reducing re-admissions, in-person visits, and staff engagement. ?

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 in 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. Focus of industry players on development of technologically advanced compact, mobile devices that are connected via bluetooth to portable communication and computing devices such as tablets and smartphones will create growth opportunities. Fall prevention and detection segment will exhibit momentous growth during the forecast period. Segment growth is attributed to increasing number of accidental or injury cases across the world. Growing adoption of automated fall monitoring devices will favor business growth.

Highlighted with 29 tables and 39 figures, this 90-page report “Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific smart home healthcare market in every aspect of the classification from perspectives of Offering, Technology, Application, and Country.

Based on Offering, the Asia Pacific 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 Asia Pacific 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 Asia Pacific 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:
• Japan
• China
• South Korea
• Australia
• India
• Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
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.)

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