Smart Home Healthcare Market is surging at 26% CAGR up to 2025
Installation and repair segment of smart home healthcare market accounted for over 66% revenue share in 2018 and will witness significant CAGR by 2025. Increasing demand for effective smart home healthcare installations will upsurge the segmental growth. Moreover, availability of different service residential platforms to ease installation in an individual’s home gateway will accelerate the segmental growth.
Wireless segment was valued more than 3 billion in 2018 and will witness tremendous growth over the analysis timeframe. Advancements in wireless communication, sensors coupled with embedded computing devices favors the segmental growth. It provides real time monitoring of physiological signs without interpreting daily activities of individuals that further accelerates the segment growth. Moreover, this technology can perform long term health trend analysis and generates alert signals in emergency cases. These factors further enhances the business growth.
Fall prevention and detection segment of smart home healthcare market was valued more than 2 billion in 2018 and is expected to experience lucrative growth over the coming years. Falls are the major concern in the elderly population that boosts the demand for fall detection devices. Technological advancements in securing geriatric population to prevent from fall accidents will favor segment growth. Rising adoption of such devices will further accelerate the business growth.
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North America smart home healthcare market was valued around USD 2 billion in 2018. Rising health concerns and awareness regarding fitness among population will drive the regional growth. Well-established healthcare infrastructure as well as increasing healthcare spending for effective health management should foster the business growth.
Global Smart Home Healthcare Market is poised to surpass USD 30 billion by 2025; according to a new research report by Global Market Insights, Inc. Rising awareness for fitness and healthy lifestyle will render positive impact on the smart home healthcare business growth. Various initiatives undertaken by different organizations and government promoting healthy lifestyle should accelerate industry growth. Increasing number of fall accidents in elderly people is expected to further boost business growth. However, issues related to security may restrict smart home healthcare industry growth during the analysis timeframe.
Rising adoption of wearable devices and technological advancements drives smart home healthcare industry growth. Manufacturer’s focus on enhancement of devices for corrective patient management. Companies invests large amount in innovating smart home healthcare products thereby favors smart home healthcare market growth. Numerous companies such as Koninklijke Philips, Apple and Google among others aim at existing product enhancements and new product launch. For instance, in September 2016 Philips introduced Health Watch to track patient’s health. This device can track heart rate and sleep patterns. Massive demand for such wearables devices will accelerate the smart home healthcare industry growth.
Major business players functioning in smart home healthcare market include Apple, Companion Medical, F. Hoffmann-La Roche, General Electric Company, Google, Health Care Originals, Hocoma, Medical Guardian, Medtronic, Proteus Digital Health, Samsung Electronics, VitalConnect and Zanthion. Various initiatives undertaken by industry players such as partnership and mergers to sustain in the industry will prove beneficial for business growth. For instance, in January 2018, Medical Guardian launched next generation medical alert technology at Consumer Electronics Show. The company launched Freedom Guardian, a wearable device that provides clock monitoring, connectivity and support.