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Smart Home Healthcare Market 2020 Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2025

Author : Ronak Bora | Published Date : 2020-09-15 

Smart Home Healthcare Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Driven by continuous technological advancements and fast-growing adoption of IoT devices among consumers, global smart home healthcare market is anticipated to experience considerable growth in the near future. A few years ago, smart home technology was said to be in its infancy, wherein it mainly concentrated on making customers’ lives more convenient by giving them extended control of lights, appliances, ventilation systems and even door locks in homes.

Smart home systems are increasingly gaining momentum due to rapid digitalization and developments made in the field of Internet of Things (IoT) and artificial intelligence (AI). Smart home applications are gradually making inroads in the day-to-day lives of people on a number of different levels. One major growth avenue that has emerged through these advancements is smart home healthcare industry.

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According to GMI report, smart home healthcare market size is poised to surpass USD 30 billion by 2025 on account of below mentioned trends:

Wireless application segment in overall smart home healthcare market held a revenue share of over 57% in 2018 and is expected to display a substantial growth over the coming years. The growth can be credited to development of technologically enhanced mobile devices that can be directly connected to Bluetooth which enables patient assessment and easy detection. Further, it provides connectivity through portable communication such as tablets which will augment the segmental growth.

Considering the merits of wireless technology, industry players are keen on serving their customers with advanced home healthcare devices that allow easy monitoring of their health condition on daily basis. For instance, in 2016, Roche, one of the leaders in the industry had launched CoaguChek INRange system. Being the company’s first ever Bluetooth enabled home heath device, CoaguCehck INRange   enables patients and the healthcare providers to control their coagulation levels and monitor the therapy of Vitamin K antagonist. This product helped the company strengthen their product portfolio on the lines of latest technology and provide their customers with an enhanced experience.

Surging demand for smart home healthcare repair and installations are estimated to drive the segmental growth. Installations find usage in assessing behavioral patterns and detecting anomalies combined with patient care. Moreover, it facilitates monitoring of pulse, respiration and daily activities. With such numerous advantages, the segment will observe a commendable growth in the upcoming years. Reportedly, in 2018, the segment had recorded a revenue of USD 4 billion.

Smart home healthcare industry in Asia Pacific region is estimated to witness an appreciable growth during the ensuing years as a result of growing adoption of household technologies that enables effective monitoring for patient care. Technological advancements in several healthcare applications coupled with rising per capita income in the countries such as China and India will stimulate the growth of regional market. For the record, in 2018, the region had registered a revenue share of more than over 19%.

Prominent industry players are inclined on developing technologically advanced products in order to strengthen their product portfolio and sustain the competition in the market. For instance, in 2018, Apple launched its Apple Watch Series 4 that has been re-engineered with enhanced features such as accelerometer and gyroscope that can detect hard falls. This product helped company provide better product offering to their customers.

Some of the major players operating in the industry are Apple, Companion Medical, Health Care Originals , General Electric Company, F. Hoffmann-La Roche, Medical Guardian, Hocoma, Zanthion, Medtronic, Samsung Electronics, Google Proteus Digital Health, and VitalConnect. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/smart-home-healthcare-market

Partial Chapter of the Table of Content 

Chapter 4. Smart Home Healthcare Market, By Technology

4.1. Key segment trends

4.2. Wired

4.2.1.  Market size, by region, 2014 – 2025 (USD Million)

4.3. Wireless

4.3.1.  Market size, by region, 2014-2025 (USD Million)

Chapter 5. Smart Home Healthcare Market, By Service

5.1. Key segment trends

5.2. Installation and repair

5.2.1.  Market size, by region, 2014-2025 (USD Million)

5.3. Renovation and customization

5.3.1.  Market size, by region, 2014-2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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