Smart Home Healthcare Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Smart Home Healthcare Market 
Industry / Sector Trends

Smart home healthcare market size was valued at USD 6.1 billion in 2018 and is expected to witness 26.7% CAGR from 2019 to 2025.

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Market Segmentation, Outlook & Regional Insights: Smart Home Healthcare Market

Smart Home Healthcare Market, By Technology, 2018 & 2025 (USD Million)

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.

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.

Smart Home Healthcare Market, By Technology

Wireless segment is projected to witness over 26.5% growth over the analysis timeframe. 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.

Wired segment was valued around 41% revenue share in 2018 and is anticipated to grow significantly by 2025. Requirement of wiring for installation of smart home healthcare devices that run on batteries or require a wi-fi connection for operating devices boosts segmental growth.

Smart Home Healthcare Market, By Service

Installation and repair segment accounted for around USD 4 billion in 2018 and is projected to show similar growth during the forecast timeframe. Growing demand for technologically advanced smart home healthcare devices will surge the need for efficient installations and repair by skilled professionals thus, augmenting segmental growth.

Renovation and customization segment held considerable revenue share in 2018 and is estimated to witness over 26.5% CAGR over the analysis period. Segment growth is attributable to increasing investment in R&D activities resulting in development of innovative products as well as upgradation in existing smart home healthcare devices.

Germany Smart Home Healthcare Market Size, By Service, 2018 (USD Million)

Smart Home Healthcare Market, By Application

Fall prevention and detection segment held more than 41% revenue share in 2018 and 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.

Health status monitoring segment was valued over USD 1.5 billion in 2018 due to increasing awareness regarding personal health monitoring. Demand for health status monitoring devices for collecting & monitoring data and informing medical professionals when essential, is on rise thereby, fostering segmental growth.

Smart Home Healthcare Market, By Region

North America smart home healthcare market is estimated to witness more than 26% CAGR 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.

Asia Pacific smart home healthcare market was valued around USD 1 billion revenue in 2018. 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.

Asia Pacific Smart Home Healthcare Market Size, By Country, 2025 (USD Million)

Key Players, Recent Developments & Sector Viewpoints: Smart Home Healthcare Market

Prominent industry players operating 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. The industry players implement various strategies including partnership, acquisitions and innovative product launch to capitalize on market opportunities and sustain market position. For instance, in November 2018, Health Care Originals (HCO), collaborated with Healthport to support rapidly evolving digital health landscape in New Zealand and Australia. This strategy enabled company to aid geographic expansion and broaden customer base.

Smart Home Healthcare Industry Viewpoint

History of smart homes can be traced back in 1984 with introduction of the term Smart Home. Efforts to supplement the home with technology can be dated back in early 20th century. Introduction of the first microprocessors in the early 1970s created a new wave of devices that could be adapted for assisting homecare. Pico Electronics, a Scotland based company in 1975, developed the first network protocol, X10, focusing on home automation. Smart home healthcare focuses on providing care in the home for elderly, outpatients and people with disabilities. It was developed to aid healthy individuals in monitoring their health and well-being using sensors that are worn or implanted in the surrounding environment. The earlier group of sensors have garnered lots of attention recently due to introduction of devices such as Fitbit and others. These form the basis of a new emphasis on health and lifestyle awareness. Advent of technology in medicine and healthcare continues to lower mortality rate, and thus surges the need for alternative solutions. Smart home healthcare can prove cost-effective in assisting the disabled and elderly to stay independently in home for longer time. Smart home devices allow greater independence and quality of life while minimizing the chance of social-isolation. Thus, increasing demand for smart home devices will thus drive industry growth during the forthcoming years

Key Insights Covered: Exhaustive Smart Home Healthcare Market

1. Market size (sales, revenue and growth rate) of Smart Home Healthcare industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Smart Home Healthcare industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Smart Home Healthcare industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Smart Home Healthcare industry.

Research Methodology: Smart Home Healthcare Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.