Smart home healthcare market to reach $30bn by 2025
The Smart Home Healthcare Market is set to grow from its current market value of more than $6bn to over $30bn by 2025; as reported in the latest study by Global Market Insights. 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 favours 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.
Rising awareness for fitness and healthy lifestyle will render positive impact on the smart home healthcare business growth. Various initiatives undertaken by different organisations 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 market growth during the analysis timeframe.
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 favours 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.
Installation and repair segment 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.
Fall prevention and detection segment was valued more than two 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 favour segment growth. Rising adoption of such devices will further accelerate the business growth.
North America smart home healthcare market was valued around $2bn 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.
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.