Smart Home Healthcare Market Overview
The global smart home healthcare market generated $4.5 billion revenue in 2017 and is projected to exhibit a CAGR of 37.3% during the forecast period, due to the growing geriatric population, escalating demand for personalized healthcare, increasing demand for mHealth technologies, and surging demand for advanced smart home healthcare technologies.
GLOBAL SMART HOME HEALTHCARE MARKET, BY APPLICATION, $M (2013-2023)
Based on service, the smart home healthcare market has been categorised into installation and repair, and customization and renovation services. During the forecast period, the market is expected to see faster growth, with a CAGR of 39.8%, from installation and repair services.
In terms of technology, the smart home healthcare industry has been segmented into cellular network, wireless communication, and other technologies. Of all technologies, the fastest growth in the global market during the forecast period is expected from wireless network, with 40.2% CAGR.
On the basis of application, the smart home healthcare market is categorized into fall prevention and detection, safety and security, health status monitoring, nutrition/diet monitoring, memory aids, and others. Of these, the fall prevention and detection application is expected to progress at the fastest rate, a with CAGR of 39.8% during the forecast period.
Geographically, North America has been leading the smart home healthcare market, both in terms of size and growth. This is mainly attributed to improved healthcare infrastructure, increased healthcare spending, growing geriatric population, and growing prevalence of chronic and lifestyle associated diseases.
Smart Home Healthcare Market Dynamics
Growing demand for advanced smart home healthcare and personalized healthcare technologies are the major drivers of the market. Smart home healthcare technologies, such as internet of things (IoT)-based monitoring systems, and mobile health (mHealth), help in compiling services related to diagnosis, treatment, and care at patient’s home. They improve communication between patients and healthcare providers. Moreover, an integrated sensor network helps to improve healthcare quality by enabling computerizing patient safety practices, clinical decision making, and reducing the rational burden of practitioners.
The increasing demand of personalized healthcare technologies due to advanced applications of IoT has spurred the demand of smart home healthcare systems. The popularity of IoT healthcare is increasing as its applications in healthcare are increasing vastly. The demand for personalized healthcare is increasing in the wake of improving the quality of care and decreasing the cost of treatment. In addition, personalized healthcare system is an extended healthcare in home, used to improve the overall disease management.
Emerging economies offer opportunities to IoT healthcare manufacturers globally. The acceptance of smart home healthcare in emerging economies, such as China and India, in the forthcoming years would provide enormous growth potential to the market. The growth would be driven by the increasing emphasis of market players on developing these home healthcare devices and continual investments from both public and private sectors for the same.
Smart Home Healthcare Market – Competitive Landscape
The degree of competition in the smart home healthcare market is high, as the players offer differentiated products. Moreover, brand loyalty has medium effect on the market; the propensity of buyers for switching to lesser known brands is low, due to which, they are moderately inclined towards established IT solutions, including smart home solutions.
There is moderate threat for a player to enter the market, as every incoming player has to abide by the stringent and mandatory regulatory standards set by the government. Also, the capital required for R&D activities involved in the approval procedure of internet-enabled healthcare systems is also high, which acts as a barrier for players willing to enter the market.
The major players operating in the smart home healthcare industry are AT&T Inc., ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Honeywell Life Care Solutions, Smart Solutions, Essence Group, and Koninklijke Philips N.V.