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Published: March 2016
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Report Code: LS10614
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Available Format:
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Pages: 100
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Category : Healthcare IT
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The global smart home healthcare market is expected to grow with a CAGR of 38% during 2016 - 2022. Among the various applications, the fall prevention and detection segment is expected to witness the fastest growth during the forecast period. The global smart home healthcare market is growing at a significant rate, due to growing demand for advanced smart home healthcare technologies, and growing geriatric population.
As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. The number has increased from a global share of 9.2% in 1990 to 11.7% in 2013, and is expected to reach 21.1% by the end of 2050.
Smart home is a home monitoring and control system, which helps in the monitoring of home when the resident away, and also simplifies the switching appliances on and off automatically. The smart homes have the ability to monitor and control home from the convenience of smartphone or tablets.
In the healthcare sector, the smart home technology is combined with innovative and advanced monitoring technologies that are designed to detect health status changes. Moreover, the combination of smart home technology with healthcare technology is likely to be an effective approach to prevent nursing home placement for frail older adults.
The increasing demand of mobile health (mHealth) technologies and increasing demand of personalized healthcare technologies are also driving the growth of the global smart home healthcare market.
The restraints associated with the growth of the global smart home healthcare market include privacy and security issues; and high capital expenditure. The growing popularity of IoT devices in the home healthcare sector is the major trend witnessed in the smart home healthcare market.
Geographically, North America is expected to maintain dominance in the global market of smart home healthcare during 2016-2022. This is due to due to improved healthcare infrastructure, increased healthcare spending, growing geriatric population, and growing prevalence of chronic and lifestyle associated diseases. In addition, the increased awareness about innovative and advanced applications of smart home healthcare technologies is also supporting the growth of the smart home healthcare Market in North America.
The European smart home healthcare market is growing, mainly due to improved healthcare infrastructure, increasing prevalence of chronic diseases, and growing demand for remote monitoring services. However, the Asian market of smart home healthcare is expected to witness the highest growth globally, during the forecast period. This is due to growing geriatric population and increasing awareness about innovative and advanced applications of the smart home based wireless sensors. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in healthcare industry within the region.
Some of the key companies operating in the global smart home healthcare market include 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.
