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$96.2 Billion Smart Home Healthcare Market - Global Analysis & Forecast to 2030
Dublin, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The "Smart Home Healthcare Market Research Report: By Offering, Technology, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart home healthcare market is projected to generate a revenue of $96.2 billion by 2030, increasing from $8.7 billion in 2019, advancing at a 26.2% CAGR during the forecast period (2020-2030).
The growing healthcare expenditure, increasing geriatric population, rising usage of IoT-connected smart home healthcare devices, surging prevalence of chronic diseases, and growing preference for personalized healthcare are resulting in the expansion of the market. The market is divided into services and solutions, on the basis of the offering.
Between the two, the solutions division dominated the market in 2019, owing to the high adoption of fitness trackers and smartwatches by individuals, increasing awareness regarding health and fitness among people, implementation of healthcare platforms by professionals, and rising need for mapping the progress of chronic diseases. The services division is predicted to register the fastest growth during the forecast period, due to the rising need for effective repair and installation services for improved connectivity at home.
North America accounted for the largest share of the smart home healthcare market during the historical period (2014-2019), owing to the increasing per capita income, rising investments for technological advancements, presence of major consumer electronics companies that offer advanced products at low prices, and high prevalence of chronic diseases, including cancer. The Asia-Pacific region is predicted to progress at the fastest pace during the forecast period, due to the increasing government initiatives for smart home healthcare, rising geriatric population, and growing adoption of mHealth technologies.
A key trend being witnessed in the smart home healthcare market is the rising utilization of IoT devices, which is occurring because of the development of advanced products. For example, LifeFone Inc.'s the LifeFone fall detection pendant sends an alarm to the emergency response center in case the user falls. A number of other IoT devices are also available in the market that provide home healthcare services. Owing to increasing awareness, such devices have gained wide popularity across the globe.
In conclusion, the market is growing due to the rising incidence of chronic diseases and increasing use of IoT devices.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
4.1.1.1 Solutions
4.1.1.2 Services
4.1.1.2.1 Installation and repair
4.1.1.2.2 Renovation and customization
4.1.2 By Technology
4.1.2.1 Wireless
4.1.2.2 Wired
4.1.3 By Application
4.1.3.1 Fall detection and prevention
4.1.3.2 Safety and security monitoring
4.1.3.3 Health status monitoring
4.1.3.4 Nutrition/diet monitoring
4.1.3.5 Memory aids
4.1.3.6 Others
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Increasing popularity of IoT devices in home healthcare
4.2.1.2 Rising usage of cube-sized sensors
4.2.2 Drivers
4.2.2.1 Growing demand for IoT-connected smart home healthcare devices
4.2.2.2 Rising geriatric population
4.2.2.3 Increasing demand for mHealth technologies
4.2.2.4 Rising need for personalized healthcare
4.2.2.5 Surging prevalence of chronic diseases
4.2.2.6 Growing healthcare costs
4.2.2.7 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 Privacy and security issues
4.2.3.2 Lack of awareness
4.2.3.3 High capital expenditure and maintenance requirement
4.2.3.4 Impact analysis of restraints on market forecast
4.2.4 Opportunities
4.2.4.1 Increasing adoption of cloud technology in healthcare
4.2.4.2 Emerging economies offer opportunities for market players
4.3 Porter's Five Forces Analysis
4.2 Impact of COVID-19
Chapter 5. Global Market Size and Forecast
5.1 Overview
5.2 By Offering
5.2.1 Smart Home Healthcare Services Market, by Type
5.3 By Technology
5.4 By Application
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecasts
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Product Benchmarking of Key Players
11.2 Strategic Developments
11.2.1 Product Launch
11.2.2 Acquisitions
11.2.3 Partnerships
Chapter 12. Company Profiles
12.1 Business Overview
12.2 Product and Service Offerings
12.3 Key Financial Summary
Apple Inc.
Koninklijke Philips N.V.
Siemens AG
General Electric Company
Schneider Electric SE
AT&T Inc.
Fitbit Inc.
Samsung Electronics Co. Ltd.
Medical Guardian LLC
Solution Works LLC
For more information about this report visit https://www.researchandmarkets.com/r/mto8pi
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