Report Ocean recently released a research report on the Smart Home Healthcare Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global smart home healthcare market size was US$8.5 billion in 2019. The global smart home healthcare market size is forecast to reach the value of US$ 108.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 26.1% during the forecast period from 2021–2030.
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Smart home healthcare is basically a setup to treat and diagnose patients at home. It enhances the interaction between the caregivers and doctors. Chronic diseases require regular checks up and can be monitored at home. The smart home healthcare system is equipped with advanced technologies to treat patients.
Factors Influencing
- The growing cases of chronic diseases and the elderly population are the primary factors driving the demand for smart home healthcare.
- The growing trend of personalized healthcare systems and advanced home healthcare technologies are forecast to accelerate the growth of the global smart home healthcare market.
- The advancements in automation may lead to prominent opportunities for the players in the market.
- The rising adoption of cloud technology in healthcare and increasing government expenditure may propel market growth in the coming years.
- The global smart home healthcare market is forecast to gain traction due to the ever-growing population throughout the world.
- The data safety issues and high expenditure associated with the smart home healthcare setup may hamper the market growth in the coming years.
Geographic Overview
Regionally, North America holds the largest market share in the global smart home healthcare market due to the growing geriatric population. According to the U.S. Census Bureau estimations, approximately 43.1 million population in the United States were aged 65 years and older in 2012. The numbers are expected to reach 83.7 million by 2050. Thus, the demand for smart home healthcare would automatically increase in the region.
Advanced healthcare infrastructure in North America and growing cases of chronic diseases would fuel the region’s growth in the global smart home healthcare market. The Centers for Disease Control and Prevention (CDC) estimates that approximately 117 million people in the United States suffered from single or multiple chronic diseases in 2012.
Asia-Pacific is forecast to emerge with a considerable growth rate in the smart home healthcare market. The rising investments in the IT sector and the healthcare industry are contributing to the market growth.
COVID-19 scenario analysis:
The COVID-19 pandemic is forecast to increase awareness regarding smart home healthcare facilities. Various economies witnessed a sudden spread of the COVID-19 pandemic, which raised the burden on the healthcare sector. In many nations, people were struggling to get proper treatment in hospitals. Thus, it fueled the awareness regarding smart home healthcare facilities. However, the disruptions in the supply chains created many challenges for the market players during the initial phase.
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Competitors in the Market
- Apple
- General Electric Company
- Samsung Electronics
- Companion Medical
- F. Hoffmann-La Roche
- Hocoma
- Honeywell International
- Seimens Electric
- Medical Guardian
- Proteus Digital Health
- Medtronic
- VitalConnect.
- Other prominent players
Market Segmentation
By Service
- Installation and repair
- Customization and renovation
By Technology
- Wireless communication
- Cellular network
- Others
By Application
- Fall prevention and detection
- Health status monitoring
- Diet monitoring
- Memory aids
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Smart Home Healthcare Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Home Healthcare market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Home Healthcare Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Home Healthcare market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Home Healthcare market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Home Healthcare market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Home Healthcare market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Home Healthcare business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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