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. In addition, 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.
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 factors, such as privacy and security issues, and high capital expenditure are inhibiting the growth of the global market. 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 dominated the global market of smart home healthcare market in 2015; whereas the Asian market is expected to witness the fastest growth at a during the forecast period.
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.
News Courtesy: P&S Market Research