Smart home healthcare refers to context aware homes that are capable of taking intelligent immediate decisions and respond autonomously for the healthcare of the people living in them. Health monitoring smart home products offer new opportunities in the healthcare sector. Currently, individual health gadgets, such as smartwatches and activity trackers, are gaining popularity. Ongoing innovation and research & development has fueled the healthcare industry. In the near future, smart home health care solutions are expected to be based on interoperability, where devices can communicate with each other.
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- Smart home healthcare is an ecosystem of devices and sensors that help track the health of people living in the home on a real-time basis. This ecosystem also offers personalized feedback to every individual of the household. Rapid expansion of the global Internet infrastructure has made the adoption of these technological tool easier and accessible to the mass population.
- People would be able to live in homes that are likely to already have built-in healthcare system into their structure in the near future. Smart home healthcare systems are likely to be the building blocks of highly advanced healthcare systems, globally, where resources can be shared effectively and intelligently, while personalized services are provided to individual inhabitants based on their unique routines and needs. The future of mankind is expected to have smart home healthcare systems that would save lives and money, increase productivity, and augment the capacity of the healthcare system.
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Key Drivers, Restraints, and Opportunities of Global Smart home healthcare market
- Real-time monitoring of health is driving the global smart home healthcare market. Smart healthcare systems also save money and are also likely to prove helpful in detection of day to day disease such as cold and flu in advance. Smart home healthcare care can prove highly useful in case of geriatric people and people with disabilities. It helps in real-time monitoring of their health and raising an alarm for caretakers in case of any mishap. The integrated system of wearable devices, activity detection sensors, sleep and environment monitoring, and online physician consultations makes the real-time monitoring significantly more effective.
- Lack of technical knowledge among users and high installation cost are major restraints of the global smart home healthcare market. The smart home healthcare is based on human computer interaction, which means the user is also supposed to possess some technical knowledge. Development of simpler technology with less complication in the near future is estimated to make the user experience easier.
- Availability of more human data would lead to improvement of more technological and automation capabilities, changing the way how humans receive healthcare and stay well. Smart home healthcare is expected to be the primary healthcare in the near future. While there’s much work needed to realize the vision of smart home healthcare; however, there’s a strong business opportunity in global smart home healthcare market.
North America to Capture Major Share of Global Smart Home Healthcare Market
- North America accounts for a major share of the global smart home healthcare market. Rise in population affected with chronic diseases and pursuing unhealthy lifestyle is driving the market in the region. Additionally, increase in geriatric population has also boosted the demand for specialised products from the market such as fall prevention and detection, which in turn is fueling the demand for the smart home healthcare in the region.
- Europe is expected to account for the second-largest share of global smart home healthcare market. Increased awareness among the people regarding healthcare and rise in adoption of technological tools to daily track physical activities are major factors propelling the market in the region.
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Key Players Operating in global Smart home healthcare market
The global smart home healthcare market is highly fragmented, with the presence of various key players. A large number of manufacturers hold a major share in their respective regions. Major players operating in the global smart home healthcare market are:
- Apple Inc.
- Companion Medical
- Hoffmann-La Roche AG
- General Electric Company
- Google LLC
- Health Care Originals
- Hocoma
- Medical Guardian, LLC
- Medtronic
- Proteus Digital Health
- Samsung Electronics Co. Ltd
- VitalConnect
- Zanthion
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