NEW YORK, Oct. 8, 2020 /PRNewswire/ -- The number of people in the age group of 65 and above was 703 million in 2019, and it will increase to 1.5 billion by 2030, says the United Nations in its World Population Ageing 2019 report. This factor is expected to prove instrumental in driving the global smart home healthcare market from $8.7 billion in 2019 to a massive $96.2 billion in 2030, at a CAGR of 26.2% between 2020 and 2030, according to P&S Intelligence.
Elderly people are demanding an array of smart technologies that can help them live independently and with dignity in their home. In particular, the increasing demand for internet of things (IoT)-connected patient monitoring equipment and fall detection and prevention equipment is helping the smart home healthcare market advance around the world. As elderly people easily fall prey to cancer, diabetes, and other chronic diseases, the need for extensive medical care, even at homes, is rising.
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The smart home healthcare market is being harmed by the lockdown measures taken to control the spread of the COVID-19 infection. This has led to a stoppage in the supply of raw materials and components, which has, in turn, led to slow or no manufacturing of equipment via which smart home healthcare solutions are offered. Moreover, even consumers are spending only on essential goods, such as food and medicines, which has resulted in a low demand for smart home healthcare devices and services.
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In the past, the health status monitoring category held the largest share in the smart home healthcare market, under the application segment. Owing to the increasing awareness about personal fitness and health, people are rapidly procuring devices that help them track the number of steps walked, heart rate, calories burned, and other parameters, thus allowing them to take appropriate actions to maintain their fitness levels.
The most productive region in the smart home healthcare market currently is North America. The presence of major original equipment manufacturers (OEM) and high purchasing power are leading to the rising sale of smart home healthcare appliances in the region. Further, extensive R&D is being performed to widen the application of the wearable technology in consumer electronics, especially those used for healthcare purposes.
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In the years to come, the fastest advance in the smart home healthcare market will be seen in Asia-Pacific (APAC). The region boasts major consumer electronics companies, such as Samsung Electronics Co. Ltd. and Xiaomi Corporation, which, coupled with the increasing smartphone sales, is driving the adoption of smart home healthcare products. In addition, people are becoming aware on maintaining a healthy lifestyle, especially with their improving living standards, on account of their growing disposable income.
Smart home healthcare market players are entering into acquisitions and partnerships for continued industry growth, as such moves give them the opportunity to:
- Make diabetes management simpler for patients
- Bring innovations to their wearable devices
- Widen their portfolio of digital healthcare products
- Allow people to better monitor the progress of asthma in children
- Gain new distribution channels for their offerings
The major companies functioning in the global smart home healthcare market are Koninklijke Philips N.V., Apple Inc., General Electric Company, Siemens AG, AT&T Inc., Schneider Electric SE, Samsung Electronics Co. Ltd., Fitbit Inc., Solution Works LLC, and Medical Guardian LLC.
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Wearable Medical Devices Market
Till 2030, Asia-Pacific (APAC) is projected to experience the highest wearable medical devices market CAGR, majorly because of the swift technological advancements in China, Japan, and India, apart from the rising healthcare expenditure, surging investments by private and public organizations, rising prevalence of chronic diseases, and booming population of the elderly.
Geographically, North America has been the largest telemedicine market, as a result of the surging geriatric population, initiatives taken by government and non-government organizations to fund and offer grants for telemedicine, and presence of giant players. The U.S. government has expanded telehealth consultations to nearly 62 million Medicare beneficiaries. The actions taken by these federal agencies are meant to minimize the health risks for all citizens and remove previous barriers, to make telehealth adoption as easy as possible for both providers and consumers.
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SOURCE P&S Intelligence