PUNE, India, March 5, 2020 /PRNewswire/ -- The global smart home healthcare market is expected to reach US$ 95595.59 million by 2027, owing to the IoT enabled technological advancements in the field. As IoT technologies continues to rise, the applications of the same increases in home health care process to improve the overall quality of life, disease management and reduction in treatment costs. However, as these technologies are becoming commonplace in home healthcare practices, it is necessary for the consumers to get them insured to avoid additional liabilities. Thus, any network-based technology will require robust cyber liability coverage in order to cover the healthcare provider in the event of data breach. Thus, sometimes data-breach and security concerns deters the market growth. However, manufacturers are inventing products that are safe from such breaches and no data is lost during the course of interaction between the caregivers and patients.
Such a factor is expected to propel the overall smart home healthcare market over the future years. The patient-generated health data (PGHD) includes data in relation to a patient's health or treatment history, symptoms and lifestyle choices amongst others. They are either collected by sensor based wearable or by patients or through Internet-enabled medical devices. Remote patient monitoring is a boon for people living in daycare centers and community health facilities. The small and handy IoT-enabled devices can duly capture the PGHD, which can remotely reviewed by the medical professionals and coaches. This is important mechanism and action of keeping the tabs on patient's health and also suggesting corrections/treatments in case if the particular treatment method tends to be ineffective in nature. The most important factor of remote patient monitoring is that before the acute illness get too aggravated or complicated, the doctor tend to prescribe some medicine which can keep the watch on patients for the time-being.
The detailed research study provides qualitative and quantitative analysis of smart home healthcare market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
The global smart home healthcare market is expected to reach US$ 95595.59 million by 2027, owing to the IoT enabled technological advancements in the field
The software solutions held the largest share in 2018 and is expected to continue the same trend over the forecast period. Manufacturers are discovering smart home healthcare related solutions that solves the bottlenecks related to data breaches and also provides large number of integrated and standalone solutions to healthcare providers such as hospitals, clinics, assisted healthcare facilities and community based healthcare.
Amongst the application, the nutrition monitoring witnessed significant growth over the forecast period. The sensor based devices helps in predicting changes in glycemic response and reduce diabetes risk through a personalized diet plan. Such a factor is expected to aid the global smart home healthcare market
Asia Pacific is expected to witness the highest growth over the next eight years as there are massive government intervention and initiatives taken by them in emerging nations such as China and India.
The smart home healthcare market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany). A few of the major strategies adopted by these players to compete in the market include product launches and developments, partnerships, and mergers and acquisitions.
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