Cellular Network in Smart Home Healthcare Market is Expected to Witness the Highest CAGR During 2018-2024

Industry Overview

The global smart home healthcare market is predicted to grow at 33.0% CAGR during the forecast period with the market size reaching USD 35.6 billion by 2024. Different technologies such as wireless communication, a cellular network, and others as are majorly contributing to the smart home healthcare market size. The market has witnessed significant demand for the cellular network over the last few years due to its easy approachability by consumers and easiness of usage.

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Market Segmentation

• Insight by Technology

This segment is divided into an innumerable subdivision. However, following are the major dominant ones:

• Wireless Communication
• Cellular Network
• Others

Easy approachability by consumers and easiness of usage led to the fastest growth of the cellular network segment during the historical period, which is also predicted to continue during the forecast period.

• Insight by Service

There are two types of services: 

i. Installation and Repair

ii. Customization and Renovation

Of all, the installation and repair category is predicted to witness the highest CAGR of during the forecast period and accounted the largest share in the smart home healthcare market due.

• Insight by End User

This segment is divided into an innumerable subdivision. However, following are the major dominant ones:

i. Safety and Security Monitoring

ii. Nutrition/Diet Monitoring

iii. Memory Aids

iv. Fall Prevention and Detection

v. Health Status Monitoring

vi. Others

Of all, the smart home healthcare market size for fall prevention and detection is expected to grow at the fastest rate during the forecast period, globally, and accounted for the largest share of the market.

Industry Dynamics

1) Growth Drivers

Factors that have been acting as the driving factors for the growth of this industry are:

i. Increasing demand for personalized healthcare

ii. Expanding demand for progressive smart home healthcare technologies

iii. Escalating demand for mHealth technologies

2) Challenges

The major challenges faced by the key players in this industry are:

i. Data safety and security issues

ii. Elevated capital expenditure and maintenance requirement

iii. Limited awareness of smart home healthcare technologies in developing countries

3) Industry Ecosystem

Owing to the mounting demand of personalized healthcare and escalating demand for advanced smart home healthcare has resulted in increased demand of mHealth technologies and internet of things based monitoring systems, which further improve communication between patient and healthcare providers. Market players in the smart home healthcare industry are investing capital to develop technologically advanced systems. In March 2018, Royal Philips partnered with Samsung Electronics Co. Ltd. to associate Samsung’s ARTIK IoT platform to the Philips HealthSuite Digital Platform. It allows to safely access and shares information with Philips’ cloud platform.

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Geographic Overview

• Asia Pacific — Japan, China, India, Australia, South Korea, and Rest of Asia-Pacific

• North America — US, Canada, and Mexico

• Europe — UK, Germany, France, Italy, Spain, and Rest of Europe

• Rest of the World – Brazil, South Africa, Saudi Arabia, U.A.E., and Others

Geographically, North America is the largest smart home healthcare market as the region the geriatric population is increasing. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.

Competitive Insight

The Key players in global smart home healthcare market are: Honeywell International Inc., Schneider Electric SE., Qualcomm Incorporated, Siemens AG, General Electric Company, Koninklijke Philips N.V, AT&T Inc., and Medical Guardian LLC.