Smart Home Healthcare Market Size, Share, Growth, Analysis, Demand, Trends, Application and Forecastby VynZ Research Marketing Research Consultant
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. The market is driven by factors such as expanding the geriatric population, mounting demand for personalized healthcare, and escalating demand for advanced smart home healthcare.
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Mounting occurrence of chronic and lifestyle associated diseases, escalating adoption of cloud technology in healthcare, boosting healthcare expenditure, and escalating demand for mHealth technologies are further fuelling the growth of the market. In addition, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045 worldwide.
The market for smart home healthcare is primarily driven by increasing demand for health. With the expanding geriatric population, and mounting occurrence of chronic and lifestyle associated diseases such as diabetes, cardiovascular diseases, and obesity has resulted in increased demand for advanced smart home healthcare. The internet of things (IoT) technology and its applications have improved the quality of care and overall disease management, and reduce the cost of treatment.
The different technologies of, the smart home healthcare market are wireless communication, the cellular network, and others. Of all these technologies, the cellular network category is predicted to witness the highest CAGR during the forecast period owing to the easiness of usage, and easy approachability by consumers.
North America accounted for the major share in the smart home healthcare industry in 2017, globally as the in the region occurrence of chronic and lifestyle associated diseases is increasing. For instance, according to the Centers for Disease Control and Prevention (CDC) in 2012, approximately 117 million people in the U.S. had one or the more chronic conditions.
The European smart home healthcare market is growing at a significant rate due to the mounting occurrence of chronic diseases, expanding the geriatric population, escalating requirement for remote monitoring services and improved healthcare infrastructure.
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Moreover, Asia-Pacific is observed to witness the fastest growth in the smart home healthcare market, owing to expanding the geriatric population. Mounting occurrence of chronic and lifestyle associated diseases, large population base and surging IT investment in the healthcare industry are some of the factors fuelling the growth of the Asia-Pacific smart home healthcare market.
Key players in the smart home healthcare industry are investing in the development of advanced, which is strengthening their position in the Honeywell International Inc., Schneider Electric SE., Qualcomm Incorporated, Siemens AG, General Electric Company, Koninklijke Philips N.V, AT&T Inc., and Medical Guardian LLC are some of the key players offering smart home healthcare.
Source: VynZ Research
Created on Jan 29th 2019 02:06. Viewed 253 times.
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