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Global Smart Home Healthcare Market to Grow at a CAGR of 23.5% During 2021-2026, Driven by the Growing Demand for IoT Technology in Home Healthcare

According to a new report by EMR titled, ‘Global Smart Home Healthcare Market Report and Forecast 2021-2026’, the market attained a value of about USD 51.2 billion in 2020. The industry is further expected to grow at a CAGR of 23.5% in the forecast period of 2021-2026 to reach a value of USD 181.4 billion by 2026.

The market for smart home healthcare is being driven by the increase in demand for advanced home healthcare systems and mHealth technologies and the growing demand for personalised healthcare solutions. In addition, the internet of things (IoT) connects various devices and systems, such as actuators, sensors, computers, appliances, and smartphones, to create a highly distributed intelligent system that can interact with people and other devices. IoT applications in home healthcare will benefit from advancements in communication and processing technologies and the availability of improved, low-cost actuators, sensors, and electrical components. Growing demand for IoT technology in home healthcare is expected to drive the smart home healthcare industry growth. In addition, the rising incidences of chronic and lifestyle-related disorders are expected to drive the demand for the product. Furthermore, increasing disposable income and the rapidly increasing geriatric population are expected to further augment the industry's growth in the forecast period.

In September 2016, Philips (NYSE: PHG) and Qualcomm Incorporated (NASDAQ: QCOM) announced a collaboration to advance connected health across the healthcare offerings. The collaboration will enable both firms to serve care providers with upgraded, scalable, connected care solutions and services through a secure global ecosystem. Qualcomm Life's medical-grade 2net Platform would enable medical-grade connection and integration for Philips and third-party medical devices for Philips HealthSuite connected care products and services, while Philips HealthSuite would act as a worldwide, secure data storage solution. Such innovations by the leading industry players are expected to positively impact the market growth in the forecast period.

Market Analysis by Technology, Service, End User, and Region:

  • The market, on the basis of technology, can be divided into wireless communication and cellular network, among others.
  • Based on service, the industry can be divided into installation and repair, and customisation and renovation.
  • The market is divided based on end user into safety and security monitoring, nutrition/diet monitoring, memory aids, fall prevention and detection, and health status monitoring, among others.
  • The regional markets for smart home healthcare include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for smart home healthcare is being driven by the increasing geriatric population.
  • The industry is receiving a further impetus with rapid urbanisation and the growing adoption of digital solutions in health monitoring applications.
  • The rising disposable incomes of consumers, particularly in developing nations, is expected to further propel the market growth.
  • Growing demand for personalised healthcare solutions has significantly contributed to the market expansion.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart home healthcare for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technologies, services, end users, and regions of smart home healthcare.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart home healthcare market are Honeywell International Inc, Schneider Electric SE, Siemens AG, Koninklijke Philips N.V., and Qualcomm Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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