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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.
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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.
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