Global Smart Home Healthcare Market: Introduction
- Smart home healthcare refers to context aware homes that are capable of taking intelligent immediate decisions and respond autonomously for the healthcare of the people living in them. Health monitoring smart home products offer new opportunities in the healthcare sector. Currently, individual health gadgets, such as smartwatches and activity trackers, are gaining popularity. Ongoing innovation and research & development has fueled the healthcare industry. In the near future, smart home health care solutions are expected to be based on interoperability, where devices can communicate with each other.
- Smart home healthcare is an ecosystem of devices and sensors that help track the health of people living in the home on a real-time basis. This ecosystems also offers personalised feedback to every individual of the household. Rapid expansion of the global Internet infrastructure has made the adoption of these technological tool easier and accessible to the mass population.
- People would be able to live in homes that are likely to already have built-in healthcare system into their structure in the near future. Smart home healthcare systems are likely to be the building blocks of highly advanced healthcare systems, globally, where resources can be shared effectively and intelligently, while personalized services are provided to individual inhabitants based on their unique routines and needs. The future of mankind is expected to have smart home healthcare systems that would save lives and money, increase productivity, and augment the capacity of the healthcare system.
Key Drivers, Restraints, and Opportunities of Global Smart home healthcare market
- Real-time monitoring of health is driving the global smart home healthcare market. Smart healthcare systems also save money and are also likely to prove helpful in detection of day to day disease such as cold and flu in advance. Smart home healthcare care can prove highly useful in case of geriatric people and people with disabilities. It helps in real-time monitoring of their health and raising an alarm for caretakers in case of any mishap. The integrated system of wearable devices, activity detection sensors, sleep and environment monitoring, and online physician consultations makes the real-time monitoring significantly more effective.
- Lack of technical knowledge among users and high installation cost are major restraints of the global smart home healthcare market. The smart home healthcare is based on human computer interaction, which means the user is also supposed to possess some technical knowledge. Development of simpler technology with less complication in the near future is estimated to make the user experience easier.
- Availability of more human data would lead to improvement of more technological and automation capabilities, changing the way how humans receive healthcare and stay well. Smart home healthcare is expected to be the primary healthcare in the near future. While there's much work needed to realize the vision of smart home healthcare; however, there's a strong business opportunity in global smart home healthcare market.
North America to Capture Major Share of Global Smart Home Healthcare Market
- North America accounts for a major share of the global smart home healthcare market. Rise in population affected with chronic diseases and pursuing unhealthy lifestyle is driving the market in the region. Additionally, increase in geriatric population has also boosted the demand for specialised products from the market such as fall prevention and detection, which in turn is fueling the demand for the smart home healthcare in the region.
- Europe is expected to account for the second-largest share of global smart home healthcare market. Increased awareness among the people regarding healthcare and rise in adoption of technological tools to daily track physical activities are major factors propelling the market in the region.
Key Players Operating in global Smart home healthcare market
- The global smart home healthcare market is highly fragmented, with the presence of various key players. A large number of manufacturers hold a major share in their respective regions. Major players operating in the global smart home healthcare market are:
- Apple Inc.
- Companion Medical
- F. Hoffmann-La Roche AG
- General Electric Company
- Google LLC
- Health Care Originals
- Medical Guardian, LLC
- Proteus Digital Health
- Samsung Electronics Co. Ltd
Global Smart Home Healthcare Market: Research Scope
Global Smart Home Healthcare Market, by Technology
- Wireless system
- Wired system
Global Smart Home Healthcare Market, by Application
- Fall prevention and detection
- Health status
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.