Global smart home healthcare market is forecasted to attain a revenue of $30.0 billion by 2023, the market is mainly driven by growing geriatric population, escalating demand for personalized healthcare, increasing demand for mHealth technologies, and surge in demand of advanced smart home healthcare technologies.
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On the basis of technology, the smart home healthcare market is categorized into cellular network, wireless communication, and other technologies. Of these, cellular network attained the largest revenue in the market, accounting for 64.2% share in 2017. This leading position of the category is attributed to its easy accessibility by consumers and ease of use.
The products in the smart home healthcare market require either installation and repair or customization and renovation services; installation and repair services held the larger share in the market, accounting for 72.6% in 2017.
Based on application, the smart home healthcare market is categorized into fall prevention and detection, safety and security monitoring, health status monitoring, nutrition/diet monitoring, memory aids, and others. Among these, fall prevention and detection application accounted for the largest share, with 39.0% contribution in 2017 in the global market.
The key manufacturers operating in the smart home healthcare market are Smart Solutions, Essence, Schneider Electric SE, AT&T Inc., General Electric Company, Siemens AG, Koninklijke Philips N.V., Honeywell International Inc., Qualcomm Incorporated, Samsung Electronics Co. Ltd., and Medical Guardian LLC.
Source: P&S Intelligence