Smart Home Healthcare Market to Hit $ 30 Billion by 2023
According to foreign media reports, Southeast Asian countries such as Malaysia, Singapore, Indonesia, Thailand, and India are reformulating their health care policies and encouraging more startups to use disruptive technologies to solve some key medical issues.
According to a market research report released by P & S market research company, the global smart home medical market is expected to reach a scale of US $ 30 billion by 2023. The rapid growth of the market is mainly due to the stimulation of many factors such as the growth of the elderly population, the increasing demand for personalized medical care, the increasing demand for mobile medical technology, and the surge in demand for advanced smart home medical technology.
Based on connection technology, the smart home healthcare market is mainly divided into cellular networks, wireless communications and other connection technologies. Among them, the cellular network has the highest revenue in the market, accounting for 64.2% in 2017. The market leadership in this category is mainly due to the ease of use and convenience of cellular networks.
In addition, products in the smart home health care market need to be installed and repaired, or customized and upgraded services. Installation and repair services occupy a large market share, accounting for 72.6% in 2017.
From the perspective of application, the smart home health care market mainly includes fall prevention and detection, safety monitoring, health monitoring, nutrition or diet monitoring, memory assistance and so on. Among them, fall prevention and detection applications accounted for the largest proportion, and the global market contribution rate in 2017 was 39.0%.
According to the World Health Organization (WHO), falls are the second leading cause of accidental or unintentional injury deaths worldwide, with the largest number of fatal falls in the population over the age of 65. For example, 20-30% of fall elderly in the United States suffer from moderate to severe injuries such as bruises, hip fractures, or head trauma. To reduce this, people tend to choose fall prevention and detection equipment worldwide.
During the forecast period, we will see the fastest growth in the demand for smart home healthcare in the Asia Pacific (APAC) region, with a compound annual growth rate of 41.1%, mainly due to the growth of the elderly population and advanced smart home wireless sensor devices and applications. Awareness has gradually increased.
In addition, increasing patient numbers and longer life expectancy may increase IT investment in the healthcare industry in Southeast Asia. Countries such as Malaysia, Singapore, Indonesia, Thailand, and India are reformulating healthcare policies to encourage more startups to use disruptive technologies to solve key medical challenges.
At present, the major manufacturers of the smart home medical market are AT & T (A & T), ABB, Siemens, Schneider Electric, General Electric, Honeywell International, Smart Solutions, Essence Group, and Koninklijke Philips NV.
Compilation: Meng Guangwei