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Global Smart Home Healthcare Market Forecast
June 8, 2016 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Smart Home Healthcare Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The global smart home healthcare market is expected to grow with a CAGR of 38% during 2016 - 2022. Among the various applications, the fall prevention and detection segment is expected to witness the fastest growth during the forecast period. The global smart home healthcare market is growing at a significant rate, due to growing demand for advanced smart home healthcare technologies, and growing geriatric population.
The increasing demand of mobile health (mHealth) technologies and increasing demand of personalized healthcare technologies are also driving the growth of the global smart home healthcare market.
The restraints associated with the growth of the global smart home healthcare market include privacy and security issues; and high capital expenditure. The growing popularity of IoT devices in the home healthcare sector is the major trend witnessed in the smart home healthcare market.
Geographically, North America is expected to maintain dominance in the global market of smart home healthcare during 2016-2022. This is due to due to improved healthcare infrastructure, increased healthcare spending, growing geriatric population, and growing prevalence of chronic and lifestyle associated diseases. In addition, the increased awareness about innovative and advanced applications of smart home healthcare technologies is also supporting the growth of the smart home healthcare Market in North America.
The European smart home healthcare market is growing, mainly due to improved healthcare infrastructure, increasing prevalence of chronic diseases, and growing demand for remote monitoring services. However, the Asian market of smart home healthcare is expected to witness the highest growth globally, during the forecast period. This is due to growing geriatric population and increasing awareness about innovative and advanced applications of the smart home based wireless sensors. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in healthcare industry within the region.
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