SMART HOME HEALTHCARE MARKET ANALYSIS

Market Challenges And Opportunities

• Resistance to technology among consumers
• Privacy related issues of smart home technologies

Global Smart Home Healthcare Market Drivers:

Rising geriatric populations across the globe to fuel market growth

The rate of old age population is increasing all over the world, which is further creating the need for smart home healthcare solutions. For instance, according to the National Institute of Aging, currently the number of people aged 65 or above 700 million globally, and this number is likely to increase by 2050. With rise in old age population, the urgent need for finding ways to enhance patient outcome, reduce overall cost, and enhance access to care also increases. Due to this, the demand for smart home healthcare is expanding worldwide, which is projected to augment growth of the global smart home healthcare market over the forecast period.

Earlier onset of chronic diseases to propel market pace

The early onset of chronic diseases such as issues of dementia are increasing all over the world. This in turn is leading to development of new technology for people suffering from such diseases. For instance, the U.K. Imperial College London received GBP 20 million in funding for the development of smart home technologies that will help individuals suffering from dementia. Due to such investments and developments in smart home, the popularity of telehealth and telecare applications is increasing all over the world. This factor is thus expected to accelerate growth of the global smart home healthcare market during the forecast period. 

Global Smart Home Healthcare Market Opportunities:

Growing technological advancements in smart home to create multiple growth opportunities for vendors in the global smart home healthcare market over the forecast period. As advanced payment models of smart home healthcare aim at value over volume, post-diagnostics patient care, and maintaining low cost as a priority, the demand for this market is expanding all over the world. The affordability of digital technologies is growing with increasing technological advancements, the adoption of smart homes is increasing rapidly. This factor thus, creating growth opportunities in the global market.

Increase in government regulations is also anticipated to generate ample opportunities in the global smart home healthcare market during the forecast period. Several governments around the world are implementing regulations and laws for new buildings in most developing and developed countries for implementing more advanced technologies. This factor is in turn creating lucrative environment for growth opportunities in the global market.

Global Smart Home Healthcare Market Restraints:

Resistance to technology among consumers to impede market growth

The novel technologies developed by vendors are enabling consumers to highly efficient delivery of services, and are offering the information required for making purchasing decisions. However, these technologies have their own newer risks. Due the presence of highly fragmented market, several smart home technologies, particularly in healthcare segment, are yet to be matured and standardized on the grounds of interoperability between manufacturers. Along with being technical challenge, the smart home technologies in healthcare applications also represent ethical challenge. Thus, this factor is expected to hinder growth of the global smart home healthcare market over the forecast period.

Privacy related issues of smart home technologies to hamper market growth

The healthcare data in the expanding home healthcare field, is faced to major risk of data interception by hackers, which further violates the Health Insurance Portability and Accountability Act. Due to such interceptions, the computerized records of patients can be compromised, and leaked. Such violations results in considerable penalties and fines for device/operators manufacturers as well as service providers in the market. Thus, this factor is further anticipated to limit growth of the global smart home healthcare market. On the contrary, the development of innovative technology offering data privacy and security is likely to support the market growth.