The health and wellness segment of connected homes market revenues totaled US$6.67 billion in 2017 and are expected to grow to US$22.26 billion by 2022, registering an annual growth rate of 27.3%, according to research company Frost & Sullivan.
Companies like Google, Samsung, Philips and Deutsch Telekom have unique capabilities and value propositions to serve healthcare demands with their smart solutions, the research company says.
Opportunities include providing an intelligent layer that will collect and analyze data to generate precise, customized insights for sharing with residents, caregivers and clinical care teams.
Smart solution providers may enhance pre-defined architecture, protocols and standards to enable easier integration of products into platforms. They may offer smart thermostats, virtual voice assistance devices and smart security systems, and develop solutions that enable further actions, such as hailing an ambulance or notifying the care team of a heart attack or a fall.
“While the barriers to market entry seem high, there are substantial opportunities for automation and healthtech vendors that are keen to develop technologies, products, and models for this market,” said Siddharth Shah, an industry analyst of transformational health at Frost & Sullivan.
On the basis of offering, the market is divided into hardware, software and services. The software segment has occupied the highest share, owing to continuous software innovation that caters to the requirement in the healthcare sector. The hardware segment is projected to witness the highest growth rate, however.
Seniors Show Interest in Smart Healthcare
The appeal is there. A research from Parks Associates shows that 42% of consumers 50 and older in the U.S. are very interested in using a home system that can sense an emergency and alert the necessary people if it allows them to continue living independently.
As healthcare shifts from reactive to proactive care, a huge market is opening up for automation products that can help deliver health and wellness services through smart homes.
The ubiquity of broadband connectivity, development of smart sensors and the decreasing costs of devices have made it possible to offer aging-in-place, chronic disease management and post-acute care services in smart homes.
Ambitious digital health vendors are striving to develop solutions that will allow care givers to check on the health of all the residents of the house, not just the patient’s, besides monitoring diet and nutrition, the environment and overall wellness.
AI and Big Data
The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine and a notable rise in venture capital investments.
In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion. However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The AI in healthcare market is divided into North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa). North America has accounted for the largest market share in the AI in healthcare market, and is expected to retain its dominance in the near future.