Market Trends of Smart Home Healthcare Industry
Growing Importance of Health and Wellness and Exploring Relevant Areas to Drive the Market Growth
- Various government initiatives to enhance longevity facilitate the fast-paced growth of the global population. Most developed nations are increasingly observing a rise in the number of aging Populus.
- According to the WHO, by 2030, one in six people will be aged 60 years or over worldwide. The share of the population aged 60 years and over may increase from 1.0 billion in 2020 to 1.4 billion. By 2050, the world's population of 60 years and older may double (2.1 billion). The population aged 80 years or older worldwide is expected to triple between 2020 and 2050 to reach 426 million.
- Consumers are increasingly adopting healthier diets and exercise routines to maintain a healthy lifestyle, and technology is helping maintain such a lifestyle in developed countries.
- Moreover, Schneider Electric, a well-known company in power management and automation, announced cooperation with Sendal Inc. in January 2023 to assist in better home air quality. The collaboration addresses a major issue that many people perceive as developing in both business and residential areas. As building envelopes grow more efficient, it takes more work to transport air inside such buildings. Many people believe that by making a building more efficient, it becomes less healthy for the people who live in it.
- The growth of smart living and smart cities' concepts, due to the growth in urban population, will shape the market demand over the coming years, further facilitating the adoption of smart homes and living technology. Urban farming in indoor spaces using vertical and horizontal farming is expected to gain traction. It may help maintain a constant supply of healthy food for the growing health and fitness needs.
- Moreover, in-depth connected ecosystems focusing on wellness and management will offer industry and non-industry players the most significant opportunities. Although healthcare providers prefer developing in-house solutions, industry partnerships may help them establish therapeutic ecosystems that deliver value through multiple points of care.
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Asia Pacific to Witness Highest Growth
- The digital transformation and the explosion in IoT devices aim to modernize healthcare delivery in the Asia Pacific healthcare market. Moreover, worldwide, manufacturers have been providing effective and affordable solutions, specifically for Asian smart homes. Within Asia, Taiwan, South Korea, and Singapore are countries depicting high data connectivity.
- According to the United Nations, there will be 366 million elderly Chinese people by 2050, which is much more than the present total U.S. population (331 million). By then, China's percentage of persons 65 and older will have increased from 12% to a predicted 26%. The country's smart home healthcare industry is likely to be driven by the country's growing older population.
- The region's rising generation of individuals growing up with technology promises a potential market adoption in the near term as critical barriers such as acquiring new technical skills will not remain. Similarly, healthcare tools are working on established platforms like WeChat, with billions of users across China and India.
- Market participants in the region are pursuing a variety of initiatives, which are projected to boost the region's smart home healthcare market. Ping An Healthcare and Technology Company Limited, for example, announced the purchase of Ping An Smart Healthcare, a Ping An Intelligent City business sector, in October 2022. Going ahead, as the Company pursues its unique model of "Managed Care + Family Doctor Memberships + O2O Healthcare Services," both firms are expected to generate business synergies, increase efficiencies, and expedite the creation of an integrated O2O health services network catering to health, sub-health, illness, eldercare management, and chronic disease in order to promote national health awareness and empower the "Healthy China 20" goal.
- As a result, China's smart home healthcare market is being driven by substantial healthcare infrastructure, urbanization, and improved healthcare equipment. The growing number of chronic patients is boosting the use of home healthcare services and products. The key drivers driving the China market are increased medical supervision, personalized healthcare services, and home medical equipment.
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