The global smart home healthcare market is predicted to grow at 33.2% CAGR during the forecast period with the market size reaching USD 38.6 billion by 2027. The market is driven by factors such as expanding the geriatric population, mounting demand for personalized healthcare, and escalating demand for advanced smart home healthcare. For instance, according to the WHO, globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
Mounting occurrence of chronic and lifestyle associated diseases, escalating adoption of cloud technology in healthcare, boosting healthcare expenditure, and escalating demand for mHealth technologies are further fuelling the growth of the market. For instance, according to the World Health Organization (WHO), globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In addition, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045 worldwide.
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The market for smart home healthcare is primarily driven by increasing demand for health. With the expanding geriatric population, and mounting occurrence of chronic and lifestyle associated diseases such as diabetes, cardiovascular diseases, and obesity has resulted in increased demand for advanced smart home healthcare. The internet of things (IoT) technology and its applications have improved the quality of care and overall disease management, and reduce the cost of treatment. Moreover, the mounting need for personalized healthcare technologies owing to innovative applications of IoT has encouraged the requirement of smart home healthcare systems.
Among all services, installation and repair hold the larger share in the smart home healthcare market and is witnessing the higher growth in the market globally.
The different technologies of, the smart home healthcare market are wireless communication, cellular network, and others. Of all these technologies, the cellular network category is predicted to witness the highest CAGR during the forecast period owing to the easiness of usage, and easy approachability by consumers.
Based on application the smart home healthcare market is segmented into safety and security monitoring, memory aids, nutrition or diet monitoring, fall prevention and detection, health status monitoring and others. Of all the applications, fall prevention and detection is expected to grow at the fastest rate during the forecast period, globally. Moreover, fall is one of the major cause of deaths or unintentional injury globally
North America accounted for the major share in the smart home healthcare industry in 2020, globally as the in the region occurrence of chronic and lifestyle associated diseases is increasing. For instance, according to the Centers for Disease Control and Prevention (CDC) in 2012, approximately 117 million people in the U.S. had one or the more chronic conditions. In addition, augmented alertness about inventive and advanced applications of smart home healthcare technologies, expanding the geriatric population and improving healthcare infrastructure are some of the factors facilitating the growth of the North American smart home healthcare market.
The European smart home healthcare market is growing at a significant rate due to mounting occurrence of chronic diseases, expanding the geriatric population, escalating requirement for remote monitoring services and improved healthcare infrastructure.
Moreover, Asia-Pacific is observed to witness the fastest growth in the smart home healthcare market, owing to the expanding geriatric population. The mounting occurrence of chronic and lifestyle associated diseases, large population base and surging IT investment in the healthcare industry are some of the factors fuelling the growth of the Asia-Pacific smart home healthcare market.
Key players in the smart home healthcare industry are investing in the development of advanced, which is strengthening their position in the Honeywell International Inc., Schneider Electric SE., Qualcomm Incorporated, Siemens AG, General Electric Company, Koninklijke Philips N.V, AT&T Inc., and Medical Guardian LLC are some of the key players offering smart home healthcare.
Global Smart Home Healthcare Market Coverage
Technology Insight and Forecast 2015-2027
Service Insight and Forecast 2015-2027
End User Insight and Forecast 2015-2027
Smart Home Healthcare Market by Region
Rest of the World