Smart Home Healthcare Market Size and Share Analysis by Product (Equipment, Services), Indication (Cardiovascular Disorders & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Cancer, Wound Care) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global smart home healthcare market is estimated to generate $13,652 million in 2022, and it is expected to advance at a compound annual growth rate of 27.8% during 2022–2030, to reach $97,148 million by 2030. This is primarily ascribed to the growing geriatric population, the rising number of chronic ailments as well as orthopedic diseases, the surging healthcare cost, the increasing preference for personalized healthcare, the rising utilization of internet of things (IoT)-connected smart home healthcare gadgets, and the increasing need for mHealth technologies.

In addition, medical care portable gadgets such as heart rate monitors, BP monitors, respiratory aids & accessories, and blood glucose monitors have also enhanced the efficiency and usefulness of house care to deal with several diseases. In various developed and underdeveloped countries, governments offer either partial or full residence coverage services. Moreover, as per the Commonwealth Fund article, hospital home programs allow patients to obtain acute care in the comfort of their houses with reduced care costs by around 30%. Along with this, the rising awareness among people about home care services and devices drives the growth of the market.

Services Category Is Transforming the Industry

The services category is projected to register a higher CAGR, of 29.2%, in the prediction period. This can be ascribed to the increasing requirement for effective installation and repair services, for enhanced connectivity at residence. In addition, the focus on the customization of healthcare devices, as per requirement, is gaining traction. Due to the rising geriatric population, the demand for such services is also surging across the world.

North America Generates Highest Revenue

North America held the largest market revenue share, of 35.1%, in 2022, and it is also expected to retain its position over the next few years. The primary factors supporting the industry growth are the high spending on medical treatment, improved medical care infrastructure and healthcare IT solutions, the presence of key companies offering advanced products at low prices, and an increase in investments in technological innovations, to broaden the scope of wearable technologies in the healthcare industry. In addition, the prevalence of cancer and other chronic diseases is significantly high in the geriatric population of North America, which fuels the demand for advanced medical care solutions.

APAC Market To Witness Fastest Growth

The APAC market is projected to register the highest CAGR, of 30.2%, in the prediction period. The growth can be primarily attributed to the increasing digital advancements and the growing expansion of IoT devices leading to modernize the healthcare sector, the rising number of government initiatives for smart residence healthcare and smart homes, the surging per capita income, the mounting adoption of mHealth technologies, the growing geriatric population, and the rising prevalence of various chronic diseases in the region.

Furthermore, diabetes is also a cause of many other diseases such as obesity and cardiovascular problems, including coronary artery disease, heart attack, stroke, and atherosclerosis, which have led to the high demand for advanced healthcare facilities in hospitals as well as homecare settings.

Moreover, as per an article published in the Economic Times, India is going to enhance the health-related sector by introducing advanced technologies in healthcare, such as IoT, blockchain, AI, connected devices, and the cloud. Further, government initiatives, such as the Healthcare 2.0, drives the market growth in the country.

Rising Popularity of IoT Devices in Home Healthcare

The popularity of IoT devices in residence healthcare is increasing tremendously, due to the development of innovative and advanced products. For instance, the LifeFone fall detection pendant, by LifeFone Inc., sends an alarm to an emergency response center if a person falls. It provides 24/7 monitoring for any emergency at the residence, whether it is a fall, a medical situation, a fire, or a home injury. The device even provides medication reminders for users, instructions for personalized emergency care, and medical alarm technology.

Moreover, there are other IoT devices available that provide smart home healthcare services, such as FooBot air quality monitor, smart glucometers blood adjustable lancet and insulin pens, connected inhalers, ingestible sensors, and smartwatches, which monitor stress levels, heart rates, blood pressure, walking distance, and others. These devices have gained a significant response from consumers all over the world. Thus, the increasing popularity of these devices in home healthcare is one of the major trends witnessed in the smart home healthcare market.

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Surging Demand for mHealth Technologies

The rising need for mHealth services is one of the major drivers boosting the industry growth. mHealth is the exercise of providing healthcare services with the help of smart gadgets, such as personal digital assistants, laptops, cell phones, and tablets. For instance, most recently launched smartphones come with health sensors, including Lava Pulse and Honor Play 4 Pro. This enables the use of mobile and wireless technologies for the treatment and monitoring of personal health at the house.

Moreover, the growing geriatric population, increasing burden of chronic diseases, surging demand for remote patient care, rising healthcare costs, and supportive healthcare regulatory norms are fueling the adoption of mHealth technologies. These technologies help in reducing medical costs and providing effective remote patient monitoring, as patients need not visit healthcare facilities for regular check-ups.

Furthermore, there are several other benefits of mobile devices in healthcare, such as easy communication between staff members and patients, and the utilization of electronic health record (EHR) applications. These apps enhance clinical documentation and optimize electronic medical record (EMR) workflow. Due to the availability of various mHealth technologies, they are being used in conjunction with smart home healthcare gadgets, which help in monitoring the health status of patients while they are at residence.

According to the factsheet provided by Mobius MD, a mobile workflow company, there are around 350,000 mHealth apps that are available in the major app stores and over 70% of people have downloaded a mHealth app and more than 87 million people used health or fitness apps. Furthermore, mHealth apps provide benefits, not only for both medical professionals and patients but also for health insurance companies. As a result, the extensive utilization of mHealth applications is projected to result in increased implementation of smart healthcare devices, thereby supporting the market growth.

Rising Geriatric Population

The elderly population requires extra care as these people are more prone to illness, due to low immunity levels and high recovery time. The old age population is also susceptible to diseases such as diabetes and cardiovascular disorders. As per the United Nations Department of Economic and Social Affairs (UNDESA) report, the World Population Ageing, the population of people aged 65 years and above is growing at a high rate. The number is expected to increase to 1.5 billion by the end of 2050.

Due to the rapidly aging population and increasing prevalence of chronic diseases, there is a rising demand for smart home technologies that can assist older adults to continue living at home with safety and independence. The aging population is also more susceptible to chronic diseases, such as cancer, which require IoT-based solutions for streamlining the medical procedures in hospitals as well as at home after discharging the patients. Additionally, the demand for fall detection and prevention devices is also increasing, which allows users to contact emergency centers immediately.

In addition, the increasing prevalence of chronic diseases with aging spurs the demand for smart home solutions, which incorporate environmental and wearable medical sensors, and modern communication and information technologies. These smart home solutions allow aged patients to stay in their comfortable home environments instead of expensive and limited healthcare, thereby driving the growth of the market.

Key Players in Smart Home Healthcare Market Are:

• Apple Inc.
• Koninklijke Philips N.V.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• AT&T Inc.
• Fitbit Inc.
• Samsung Electronics Co. Ltd.
• Medical Guardian LLC
• Solution Works LLC

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product

• Equipment
  • Therapeutic       
    • Home respiratory therapy equipment
    • Insulin delivery devices
    • Home IV pumps
    • Home dialysis equipment
  • Diagnostic
    • Diabetic care unit
    • BP monitors
    • Multi para diagnostic monitors
    • Home pregnancy and fertility kits
    • Apnea and sleep monitors
    • Holter monitors
    • Heart rate monitors
  • Mobility Assist
    • Wheel chair
    • Home medical furniture
    • Walking assist devices
• Services
  • Installation and Repair
  • Renovation and Customization

Based on Indication

• Cardiovascular Disorders & Hypertension
• Diabetes
• Respiratory Diseases
• Pregnancy
• Mobility Disorders
• Cancer
• Wound Care
• Other Indications

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.