Smart Home Healthcare Market Research Report: By Offering (Solutions, Services), Technology (Wireless, Wired), Application (Fall Detection and Prevention, Safety and Security Monitoring, Health Status Monitoring, Nutrition/Diet Monitoring, Memory Aids) - Global Industry Analysis and Growth Forecast to 2030

Smart Home Healthcare Market Overview

The global smart home healthcare market size stood at $8.7 billion in 2019, and it is expected to reach $96.2 billion by 2030, exhibiting a CAGR of 26.2% during the forecast period (2020–2030). The growth of the market can be attributed to the rising healthcare expenditure, growing geriatric population, increasing preference for personalized healthcare, high utilization of internet of things (IoT)-connected smart home healthcare devices, rising need for mHealth technologies, and surging prevalence of chronic diseases.

The COVID-19 outbreak is negatively affecting the growth of the global smart home healthcare market in 2020. This is mainly due to the temporary closure of manufacturing facilities, restriction on the movement of goods, and disruption in the supply chain. Moreover, online retailers are struggling to courier items effectively. Additionally, the COVID-19 outbreak and mitigation measures have resulted in reduced economic growth and consumer spending on smartwatches and other wearables, as they are emphasizing on the purchase of essential goods. For instance, Fitbit Inc. recorded a decline of 21% in smartwatch shipments in 2020 (first quarter).

Services Category To Witness Faster Growth during Forecast Period

The services category, on the basis of offering, is projected to witness the faster growth in the smart home healthcare market during the forecast period. This can be ascribed to the increasing requirement for effective installation and repair services, for enhanced connectivity at home. Moreover, the focus on the customization of healthcare devices, as per requirement, is also gaining traction.

Wireless Is Larger and Faster-Growing Technology Category

The wireless category accounted for the larger market size in 2019, and it is further expected to witness the faster growth in the smart home healthcare market during the forecast period. This can be ascribed to the surging inclination toward wireless networks, increasing number of smartphone users, rising internet penetration, and growing utilization of IoT-connected devices. Moreover, the wireless technology provides advantages such as less information technology (IT) costs, improved productivity, and flexibility to access multiple connections, which are further supporting its market growth.

Fall Detection and Prevention Category Is Expected To Register Fastest Growth

The fall detection and prevention category is expected to register the fastest growth in the smart home healthcare market during the forecast period, under the application segment. This would be primarily due to the growing geriatric population across the globe. Fall detection systems allow elderly patients to immediately contact someone for assistance, who can take quick action.

North America Is Highest-Revenue-Generating Region

North America dominated the smart home healthcare market during the historical period (2014–2019). The major factors supporting the market growth are the high per capita income in the region, presence of big consumer electronics companies offering advanced products at low prices, and increase in investments for 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 continues to fuel the demand for advanced healthcare solutions.

Asia-Pacific (APAC) Region To Showcase Fastest Growth during Forecast Period

Geographically, the smart home healthcare market in APAC is projected to witness lucrative growth in the coming years. This is attributed to the presence of large players in the region, such as Xiaomi Corporation and Samsung Electronics Co. Ltd., rising government initiatives for smart home healthcare, increasing adoption of mHealth technologies, growing geriatric population, and surging prevalence of various chronic diseases. For instance, according to the UN report, World Population Ageing 2019, in Asia, the number of people aged 65 years and above was approximately 395.3 million in 2019, and it is expected to reach 954.6 million by 2050.

Usage of IoT Devices Is Key Trend in Industry

The popularity of IoT devices in the home healthcare sector 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 the emergency response center if the person falls. There are numerous other IoT devices available that provide smart home healthcare services, such as the FooBot air quality monitor by Airboxlab SA, smart glucometers and insulin pens, connected inhalers, ingestible sensors, and smartwatches, which monitor stress levels, heart rate, blood pressure, and other parameters. These devices have gained a significant response from consumers all over the world. Thus, IoT devices are one of the major trends being witnessed in the smart home healthcare market.

Rising Geriatric Population Is Contributing to Increasing Use of Smart Healthcare Devices

The rising geriatric population is one of the key drivers positively impacting the growth of the smart home healthcare market. According to the World Population Ageing 2019 report, the population of people aged 65 years and above is expected to increase to 1.5 billion by the end of 2050, from 703 million in 2019. As a result, there is an increasing demand for smart home technologies that can assist older adults in living at home with safety and independence. This is why the demand for fall detection and prevention devices, which allow users to contact emergency services immediately, is increasing.

Increasing Demand for mHealth Technologies Is Driving Market Growth

The increasing demand for mHealth services is another of the major drivers impacting the growth of the smart home healthcare market. mHealth is the practice of delivering healthcare services with the help of mobile devices, such as cell phones, laptops, tablets, and personal digital assistants (PDAs). For instance, most of the recent smartphones, such as Honor Play 4 Pro and Lava Pulse, have been launched with health parameter sensors. This enables the use of the mobile and wireless technology for the monitoring of personal health at home. The rising demand for remote patient care, increasing healthcare costs, and supportive healthcare regulatory norms are fueling the adoption of mHealth technologies.

Surging Prevalence of Chronic Diseases Is Driving Demand for Smart Home Healthcare Solutions

The surging prevalence of chronic diseases is another major factor propelling the smart home healthcare market growth. Chronic diseases, such as heart diseases, cancer, and diabetes, are the major causes of death and disability across the globe. For instance, according to the IDF Diabetes Atlas, in 2019, 463 million adults in the age group of 20–79 years suffered from diabetes; this number is further expected to reach 578 million by 2030 and 700 million by 2045. Smart healthcare devices, including electrocardiogram (ECG) devices, glucometers, and smartwatches, help in tracking the heart rate, blood sugar levels, and blood pressure, for early disease detection, in turn, reducing the healthcare costs.

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Market Players Intensely Focusing on Launch of Smart Home Healthcare Devices

The smart home healthcare industry is fragmented in nature, with the presence of a large number of market players, who are engaged in stiff competition. Major players in the smart home healthcare market are focused on the launch of innovative devices with advanced technologies, to improve their brand positioning. For instance:

• In August 2020, Fitbit Inc. announced the launch of Fitbit Sense, an advanced smartwatch which comprises an electrodermal activity (EDA) sensor, ECG app, and on-wrist skin temperature sensor. The watch, which helps in the study of how the body responds to stress, through the EDA scan app, has been priced at $329.5.
• In September 2019, Apple Inc. launched Apple Watch Series 5, which includes features such as fall detection, cycle tracking, heart rate monitoring, and emergency calling. The watch is available in either an aluminum case or steel case, for $399, $699, and $799.
• In January 2019, Omron Healthcare Co. Ltd. launched HeartGuide, a wearable blood pressure monitor designed in the form of a wristwatch, which allows the wearer to keep track of his/her blood pressure. It also measures the total number of steps, distance traveled, calories burned, pulse rate, and sleep quality. Users can also receive notifications for texts, calls, and emails. The company launched the product at a price of $499 in the U.S. market.

Some of the Key Players in the Smart Home Healthcare Market Report Are

Smart Home Healthcare Market Size Breakdown by Segment

The smart home healthcare market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Offering

• Solutions
• Services
  • Installation and repair
  • Renovation and customization

Based on Technology

• Wireless
• Wired

Based on Application

• Fall Detection and Prevention
• Safety and Security Monitoring
• Health Status Monitoring
• Nutrition/Diet Monitoring
• Memory Aids

Geographical Analysis

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