Smart Home Healthcare Market Trends, Share, Segment Analysis, Growth and Future Scope

The major factors driving the growth of the smart home healthcare market are the surging geriatric population and escalating demand for personalized healthcare and mobile health (mHealth) technologies. From $4.5 billion in 2017, the market is predicted to grow to $30.0 billion by 2023, at a CAGR of 37.3% during 2018-2023 (forecast period). Smart home healthcare encompasses all the medical equipment used for nutrient/diet management and health status monitoring or as memory aids in homecare settings. These are mostly connected devices, allowing doctors to track the patients' status remotely.

Cellular network and wireless communication are the two categories in the technology segment of the market. Of these, cellular network was the larger category during the historical period (2013-2017), as it allows for the automation of medical devices, thereby resulting in better efficiency. Though cellular network will still be the higher revenue generator during the forecast period, wireless communication is predicted to grow faster in the smart home healthcare market, at a CAGR of 40.2%.

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The increasing adoption of IoT devices is why the smart home healthcare market players are increasingly launching such products. For instance, a fall detection pendant, developed by LifeFOne, alerts the emergency response center, in case a patient falls down or suffers any other mishap at home, all through the day, across the U.S. Similarly, Garmin Ltd. has launched a fitness activity tracker, Vivosmart, which notifies users about the best course of action to maintain their health.
Such technologies are especially helpful for the elderly, who are prone to diseases and injuries, owing to their weakened immune system and diminished physical strength. As health monitoring systems with patient-doctor connectivity provide dignity, independence, and safety at homes, their demand among the elderly is increasing. The United Nations reported in 2017 that the number of people aged 60 years and above will touch 2.1 billion by 20250. Thus, the rising geriatric population is another major factor for the market advance.

During the historical period, North America dominated the smart home healthcare market, owing to its high healthcare spending, advanced healthcare infrastructure, rising incidence of lifestyle-associated and chronic diseases, and surging geriatric population. The situation will be the same during the forecast period, but the market is projected to witness the fastest growth in Asia-Pacific (APAC), at a 41.1% CAGR, due to the increasing awareness on such enhanced healthcare technologies, rising life expectancy, and expanding patient pool.

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Thus, the market would continue progressing, on account of the advancements in medical technologies and increasing number of older people.

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