Smart Home Healthcare Market Size by Technology (Wired, Wireless), By Service (Installation and Repair, Renovation and Customization), By Application (Fall Prevention and Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Smart Home Healthcare Market size exceeded USD 13 billion in revenue in 2022 and is forecast to expand at over 28.5% CAGR through 2032 primarily driven by the growing consumer inclination towards IoT technology.
 

IoT enables consumers to manage and monitor their health remotely, enhancing patient outcomes. The need for visiting fall detection and prevention and emergency units frequently is eliminated through remote health monitoring. Additionally, the market’s revenue is fueled by industry participants creating novel solutions to enhance patient outcomes.
 

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Furthermore, the upsurge in the demand for smart home healthcare devices is propelled by the mounting preference for personalized care and treatment in developed economies, which is likely to stimulate the market trends. Over the past few years, patients have had more access to health data, which has created massive growth potential for healthcare providers to offer personalization to improve patient care and health outcomes, and to lower costs.
 

Strict regulatory policies to restrict market expansion

Stringent regulatory landscape and government guidelines for safer and more effective use of smart home healthcare devices are impeding smart home healthcare market progression. For instance, the Privacy Act establishes around 13 Australian Privacy Principles (APPs), which apply to businesses that handle the processing of data held on devices. However, surging awareness about product benefits is expected to enable manufacturers overcome this hurdle.  
 

Growing preference among older users to push segment progress

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Smart home healthcare market is segregated in terms of technology into wireless and wired. As per the report, the wired smart home healthcare devices market is anticipated to expand at a 28% CAGR over the forecast period owing to the rising number of elderly patients. The geriatric population base prefers wired technology since it aids in the detection of sleep and falls in home care settings. Therefore, this technology is gaining traction, and its wide acceptance is foreseen to amplify segment share.
 

High R&D investments to bolster renovation and customization segment size

In terms of service, the smart home healthcare market is divided into installation and repair and renovation and customization. The renovation and customization segment valuation is projected to exceed USD 60 billion by 2032 as a result of rising R&D spending, which is slated to facilitate the creation of novel products and the upgradation of current smart home healthcare systems, which is speculated to drive segment development.
 

Advanced applications and product benefits for the geriatric population to boost memory aids application segment statistics

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Based on application, the global smart home healthcare market is bifurcated into fall prevention and detection, nutrition or diet monitoring, health status monitoring, memory aids, and others. The memory aids segment is foreseen to surpass USD 13.5 billion by 2032. This is attributed to the expanding geriatric population base and the mounting awareness pertaining to advanced applications of wireless sensors found in smart homes, which is likely to foster segment outlook.
 

Rising investments to create awareness about chronic diseases to propel the APAC industry share

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Asia Pacific smart home healthcare market is anticipated to experience rapid growth to exceed USD 39 billion by 2032 driven by the rising investment from government and private organizations to raise awareness about chronic diseases. Additionally, the increased focus of prominent business players on securing a large revenue share in developing APAC nations is forecast to accelerate market expansion.
 

Strategic initiatives by major manufacturers to define the industry outlook

Major companies engaged in the smart home healthcare market include Apple Inc., General Electric Lighting, Google (Alphabet Inc.), Companion Medical, SAMSUNG Electronics, Hoffmann-La Roche Ltd., Health Care Originals, Hocoma AG, Medical Guardian, Medtronic, Sanofi SA, VitalConnect, Zanthion, and others.
 

Impact of COVID-19 on the global smart home healthcare market trends

Hospitalizations surged after the emergence of COVID-19. Over 150 million people were affected by the coronavirus pandemic in April 2021, causing over 3 million fatalities worldwide. National lockdowns were proclaimed globally to stop the virus's spread. These factors negatively impacted several businesses, particularly the healthcare sector, and the national and international economies. However, following the pandemic, remote patient monitoring saw a considerable increase, which is foreseen to promote product uptake in the future.
 

The smart home healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

By Technology

• Wired
• Wireless

By Service

• Installation and repair
• Renovation and customization

By Application

• Fall prevention and detection
• Health status monitoring
• Nutrition or diet monitoring
• Memory aids
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Others
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Others