SMART HOME HEALTHCARE MARKET ANALYSIS

The global smart home healthcare market size was valued at US$ 14.14 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 24.4% from 2023 to 2030. This market is mainly driven by the increasing geriatric population and the growing demand for personalized healthcare services. The market is also gaining popularity with the growing adoption of mHealth technologies and advancements in smart home healthcare devices.

Global Smart Home Healthcare Market: Regional Insights

The global smart home healthcare market is expected to witness promising growth in North America, over the forecast period. The growth of this region can be attributed to presence of numerous home health care business in the U.S. along with presence of large pool of geriatric population in the country. Moreover, ongoing medical project in Canada offering health care potential of smart homes is also expected to fuel growth of the global smart home healthcare market in North America region.

Asia Pacific is anticipated to show significant growth in the global smart home healthcare market during the forecast period, owing to rise in digital transformation, penetration of IoT devices for modernization of healthcare delivery. Furthermore, rise in high data connectivity across countries such as South Korea, Singapore, and Taiwan is also expected to drive growth of the global smart home healthcare market in Asia Pacific.

Figure 1: Global Smart Home Healthcare Market Share (%), By Region, 2022

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Global Smart Home Healthcare Market Drivers:

Rising geriatric populations across the globe to fuel market growth

The rate of old age population is increasing all over the world, which is further creating the need for smart home healthcare solutions. For instance, according to the National Institute of Aging, currently the number of people aged 65 or above 700 million globally, and this number is likely to increase by 2050. With rise in old age population, the urgent need for finding ways to enhance patient outcome, reduce overall cost, and enhance access to care also increases. Due to this, the demand for smart home healthcare is expanding worldwide, which is projected to augment growth of the global smart home healthcare market over the forecast period.

Earlier onset of chronic diseases to propel market pace

The early onset of chronic diseases such as issues of dementia are increasing all over the world. This in turn is leading to development of new technology for people suffering from such diseases. For instance, the U.K. Imperial College London received GBP 20 million in funding for the development of smart home technologies that will help individuals suffering from dementia. Due to such investments and developments in smart home, the popularity of telehealth and telecare applications is increasing all over the world. This factor is thus expected to accelerate growth of the global smart home healthcare market during the forecast period. 

Global Smart Home Healthcare Market Opportunities:

Growing technological advancements in smart home to create multiple growth opportunities for vendors in the global smart home healthcare market over the forecast period. As advanced payment models of smart home healthcare aim at value over volume, post-diagnostics patient care, and maintaining low cost as a priority, the demand for this market is expanding all over the world. The affordability of digital technologies is growing with increasing technological advancements, the adoption of smart homes is increasing rapidly. This factor thus, creating growth opportunities in the global market.

Increase in government regulations is also anticipated to generate ample opportunities in the global smart home healthcare market during the forecast period. Several governments around the world are implementing regulations and laws for new buildings in most developing and developed countries for implementing more advanced technologies. This factor is in turn creating lucrative environment for growth opportunities in the global market.

Global Smart Home Healthcare Market Trends:

Growing adoption of various intelligent devices in houses is a major trend

As the industrialization and expansion of cities is growing all over the world, the pollution and climate change have become major issues globally. This is further mainstreaming the adoption of smart devices in houses such as smoke detectors, air purifiers, and energy-efficient smart HVACs. Thus, the market players are introducing more diverse products through fostering general wellness and health. This trend is thus expected to continue in the global smart home healthcare market over the forecast period.

Popularity of telemedicine is a recent trend

New services are increasingly replacing current healthcare models based on home visits by doctors, therapists, and nurses. Market players are therefore introducing remote healthcare solutions. For instance, Cox Communications acquired Trapollo, who created various remote healthcare solutions, including telemedicine packages for connecting medical teams and people via the technology. This trend is in turn projected to drive growth of the global smart home healthcare market in the coming future.

Global Smart Home Healthcare Market Restraints:

Resistance to technology among consumers to impede market growth

The novel technologies developed by vendors are enabling consumers to highly efficient delivery of services, and are offering the information required for making purchasing decisions. However, these technologies have their own newer risks. Due the presence of highly fragmented market, several smart home technologies, particularly in healthcare segment, are yet to be matured and standardized on the grounds of interoperability between manufacturers. Along with being technical challenge, the smart home technologies in healthcare applications also represent ethical challenge. Thus, this factor is expected to hinder growth of the global smart home healthcare market over the forecast period.

Privacy related issues of smart home technologies to hamper market growth

The healthcare data in the expanding home healthcare field, is faced to major risk of data interception by hackers, which further violates the Health Insurance Portability and Accountability Act. Due to such interceptions, the computerized records of patients can be compromised, and leaked. Such violations results in considerable penalties and fines for device/operators manufacturers as well as service providers in the market. Thus, this factor is further anticipated to limit growth of the global smart home healthcare market. On the contrary, the development of innovative technology offering data privacy and security is likely to support the market growth.

Figure 2: Global Smart Home Healthcare Market Share (%), By Aging in Place Segment, 2022

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Global Smart Home Healthcare Market Segmentation:

The global smart home healthcare market report is segmented into Aging-In-Place, General Health and Wellness, and Regional-readiness Assessment.

Based on Aging-In-Place, the market is segmented into Perspective of Aging in Smart Homes, Aspects of Aging in Smart Home and, Demand for Aging-in-place, and Smart Home Features for Aging-in-place. Out of which, Perspective of Aging in Smart Homes is expected to dominate the global market over the forecast period and this is attributed to the rise in development of solutions by vendors to collect and monitor vital health data of old age population. For instance, recently, Xenoma, a Japanese start-up launched e-skin, which is a range of various pajamas designed for old age people. These pajamas are embedded with sensors, with natural look and feel. This product can analyze vitals and detect issues when the wearer is asleep. Such product development is likely to drive growth of this segment in the global market.

Aspects of Aging in Smart Home and, Demand for Aging-in-place segment is also expected to witness significant growth in the near future and this is owing to the  rise in launch of solutions by smart home security vendors that offer control to users through voice commands and offers door open notifications among other features. For instance, Boundary Alarm comes with EmSPARK Security Suite, provides an intruder alarm that allows user to remote monitoring through smartphone.

Based on General Health and Wellness, the market is segmented into Concept of General Health and Wellness in Smart Homes; Growing Importance of Health and Wellness and Exploring Relevant Areas; Smart Home Features for Health and Wellness Across Various Use Cases; Future Concept Scenario for the Health and Wellness Segment Current Trends, Challenges, and Market Projection for the Overall Health and Wellness Ecosystem. Out of which, Concept of General Health and Wellness in Smart Homes is expected to dominate the global market over the forecast period and this is attributed to the increasing adoption of smart speakers in homes further driving the number of smart solutions used in daily lives. For instance, Virtual assistants such as Google Home, Siri, and Alexa can remind and help with instructions for maintaining a healthy diet and exercise routines with workout guides. Such solutions offer better health and do not require major investments in equipment. Thus, the segment is likely to gain strong growth in the global smart home healthcare market during the forecast period.

Growing Importance of Health and Wellness and Exploring Relevant Areas segment is also expected to witness significant growth in the near future and this is owing to the rise in old age population all over the world, as governments are introducing initiatives for enhancing the longevity revolution. The number of aging population is increasing across most developed countries. As per the World Health Organization, one in six individual globally will be of age 60 years or above, by 2030. This factor in turn is expected to drive demand for the segment, which is likely to boost the market growth in coming years.

Global Smart Home Healthcare Market: Key Developments

In March 2022, Awair Inc. achieved SOC 2 Type 2 compliance, which is the next phase of the process as the company focuses on improving safety. The company continues to pursue the highest levels of data security practices, as it wanted to provide assurance to the customers about the privacy of indoor air quality data.

In March 2022, Eight Sleep was appointed as the official supplier of the Mercedes-AMG Petronas Formula 1 Team. This gave the access of PodPro and EightSleep digital technology to the team for optimizing sleep and ensuring the best performance in 2022 and 2023.

In September 2021, Medtronic Plc. and Stasis Health Private Limited announced partnership for expanding access and the company to the state-of-the-art Stasis Monitor, which is a networked multi-parameter bedside monitoring system.

In August 2021, Awair Inc. introduced Awair AQI Maps, a new way of comparing indoor and outdoor PM2.5 with the Awair Home App.

Global Smart Home Healthcare Market: Key Companies Insights

The global smart home healthcare market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global smart home healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep.

*Definition: Smart Homes are a type of home that is equipped with sensors and devices to monitor and improve its occupants’ health. This technology can be used in a variety of ways to improve healthcare for elderly and disabled patients