SMART HOME HEALTHCARE MARKET ANALYSIS

Smart Home Healthcare MarketSize and Trends

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.

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

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.