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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Home Healthcare Market Outlook
The global smart home healthcare market stood at a value of around USD 96.44 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 23.5% to reach USD 643.64 billion by 2032.
Health Status Monitoring Segment to Exhibit a Significant Growth in the Forecast Period
Based on end user, the health status monitoring segment is predicted to observe a significant growth in the forecast period. These systems are based on advanced wireless and wearable sensor technologies. The demand for health status monitoring devices, which gather and monitor data and alert medical experts, is increasing, which is expected to drive the growth of the segment.
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The Asia Pacific Region is Expected to Occupy a Significant Share in the Smart Home Healthcare Industry
Geographically, the smart home healthcare industry in the Asia Pacific is expected to witness a significant growth in the forecast period owing to the rising high-income households and growing adoption of IoT devices in the region, particularly in developing economies such as India and China. Additionally, increasing government initiatives to create health awareness and support digital transformation, the rising geriatric population, and the growing adoption of mHealth technologies are expected to propel the growth of the smart home healthcare industry in the Asia Pacific region in the forecast period.
Smart Home Healthcare: Market Segmentation
Smart home healthcare refers to a home with a set of networked sensors and devices that improve the health and wellbeing of its occupants and assist in the delivery of healthcare services by adding intelligence, automation, control, contextual awareness, adaptability, and functionality both remotely and locally. Smart home healthcare systems are likely to serve as the foundation for highly advanced healthcare systems around the world, where resources can be shared efficiently and intelligently.
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Based on technology, the industry can be categorised into:
- Wireless Communication
- Cellular Network
- Others
On the basis of service, the industry can be segmented into:
- Installation and Repair
- Customisation and Renovation
Based on end user, the industry can be divided into:
- Safety and Security Monitoring
- Nutrition/Diet Monitoring
- Memory Aids
- Fall Prevention and Detection
- Health Status Monitoring
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising Applications of AI based Technologies in Integration with Assisted Living to Bolster the Growth of the Global Smart Home Healthcare Industry
The global market for smart home healthcare has been growing considerably for the last few years owing to the growing applications of AI based technologies in integration with assisted living and the emergence of advanced healthcare solutions, such as e-health and mHealth. Increasing disposable income, escalating adoption of cloud technology in the healthcare setting, and rapidly increasing geriatric population are some of the major factors that are predicted to significantly contribute to the growth of the market. Additionally, increasing public awareness about advanced and innovative applications of smart home-based wireless sensors, coupled with the rising incidence of chronic and lifestyle-related disorders, is expected to drive the growth of the market. Furthermore, as a result of the COVID-19 pandemic, connected health and RPM (remote patient monitoring) have become more common than ever, as these methods and services allow clinicians to monitor patients without having to come into physical contact, preventing the transmission of the novel coronavirus. This is expected to positively impact the market growth in the coming years.
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Key Industry Players in the Global Smart Home Healthcare Market
The report gives a detailed analysis of the following key players in the global smart home healthcare market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Honeywell International Inc
- Schneider Electric SE
- Siemens AG
- Koninklijke Philips N.V.
- Qualcomm Incorporated
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Service |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global smart home healthcare market attained a value of nearly USD 96.44 billion.
The market is projected to grow at a CAGR of 23.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 643.64 billion by 2032.
The major market drivers include the growing adoption of cloud technology in healthcare settings, and improving living standards of consumers, and the rapidly increasing geriatric population.
The rising disposable incomes, technological advancements and innovations, and the growing demand for wireless communication are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Wireless communication and cellular network, among others, are the major technologies considered within the market report.
The major segments based on services included in the market report are installation and repair and customisation and renovation.
The various end users of smart home healthcare are safety and security monitoring, nutrition/diet monitoring, memory aids, fall prevention and detection, and health status monitoring, among others.
The major players in the market are Honeywell International Inc, Schneider Electric SE, Siemens AG, Koninklijke Philips N.V., and Qualcomm Incorporated, among others.
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