The global smart home healthcare market is projected to generate a revenue of $96.2 billion by 2030, increasing from $8.7 billion in 2019, advancing at a 26.2% CAGR during the forecast period (2020–2030).
The growing healthcare expenditure, increasing geriatric population, rising usage of IoT-connected smart home healthcare devices, surging prevalence of chronic diseases, and growing preference for personalized healthcare are resulting in the expansion of the market. The market is divided into services and solutions, on the basis of offering.
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Between the two, the solutions division dominated the market in 2019, owing to the high adoption of fitness trackers and smartwatches by individuals, increasing awareness regarding health and fitness among people, implementation of healthcare platforms by professionals, and rising need for mapping the progress of chronic diseases. The services division is predicted to register the faster growth during the forecast period, due to the rising need for effective repair and installation services for improved connectivity at home.
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North America accounted for the largest share of the smart home healthcare market during the historical period (2014–2019), owing to the increasing per capita income, rising investments for technological advancements, presence of major consumer electronics companies that offer advanced products at low prices, and high prevalence of chronic diseases, including cancer. The Asia-Pacific region is predicted to progress at the fastest pace during the forecast period, due to the increasing government initiatives for smart home healthcare, rising geriatric population, and growing adoption of mHealth technologies.
In conclusion, the market is growing due to the rising incidence of chronic diseases and increasing use of IoT devices.
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