Smart home healthcare market: over 30 billion dollars by 2025

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Photo: Apple Watch Series 4

Smart home healthcare market size is set to exceed USD 30 billion by 2025, according to a new research report by Global Market Insights. Growing demand for IoT in home healthcare will drive smart home healthcare market during the forecast period. IoT technology connects various devices and systems including actuators, sensors, computers, appliances and smartphones, resulting in highly distributed intelligent system that is capable of communicating with humans as well as other devices. Advent of technology in communication and computing technologies along with advanced, low-cost actuators, sensors and electronic components will offer opportunities for IoT applications in home healthcare. Application of IoT in healthcare with integrated e-health and assisted living technology can play a crucial role in revolutionizing healthcare system for elderly thereby, accelerating smart home healthcare market growth. Wireless segment is projected to witness over 26.5% growth over the analysis timeframe. Focus of industry players on development of technologically advanced compact, mobile devices that are connected via bluetooth to portable communication and computing devices such as tablets and smartphones will create growth opportunities.
Besides, installation and repair segment accounted for around USD 4 billion in 2018 and is projected to show similar growth during the forecast timeframe. Growing demand for technologically advanced smart home healthcare devices will surge the need for efficient installations and repair by skilled professionals thus, augmenting segmental growth. Renovation and customization segment held considerable revenue share in 2018 and is estimated to witness over 26.5% CAGR over the analysis period. Segment growth is attributable to increasing investment in R&D activities resulting in development of innovative products as well as upgradation in existing smart home healthcare devices. As regards to the applications, fall prevention and detection segment held more than 41% revenue share in 2018 and will exhibit momentous growth during the forecast period. Segment growth is attributed to increasing number of accidental or injury cases across the world. Growing adoption of automated fall monitoring devices will favor business growth. Health status monitoring segment was valued over USD 1.5 billion in 2018 due to increasing awareness regarding personal health monitoring. Demand for health status monitoring devices for collecting & monitoring data and informing medical professionals when essential, is on rise thereby, fostering segmental growth.

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