Smart home healthcare market is forecasted to attain a revenue of $30.0 billion by 2023 by P&S Intelligence.
New York, NY -- (SBWIRE) -- 04/23/2019 -- Surging geriatric population as well as rising demand for personalized healthcare, mHealth technologies and advanced smart home healthcare technologies are taking the smart home healthcare market forward. Valued in 2017 by P&S Intelligence at $4.5 billion, the domain size is predicted to grow to $30.0 billion by 2023 at a 37.3% CAGR during the forecast period 2018–2023. Smart home healthcare refers to the use of IT-enabled devices at home for healthcare applications, including safety and security monitoring, fall prevention and detection, health status monitoring, memory aid, nutrition/diet monitoring, and others.
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Among all these, fall prevention and detection application led the smart home healthcare market in 2017 with 39.0% revenue contribution and is expected to advance in the future at a CAGR of 39.8%. This is majorly attributed to the elderly, who are more prone to falling down and not being able to get back up on their own on account of their diminished physical strength. As per a 2018 article published by the World Health Organization (WHO), falls are one of the leading causes of deaths due to unintentional injuries.
The report further said that people above 65 years of age are the most likely to suffer a fatal fall. Now, in addition to falling down often and getting seriously hurt, the elderly are more prone to diseases, such as diabetes, cardiovascular disorders, and cancer, in general. Further, they need to be constantly monitored and that too for a longer duration as compared to people in other age groups. Internet of things (IoT)-based solutions help in streamlining their treatment and post-hospital care in their home, thereby aiding in the growth of the smart home healthcare market.
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The advent of the mHealth technology is helping significantly in this regard, as those being taken care of at their home need not always visit healthcare centers. With mHealth, all the medical data, such as pathology and radiology results, and medication schedule can be shared with the doctors via mobile devices, laptops, and personal computers. Thus, in the process of establishing remote communication, mHealth helps in reducing the healthcare expenditure, which is why the demand for such technologies is increasing.
Historically, North America contributed the largest revenue to the domain and will continue to do so during the forecast period as well. However, the fastest smart home healthcare market growth is expected in Asia-Pacific (APAC), where it will progress at a CAGR of 41.1%. The reasons for this would be increasing life expectancy and patient base, growing awareness about the advanced applications of such devices and technologies, restructuring of healthcare policies in several countries, and increasing IT investments in the field.
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Thus, it is clear that the growing geriatric population will be one of the major factors in the domain prosperity across the world.