Smart Home Healthcare Market

Market Overview

The global smart home healthcare market size was valued at USD 4.95 billion in 2022. It is projected to reach USD 10.71 billion by 2031, growing at a CAGR of 8.95% during the forecast period (2023-2031).

A smart home healthcare ecosystem is embedded with sensors and equipment for the in-home care of the elderly, outpatients, and individuals with disabilities. Several smart technologies, including alert systems, smart watches, glucose monitoring devices, oximeters, and fall prevention and detection systems, are used to monitor various medical parameters, enhancing the quality of healthcare services. Internet-connected gadgets in smart homes allow for the remote monitoring and administration of appliances and systems, such as lighting and heating. Smart devices may be worn by the patient or installed in the patient's environment. In a smart home, the appliances and procedures, such as the lighting and heating, may be remotely monitored and managed through internet-connected devices installed throughout the house.

Highlights

• North America is the most significant revenue contributor by region.

Market Dynamics

Global Smart Home Healthcare Market Drivers

Aging Population, Developing Chronic Diseases, and Greater Emphasis on Home Care and Preventive Care

The active aging sector in the U.S. includes technologies for wellness and exercise, health and remote care, and safety and smart living. Furthermore, the Joint Center for Housing Studies at Harvard University predicts that by the end of this decade, more than one in 10 U.S. homes will be headed by an older adult. Such a fast-aging population indicates a heavy financial burden and a need for healthcare providers. By 2032, general and specialty care is predicted to have a 46,900–121,900 physician shortage, according to AAMC forecasts.

On the other side, the increased life lengths show that the elderly are living longer, spending more years in a stage of life with growing frailty and declining cognitive function. In-home sensors, cameras, trackers, and monitors are used to keep seniors secure and autonomous while they age in place. A generation of Baby Boomers who value independence is also maturing into older adults at a rate of 10,000 every day. According to a CTA survey, approximately 61% of older persons in the U.S. preferred to continue living at home.

Global Smart Home Healthcare Market Restraint

Privacy Issues, Financial Hazards, and Technology Resistance

New business-developed technologies enable more effective service delivery and provide clients with the data they need to make purchasing decisions. These technologies do, however, frequently carry fresher dangers. A highly fragmented industry where many smart home technologies, particularly in the healthcare sector, are still in their infancy and where standardization based on interoperability between various vendors has yet to be reached. Additionally, using smart home technologies in the healthcare industry presents technological and ethical challenges. The loss of privacy, the appropriateness of consent, and sustaining agency have all been recognized as ethical concerns with these technologies.

A consumer group, NCC Group, and the Global Cyber Alliance (GCA) worked together in July 2021 to experiment on a house full of IoT gadgets, such as T.V.s, thermostats, and smart security systems. They looked at how many hacking attempts there were across several weeks. According to the trial, almost 12,807 scans or hacks were discovered within a week in June. The most popular technique was getting into the devices using weak default usernames and passwords, like "admin."

Global Smart Home Healthcare Market Opportunities

Availability of More Human Data Boosts the Capacities of Greater Automation and Technology

The availability of more human data would boost technology and automation capabilities, altering how people receive healthcare and maintain their health. In the near future, smart home healthcare will become the norm. Even though more effort needs to be made to make the notion of smart home healthcare a reality, there is a sizable business opportunity in the global market for this service.

Regional Analysis

The global smart home healthcare market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant revenue contributor and is expected to exhibit a CAGR of 10.25% during the forecast period. For instance, the United States Department of Health and Human Services (HHS) updated its finding that COVID-19 is the cause of a (PHE) public health emergency in 2022. When this occurs, telehealth, which accounted for 5.4% of all medical claims in January 2022, is a significant part of the U.S. healthcare system. The data linked to diagnoses, procedure codes, and provider specialties show that many patients have used telehealth to access mental health care.

Asia-Pacific is expected to exhibit a CAGR of 12.45% during the forecast period. Modernizing healthcare delivery in the Asia Pacific healthcare sector is a goal of digital transformation and the explosion of IoT devices. Additionally, worldwide manufacturers have been offering cost-efficient and efficient solutions, particularly for Asian smart homes. Taiwan, South Korea, and Singapore are examples of Asian nations with excellent data connectivity. More smart houses are anticipated to be built as high-income households increase. According to Statistics Singapore, Singapore has one of the fastest aging populations, with 639,000 persons 65 and older making nearly one-fifth of the total population in 2021. 

In Europe, the aging population is placing a significant financial strain on local governments and healthcare providers. Providing healthcare for the elderly is anticipated to cost cities twice as much by 2030. A lack of nurses is hampering the healthcare industry from providing care for the elderly. Building new senior care facilities is one approach but expensive across European formats. Therefore, ongoing initiatives and projects on related topics have been used to gauge the region's readiness. For instance, the EU-funded Smart Service Power project created an Internet of Things (IoT) platform for Internet-connected sensor technologies. This was done expressly to help the elderly remain independent at home.

Segmental Analysis

The global smart home healthcare market is segmented by aging-in-place and general health and wellness.

Based on aging-in-place, the global market is bifurcated into the perspective of aging in smart homes, aspects of aging in smart homes, and demand for aging-in-place, smart home features for aging-in-place.

Aging in place fosters life satisfaction, a good quality of life, and self-esteem, all of which are necessary for aging properly and staying happy and healthy. Thus, "smart" home technologies are fusing "smart" technologies to increase the senior population's window of opportunity for independent living. According to Yonomi, four out of ten persons who own a virtual assistant have several devices, and more than 36 million Americans use voice assistants at least once every month. The adoption of intelligent technologies by the elderly is anticipated to be significantly influenced by voice-enabled solutions.

Another development that has gained popularity is teleconsultation, particularly when the pandemic rendered it risky for older adults to visit neighboring hospitals. More than 20% of all medical visits in 2020, according to the United States (U.S.) Census Bureau involved telemedicine. Additionally, Nuance developed a voice-enabled system called the Nuance Dragon Ambient eXperience (DAX), driven by A.I., that automatically records and converts telehealth talks into clinical notes. During office visits, these notes apply to all ambulatory specialties, including primary and urgent care. It's simple to use; perform a telemedicine consultation and record the chat using the DAX mobile app.

Smart homes use a variety of connected gadgets to address various parts of the house. Vendors are concentrating their efforts on products that provide intelligent solutions tailored to particular jobs or areas of the home. Bathrooms, bedrooms, kitchens, complete houses, living rooms, and even on-body wearables that can link to a smart home platform are all covered by smart home solutions.

Various prominent vendors offer complete smart home control solutions that can communicate with embedded sensors and connected devices to collect and transmit data for analysis. For instance, in January 2020, Schneider Electric launched its residential solutions Square D Connected Home, which comprises devices and applications to help homeowners consolidate connected homes. Such developments are increasing, and significant vendors are operating in-home solutions space along with electronics, and I.T. vendors are offering similar solutions. 

Based on general health and wellness, the global market is bifurcated into the concept of public health and wellness in intelligent homes, the growing importance of health and wellness and exploring relevant areas, smart home features for health and wellness across various use cases, future concept scenario for health and wellness segment, current trends, challenges, and market projection for the overall health and wellness ecosystem.

A more excellent quality of life and easier everyday tasks are made possible for residents thanks to the spread of smart home technology while maintaining their privacy. A smart house is outfitted with interconnected hardware and software elements to monitor the living area by observing residents' behavior and comprehending their actions. With this, the system may alert inhabitants to unsafe circumstances and take appropriate action. Diet, exercise, and sleep are essential for physical well-being; smart home technologies should concentrate on these factors.

With this paradigm shift, the focus of a smart home may change from addressing essential care requirements like aging-in-place, post-acute care monitoring, and chronic disease management to focusing on overall health and wellness in areas like maternal, infant, and child health, care for physically and mentally disabled people, and health and wellness for all. Additionally, the market's current smart speaker options can effortlessly link to smartphones and make calls, receive calls, schedule appointments for various outside jobs, and handle payments in some circumstances.

The need for wearables is increasing on a global scale. Smartwatches and fitness trackers help meet the current demand for wearables. Still, in the years to come, it is anticipated that the range of wearables will also include clothing, eyewear, shoes, and other items. Market players are creating more and more solutions to improve their capabilities. Due to the ease of developing solutions and technological improvements in the area, smart clothing is anticipated to gain popularity in the upcoming years. For instance, the smart underwear line from the textile computing company Myant, which can track a user's ECG, sleep quality, stress level, activity, and temperature, was displayed at CES 2020. In the upcoming years, these advancements are anticipated to intensify and integrate into smart home healthcare systems for tracking and gathering user health information.

These patients can take their medications on time with the help of the available pill dispensers from market vendors. The launch of an automated pill dispenser with telemedicine capabilities for the chronically ill and elderly was announced by MedMinder in July 2020. Aside from the toilet, consumers rest and arrange many things and sleep-related technologies in their bedrooms. People are experiencing sleep deprivation, insomnia, and unhealthy sleep cycles due to the increasing stress and working conditions; to address these issues, smart home solution suppliers are concentrating on providing solutions that improve user sleep experiences in bedrooms.

Recent Developments

• January 2022- Fresenius Medical Care announced the release of Carrie, a prominent supplier of goods and services for people with renal disorders. In the Asia Pacific, Fresenius Kidney Care nurses and clinical teams are connected, informed, and supported by a specially developed mobile app.
• October 2021- Stasis Health Private Limited, a wholly owned subsidiary of Stasis Labs Inc., and Medtronic PLC established a strategic alliance to increase access to the cutting-edge Stasis Monitor, a networked multi-parameter bedside monitoring device. As a result of this agreement, Stasis' reach across India will be significantly increased, and Medtronic's position in the remote surveillance market will be strengthened.