Smart Home Healthcare Market Size, Share, And Growth Report 2032

Smart Home Healthcare Market Size

The global smart home healthcare market size was worth around USD 17.97 billion in 2023 and is predicted to grow to around USD 38.07 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.7% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the smart home healthcare market on a global and regional level.

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Smart Home Healthcare Market: Overview

Smart homes are designed to support the home residents in achieving their daily-living activities and having a healthier quality of life. Smart homes also help elderly people to live independently and comfortably. The most important feature of a smart home must be the fulfillment of a user’s needs. The amalgamation of healthcare within smart homes is on the rise. Smart home healthcare has application in health status monitoring, fall detection and prevention, memory aids, and diet or nutrition monitoring.

The rapidly growing healthcare spending, increasing geriatric population, escalating demand for tailored healthcare, rising demand for mobile health (mHealth) and IoT-based technologies, accelerating launch of smart home healthcare technologies, growing use of connected technologies in integration with assisted living and e-health technology, and rising availability of high-speed internet are major driving factors of the global smart home healthcare market. Constant improvements in the healthcare set-up, innovation in the field of smart home healthcare equipment, and support offered by governments will generate new growth opportunities in the smart home healthcare market. However, patient privacy, security-related issues, and lack of required healthcare set-up in developing regions may restrict the global smart home healthcare market.

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Smart Home Healthcare Market: Segmentation

The study provides a decisive view of the smart home healthcare market by segmenting it based on technology, service, application, and region.

The smart home healthcare market is split based on technology, service, and application.

Based on technology, the smart home healthcare market includes wireless and wired. The wireless segment is expected to dominate the technology segment, with over 58% share, in the future, owing to the rising focus on the development of wireless technology that is compact and portable.

The service segment includes customization and renovation and repair and installation.

By application, the market comprises fall detection and prevention, health status monitoring, diet/nutrition monitoring, and memory aids.

Smart Home Healthcare Market: Report Scope

Smart Home Healthcare Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. 

North America will lead the smart home healthcare market over the forecast time period. North America accounted for over 41% of the global market in 2023, due to the rising incidences of different chronic diseases, high healthcare expenditure, presence of latest healthcare facilities, and early use of latest healthcare technologies. Europe will be the second major market for smart home healthcare, due to the high in research and development investments made by top companies, growing geriatric population, increasing prevalence of chronic ailments, and encouraging reimbursement scenario. The Asia Pacific region will grow rapidly over the forecast period, owing to the growing interest in smart home healthcare, rising chronic diseases incidences, huge patient pool, and initiatives taken by the government to provide internet connectivity.

Smart Home Healthcare Market: Competitive Players

Some key players in the smart home healthcare market are:

• Companion Medical
• Apple
• F. Hoffmann-La Roche
• Google
• General Electric Company
• Hocoma
• Health Care Originals
• Medical Guardian
• Proteus Digital Health
• Medtronic
• Samsung Electronics
• VitalConnect

The Global Smart Home Healthcare Market is segmented as follows:

Global Smart Home Healthcare Market: By Technology

• Wireless
• Wired

Global Smart Home Healthcare Market: By Service

• Customization and Renovation
• Repair and Installation

Global Smart Home Healthcare Market: By Application

• Health Status Monitoring
• Fall Detection and Prevention
• Memory Aids
• Diet/Nutrition Monitoring

Global Smart Home Healthcare Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa