The global smart home healthcare market is predicted to grow at 33.0% CAGR during the forecast period with the market size reaching USD 35.6 billion by 2024. Different technologies such as wireless communication, a cellular network, and others as are majorly contributing to the smart home healthcare market size. The market has witnessed significant demand for the cellular network over the last few years due to its easy approachability by consumers and easiness of usage.

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On the basis of the application, the market is segmented into safety and security monitoring, memory aids, nutrition or diet monitoring, fall prevention and detection, health status monitoring and others. Of all, the smart home healthcare market size for fall prevention and detection is expected to grow at the fastest rate during the forecast period, globally, and accounted for the largest share of the market.

Owing to the mounting demand of personalized healthcare and escalating demand for advanced smart home healthcare has resulted in increased demand of mHealth technologies and internet of things based monitoring systems, which further improve communication between patient and healthcare providers. Some of the other key factors driving the growth of the industry are expanding the geriatric population, escalating adoption of cloud technology in healthcare, and mounting disposable income. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.

Key factors hindering the growth of the smart home healthcare market are the data safety and security issues, elevated capital expenditure and maintenance requirement, and limited awareness of smart home healthcare technologies in developing countries. In addition, the dearth of skilled professionals is also having a negative impact on the growth of the market.

Asia-Pacific is observed to witness significant growth in the smart home healthcare market during the forecast period, as the region comprises of a large population, and upsurge IT investments in the healthcare industry. Moreover, expanding the geriatric population, escalating awareness about advanced and innovative applications of smart home-based wireless sensors and mounting occurrence of chronic and lifestyle associated diseases are also facilitating the significant growth of Asia-Pacific smart home healthcare industry.

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Market players in the smart home healthcare industry are investing capital to develop technologically advanced systems. In March 2018, Royal Philips partnered with Samsung Electronics Co. Ltd. to associate Samsung’s ARTIK IoT platform to the Philips HealthSuite Digital Platform. It allows to safely access and shares information with Philips’ cloud platform. Honeywell International Inc., Schneider Electric SE., Qualcomm Incorporated, Siemens AG, General Electric Company, Koninklijke Philips N.V, AT&T Inc., and Medical Guardian LLC are some of the key players offering solutions for smart home healthcare.

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