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Global Smart Home Healthcare Market to Grow at a CAGR of 23.5% During 2021-2026, Driven by the Growing Demand for IoT Technology in Home Healthcare

Smart Home Healthcare Market

Global Smart Home Healthcare Market: By Technology: Wireless Communication, Cellular Network, Others; By Service: Installation and Repair, Customisation and Renovation; By End User; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Smart Home Healthcare Market Outlook

The global smart home healthcare market stood at a value of around USD 78.09 billion in 2022. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 23.5% to reach USD 276.68 billion by 2028.

 

Health Status Monitoring Segment to Exhibit a Significant Growth in the Forecast Period

Based on end user, the health status monitoring segment is predicted to observe a significant growth in the forecast period. These systems are based on advanced wireless and wearable sensor technologies. The demand for health status monitoring devices, which gather and monitor data and alert medical experts, is increasing, which is expected to drive the growth of the segment.

 

Global Smart Home Healthcare Market

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The Asia Pacific Region is Expected to Occupy a Significant Share in the Smart Home Healthcare Industry

Geographically, the smart home healthcare industry in the Asia Pacific is expected to witness a significant growth in the forecast period owing to the rising high-income households and growing adoption of IoT devices in the region, particularly in developing economies such as India and China. Additionally, increasing government initiatives to create health awareness and support digital transformation, the rising geriatric population, and the growing adoption of mHealth technologies are expected to propel the growth of the smart home healthcare industry in the Asia Pacific region in the forecast period.

 

Smart Home Healthcare: Market Segmentation

Smart home healthcare refers to a home with a set of networked sensors and devices that improve the health and wellbeing of its occupants and assist in the delivery of healthcare services by adding intelligence, automation, control, contextual awareness, adaptability, and functionality both remotely and locally. Smart home healthcare systems are likely to serve as the foundation for highly advanced healthcare systems around the world, where resources can be shared efficiently and intelligently.

 

Global Smart Home Healthcare Market

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Based on technology, the industry can be categorised into:

  • Wireless Communication
  • Cellular Network
  • Others

On the basis of service, the industry can be segmented into:

  • Installation and Repair
  • Customisation and Renovation

Based on end user, the industry can be divided into:

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

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Rising Applications of AI based Technologies in Integration with Assisted Living to Bolster the Growth of the Global Smart Home Healthcare Industry

The global market for smart home healthcare has been growing considerably for the last few years owing to the growing applications of AI based technologies in integration with assisted living and the emergence of advanced healthcare solutions, such as e-health and mHealth. Increasing disposable income, escalating adoption of cloud technology in the healthcare setting, and rapidly increasing geriatric population are some of the major factors that are predicted to significantly contribute to the growth of the market. Additionally, increasing public awareness about advanced and innovative applications of smart home-based wireless sensors, coupled with the rising incidence of chronic and lifestyle-related disorders, is expected to drive the growth of the market. Furthermore, as a result of the COVID-19 pandemic, connected health and RPM (remote patient monitoring) have become more common than ever, as these methods and services allow clinicians to monitor patients without having to come into physical contact, preventing the transmission of the novel coronavirus. This is expected to positively impact the market growth in the coming years.

 

Global Smart Home Healthcare Market

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Key Industry Players in the Global Smart Home Healthcare Market

The report gives a detailed analysis of the following key players in the global smart home healthcare market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Honeywell International Inc
  • Schneider Electric SE
  • Siemens AG
  • Koninklijke Philips N.V.
  • Qualcomm Incorporated
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report:

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Technology, Service, End User, Region
Breakup by Technology Wireless Communication, Cellular Network, Others
Breakup by Service Installation and Repair, Customisation and Renovation
Breakup by End User  Safety and Security Monitoring, Nutrition/Diet Monitoring, Memory Aids, Fall Prevention and Detection, Health Status Monitoring, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Price Analysis Historical and Forecast Price Trends- Regional
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Honeywell International Inc, Schneider Electric SE, Siemens AG, Koninklijke Philips N.V., Qualcomm Incorporated, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Smart Home Healthcare Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Smart Home Healthcare Historical Market (2018-2022) 
    8.3    Global Smart Home Healthcare Market Forecast (2023-2028)
    8.4    Global Smart Home Healthcare Market by Technology
        8.4.1    Wireless Communication
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Cellular Network
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Others
    8.5    Global Smart Home Healthcare Market by Service
        8.5.1    Installation and Repair
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Customisation and Renovation
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
    8.6    Global Smart Home Healthcare Market by End User 
        8.6.1    Safety and Security Monitoring
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Nutrition/Diet Monitoring
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Memory Aids
            8.6.3.1    Historical Trend (2018-2022)
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Fall Prevention and Detection
            8.6.4.1    Historical Trend (2018-2022)
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Health Status Monitoring 
            8.6.5.1    Historical Trend (2018-2022)
            8.6.5.2    Forecast Trend (2023-2028)
        8.6.6    Others    
    8.7    Global Smart Home Healthcare Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2022) 
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2022) 
            8.7.2.2    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2022) 
            8.7.3.2    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2022) 
            8.7.4.2    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2022) 
            8.7.5.2    Forecast Trend (2023-2028)
9    North America Smart Home Healthcare Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe  Smart Home Healthcare Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Smart Home Healthcare Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Smart Home Healthcare Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Smart Home Healthcare Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Price Analysis
17    Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    Honeywell International Inc
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    Schneider Electric SE
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Siemens AG
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Koninklijke Philips N.V.
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    Qualcomm Incorporated
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Others
18    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Smart Home Healthcare Market: Key Industry Highlights, 2018 and 2028
2.    Global Smart Home Healthcare Historical Market: Breakup by Technology (USD Billion), 2018-2022
3.    Global Smart Home Healthcare Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4.    Global Smart Home Healthcare Historical Market: Breakup by Service (USD Billion), 2018-2022
5.    Global Smart Home Healthcare Market Forecast: Breakup by Service (USD Billion), 2023-2028
6.    Global Smart Home Healthcare Historical Market: Breakup by End User (USD Billion), 2018-2022
7.    Global Smart Home Healthcare Market Forecast: Breakup by End User (USD Billion), 2023-2028
8.    Global Smart Home Healthcare Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global Smart Home Healthcare Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America Smart Home Healthcare Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America Smart Home Healthcare Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe Smart Home Healthcare Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe Smart Home Healthcare Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific Smart Home Healthcare Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific Smart Home Healthcare Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America Smart Home Healthcare Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America Smart Home Healthcare Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa Smart Home Healthcare Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa Smart Home Healthcare Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Global Smart Home Healthcare Market Structure

Key Questions Answered in the Report

What was the global smart home healthcare market size in 2022?

In 2022, the global smart home healthcare market attained a value of nearly USD 78.09 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 23.5% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 276.68 billion by 2028.

What are the major industry drivers?

The major drivers of the industry, such as the escalating adoption of cloud technology in the healthcare setting, growing acceptance of technology, rising disposable incomes and improving living standards of consumers, and the rapidly increasing geriatric population, are expected to aid the market growth.

What are the key industry trends of the global smart home healthcare market?

The key market trends guiding the growth of the industry include the rapid technological advancements and the growing demand for wireless communication.

What are the major regional markets of global smart home healthcare, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major technologies considered within the market report?

Wireless Communication and Cellular Network, among others are the major technologies considered within the market report.

What are the significant services considered within the market report?

Installation and repair and customisation and renovation are the significant services considered within the market report.

What are the major end users considered within the market report?

The major end users considered within the market report include safety and security monitoring, nutrition/diet monitoring, memory aids, fall prevention and detection, and health status monitoring, among others.

Who are the key industry players, according to the report?

The major players in the industry are Honeywell International Inc, Schneider Electric SE, Siemens AG, Koninklijke Philips N.V., and Qualcomm Incorporated, among others.

Analyst Review

The global smart home healthcare market attained a value of USD 78.09 billion in 2022, driven by the emergence of advanced technologies and healthcare solutions, such as artificial intelligence (AI), e-health, and mHealth, among others. Aided by the increasing public awareness about innovative applications of smart home-based wireless sensors, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 23.5%. The market is projected to reach USD 276.68 billion by 2028.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of technology, the industry can be divided into wireless communication and cellular network, among others. Based on service, the industry can be segmented into installation and repair, and customisation and renovation. Based on end user, the industry is categorised into safety and security monitoring, nutrition/diet monitoring, memory aids, fall prevention and detection, and health status monitoring, among others. The major regional markets for global smart home healthcare are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc, Schneider Electric SE, Siemens AG, Koninklijke Philips N.V., and Qualcomm Incorporated, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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