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COVID-19 Business Impact on Smart Home Healthcare Market Growth Opportunities, Market Share & Trends | P&S Intelligence

Global smart home healthcare market is forecasted to attain a revenue of $30.0 billion by 2023, the market is mainly driven by growing geriatric population, escalating demand for personalized healthcare, increasing demand for mHealth technologies, and surge in demand of advanced smart home healthcare technologies, according to P&S Intelligence.

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Another major advantage of a smart home is that it can provide personal care for elderly people, those suffering from disabilities, people who have chronic conditions, including dementia. Smart home technology has the ability to provide support to people in order for them to have a better quality of life and to ensure that elderly people live independently and comfortably. The technology can further reduce care and living costs, thereby enhancing the quality of life for people who have special care needs. Because of all these advantages, the demand for smart home healthcare is increasing rapidly.

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North America emerged as the largest smart home healthcare market in the past, which is owing to the enhanced healthcare infrastructure, surging geriatric population, rising healthcare spending, and increasing prevalence of chronic and lifestyle associated diseases in the region. Apart from this, the Asia-Pacific region is predicted to witness a considerable rise in the utilization of smart home healthcare technology in the coming years. This is due to the growing awareness regarding advanced applications of smart home-based wireless sensors in the region.

The research offers market size of the global smart home healthcare for the period 2013–2023.

Market Segmentation by Technology

  • Cellular Network
  • Wireless Communication
  • Others

Market Segmentation by Service

  • Installation and Repair
  • Customization and Renovation

Market Segmentation by Application

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

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