Rising Adoption of IoT Devices Projected to Drive Smart Home Healthcare Market

The global smart home healthcare market is projected to generate a revenue of $96.2 billion by 2030, increasing from $8.7 billion in 2019, advancing at a 26.2% CAGR during the forecast period (2020–2030). The growing healthcare expenditure, increasing geriatric population, rising usage of IoT-connected smart home healthcare devices, surging prevalence of chronic diseases, and growing preference for personalized healthcare are resulting in the expansion of the market. The market is divided into services and solutions, on the basis of offering. 

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The smart home healthcare market is categorized into memory aids, nutrition/diet monitoring, health status monitoring, safety and security monitoring, and fall detection and prevention, when application is considered. Among all these, the fall detection & prevention application is projected to witness the highest CAGR during the forecast period, which is majorly because of the increasing aged population across the world. Fall detection systems enable aged patients to contact someone immediately for assistance, and the caregiver can take quick action. 

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The rapidly increasing prevalence of chronic diseases all over the world is contributing significantly to the growth of the smart home healthcare market. Chronic diseases, including diabetes, cancer, and heart diseases, are the key causes of disability and death, globally. Smart healthcare devices such as glucometers, electrocardiogram devices, and smartwatches aid in tracking blood sugar levels, heart rate, and blood pressure for early disease detection. This further leads in the reduction of the healthcare costs. 

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Created on Dec 28th 2020 04:49. Viewed 233 times.

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