mHealth Technologies Improving Smart Home Healthcare Services

The smart home healthcare market growth will thrive on a number of factors such as the booming geriatric population, burgeoning healthcare expenditure, rising focus on personalized healthcare, escalating requirement for mHealth technologies, surging cases of chronic ailments, and increasing adoption of internet of things (IoT)-connected smart home healthcare devices. According to P&S Intelligence, the market was valued at $8.7 billion in 2019 and it is projected to reach $96.2 billion by 2030, advancing at a CAGR of 26.2% during the forecast period (2020–2030).

Currently, the smart home healthcare market is observing a considerable rise in the adoption of IoT devices in home settings, due to the development of advanced and innovative products. Smart glucometers and insulin pens, smartwatches, ingestible sensors, and connected inhalers are some of the most widely used IoT devices, across the world. For example, the LifeFone fall detection pendant offered by LifeFone Inc. alerts an emergency response center if the user falls, by sending an alarm to such center.

The preference for such advanced smart home healthcare devices has surged, due to a notable rise in chronic diseases, such as diabetes, cancer, and heart diseases, which have become major causes of disability and death, globally. For example, the International Diabetes Federation (IDF) Diabetes Atlas 2019 estimated that nearly 578 million adults aged 20–79 years will suffer from diabetes by 2030. Smart healthcare devices like smartwatches, electrocardiogram (ECG) devices, and glucometers help in tracking blood pressure, heart rate, and blood sugar levels, respectively, for early disease detection, thereby, decreasing healthcare costs.

Whereas, the Asia-Pacific (APAC) smart home healthcare market is expected to witness the fastest growth during the forecast period, owing to the surging government initiatives to support the adoption advanced healthcare solutions, amplifying geriatric population, and growing incidence of chronic diseases. According to the 2019 World Population Ageing report, the number of people aged 65 years and above in Asia is estimated to reach 954.6 million by 2050. Besides, the presence of leading players like Samsung Electronics Co. Ltd. and Xiaomi Corporation will also facilitate the market growth in the future.  

Thus, the rising preference for IoT-enabled medical devices and mHealth technologies will boost the usage of smart home healthcare solutions in the coming years.

Smart Home Healthcare Market Size and Demand Forecast Report

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