Smart Home Healthcare Market Size by Technology (Wired, Wireless), By Service (Installation and Repair, Renovation and Customization), By Application (Fall Prevention and Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids), Ind

Smart Home Healthcare Market Size by Technology (Wired, Wireless), By Service (Installation and Repair, Renovation and Customization), By Application (Fall Prevention and Detection, Health Status Monitoring, Nutrition or Diet Monitoring, Memory Aids), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

The global smart home healthcare market is slated to propel positively through 2032 owing to the increasing personalized healthcare demand in developed nations.

Lately, major companies in the industry are robustly investing in developing innovative technology to serve patients in the best way. The surging demand for technologically advanced home healthcare devices has played a major role in the market expansion. For instance, in November 2020, Medtronic launched its InPen with real-time Guardian Connect CGM data. This integrated solution aids users in managing their diabetes by providing real-time glucose readings and details on insulin dosage.

The smart home healthcare market has been divided in terms of technology, service, application, and region.

Based on technology, the wireless segment is expected to grow rapidly through the forecast period due to the benefits of wireless technology versus wired technology, the simplicity of communication, as well as sensors and built-in computing devices.

With respect to service, the installation and repair segment is anticipated to record high gains by the end of 2032 credited to the availability of various residential systems for simple installation in a patient's home gateway.

In terms of application, the fall prevention and detection segment recorded more than 41% market share in 2022. The technological advancements to reduce fall incidents are expected to help the segment flourish through the review timeline.

Meanwhile, the health status monitoring segment garnered approximately 25% valuation in 2022. Growing public awareness of personal health tracking will likely foster segmental growth throughout the forecast years. It facilitates data collection and monitoring and further notifies health workers in the case of a medical emergency.

The others segment is poised to witness significant growth over the forthcoming years attributed to the recent technological developments that led to the creation of unique products.

From the regional perspective, the Latin America smart home healthcare market is estimated to grow at more than 28% CAGR from 2023 to 2032. The expansion can be ascribed to the constantly growing population base in the region and an increase in medical tourism.

On the other hand, the North America smart home healthcare industry is projected to showcase strong growth over the research years fueled by the growing healthcare spending. Additionally, the increasing disposable income and surging urbanization are anticipated to proliferate market expansion in the region.