Surging
geriatric population as well as rising demand for personalized healthcare,
mHealth technologies and advanced smart home healthcare technologies are taking
the smart home healthcare market forward.
Valued in 2017 by P&S Intelligence at $4.5 billion, the domain size is predicted to grow to $30.0 billion by 2023 at a 37.3% CAGR during the forecast period 2018–2023. Smart home healthcare refers to the use of IT-enabled devices at home for healthcare applications, including safety and security monitoring, fall prevention and detection, health status monitoring, memory aid, nutrition/diet monitoring, and others.
According
to the World Population Ageing report published by the United Nations
Department of Economic and Social Affairs (UNDESA) in 2017, people above 60
years of age, who numbered 382 million in 1980, increased to 962 million in
2017. Further, it is being estimated that by 20500end, the elderly across the
world would number 2.1 billion. With the growing geriatric population, the
demand for personalized care at their home is predicted to increase, taking the
smart home healthcare market ahead during the forecast period.
Historically, North America contributed the largest revenue to the domain and will continue to do so during the forecast period as well. However, the fastest smart home healthcare market growth is expected in Asia-Pacific (APAC), where it will progress at a CAGR of 41.1%. The reasons for this would be increasing life expectancy and patient base, growing awareness about the advanced applications of such devices and technologies, restructuring of healthcare policies in several countries, and increasing IT investments in the field.
Thus, it is clear that the growing geriatric population will be one of the major factors in the domain prosperity across the world.
Valued in 2017 by P&S Intelligence at $4.5 billion, the domain size is predicted to grow to $30.0 billion by 2023 at a 37.3% CAGR during the forecast period 2018–2023. Smart home healthcare refers to the use of IT-enabled devices at home for healthcare applications, including safety and security monitoring, fall prevention and detection, health status monitoring, memory aid, nutrition/diet monitoring, and others.
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Historically, North America contributed the largest revenue to the domain and will continue to do so during the forecast period as well. However, the fastest smart home healthcare market growth is expected in Asia-Pacific (APAC), where it will progress at a CAGR of 41.1%. The reasons for this would be increasing life expectancy and patient base, growing awareness about the advanced applications of such devices and technologies, restructuring of healthcare policies in several countries, and increasing IT investments in the field.
Thus, it is clear that the growing geriatric population will be one of the major factors in the domain prosperity across the world.
