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).
In recent years, the preference for mHealth technologies has significantly spiked, on account of the soaring demand for remote patient care, burgeoning healthcare costs, and increasing implementation of supportive healthcare regulations. mHealth refers to healthcare services that are delivered with the assistance of mobile devices such as personal digital assistants (PDAs), cell phones, tablets, and laptops. For example, smartphones like Lava Pulse and Honor Play 4 Pro have health parameter sensors to monitor personal health at home by using wireless and mobile technologies.
Geographically, North America was the leading consumer of smart home healthcare devices and services during 2014–2019. This is due to the strong presence of consumer electronics firms providing cost-effective advanced products, huge investments in technological innovations, and high per capita income in the region. The technological advancements in North America are usually directed at broadening the scope of wearable technologies in the healthcare sector. Moreover, the growing incidence of cancer in the aging population of the region will fuel the adoption of advanced healthcare solutions in the coming years.
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.
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