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.
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Among all these, fall prevention and detection application led the smart home healthcare market in 2017 with 39.0% revenue contribution and is expected to advance in the future at a CAGR of 39.8%. This is majorly attributed to the elderly, who are more prone to falling down and not being able to get back up on their own on account of their diminished physical strength. As per a 2018 article published by the World Health Organization (WHO), falls are one of the leading causes of deaths due to unintentional injuries.
The advent of the mHealth technology is helping significantly in this regard, as those being taken care of at their home need not always visit healthcare centers. With mHealth, all the medical data, such as pathology and radiology results, and medication schedule can be shared with the doctors via mobile devices, laptops, and personal computers. Thus, in the process of establishing remote communication, mHealth helps in reducing the healthcare expenditure, which is why the demand for such technologies is increasing.
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.
Thus, it is clear that the growing geriatric population will be one of the major factors in the domain prosperity across the world.