Smart Home Healthcare Market - Growth, Trends, Forecasts (2020 - 2025)
NEW YORK, Nov. 17, 2020 /PRNewswire/ -- The Smart Home Healthcare Market is expected to register a CAGR of 26.5% over the forecast period 2020 - 2025. The increasing adoption of IoT devices is why the smart home healthcare market players are increasingly launching such products. Growing alongside this trend is the potential for healthcare services to be provided in a smart home.
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- Smart devices are projected to grow to 200 billion by 2020, according to Intel. Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. According to the Centers for Disease Control and Prevention, 90% of the nation's USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions. These patients, by availing services at home, would be helping hospitals save on monitoring and rehabilitation expenses as well.
- Also, AI and technology make advances, such as videoconferencing doctors, remote patient monitoring, and online over-the-counter medication purchasing not only possible but also the viable basis of a self-care revolution. In the near future, smart homes will be primary care. Ongoing monitoring has been facing issues due to the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Then, Paul Osterman from MIT estimated that the LTSS field requires additional 13.1 million family caregivers from 2015 to 2040 and currently faces a shortfall of up to 11 million caregivers.
- But the true potential of a smart home that offers care lies in identifying the unique health needs of each individual residing in a home, from infants to the elderly, by serving unique needs simultaneously. Being originally developed to alert homeowners to unwelcome activity, connected home security technology is an aspect that has rapidly evolved to serve both family and professional caregivers connected to aging adults against emerging health issues.
- Voice assistants, such as home assistants, like Google and Amazon, as well as apps, wearables and devices, have been actively preferred as a means to offer a smart home ongoing monitoring across areas such as glucose and blood pressure, for instance. In September 2019, voice-powered care assistant Aiva Health got investment from the Google Assistant Investment Program. The former has been using Google Home, Amazon Echo, and other smart speakers to engage patients and the elderly and connect them with their caregivers.
- In the middle of the COVID-19 pandemic, connected health and RPM (remote patient monitoring) is becoming more pervasive than ever, as these methods and services are enabling physicians to monitor patients contactless, preventing the spread of the novel coronavirus. This is facilitating them by increasing the bed space for patients with severe cases. Hospitals, in these times, are actively supporting the usage of connected health and RPM and fostering the same toward building a smart home healthcare lifestyle during the pandemic.
- The Internet of Things Consortium (IoTC), on the other hand, announced the addition of connected health and wellness to its key verticals. This was done by recognizing an urgent need to advance IoT growth in light of the vulnerabilities depicted during the COVID-19 period. IoTC and its member partners are expected to prioritize innovation in smart home health and wellness.
Key Market Trends
Growing Importance of Health and Wellness and Exploring Relevant Areas to Drive the Market Growth
- The global population is aging at a fast pace owing to various government initiatives to enhance the longevity revolution. Most developed nations are increasingly observing growth in the number of aging populus. According to the UN data, in 2019, there were 703 million people aged 65 or older, and the number is projected to reach 1.5 billion by 2050.
- Consumers are increasingly adopting healthier diets and exercise routines to maintain a healthy lifestyle, and technology is helping maintain such a lifestyle in developed countries. According to the 2019 FOOD barometer survey by Edenred on 47,000 employees, 1,800 restaurant owners in 10 European countries found that 65% of the European employees mentioned new technologies play a positive role in food in the workplace; 50% mentioned that apps offering recipes and nutritional advice are the best way of eating more healthily, followed by apps making recommendations when buying products (29%) and calorie-counting apps (26%).
- Smart cities and smart living are expected to shape the market demand over the coming years, further facilitating the adoption of smart home and living technology. Over the coming years, urban farming in indoor spaces using vertical and horizontal farming is expected to gain traction to maintain a constant supply of healthy food for the growing needs of health and fitness.
- Consumers are increasingly spending on experiences and travel than ever before owing to the changing lifestyles and free time due to the use of technology, the focus on wellness is expected to increase significantly over the forecasted period and see a surge in post-COVID world.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific healthcare market is concerned, digital transformation and the explosion in IoT devices, are aiming to modernize healthcare delivery. Moreover, manufacturers, worldwide, have been providing solutions that are effective and affordable, in specific to Asian smart home. Within, Asia, Taiwan, South Korea, and Singapore are countries depicting high data connectivity. Moreover, with rising high-income households, a greater penetration of smart homes is expected. Also, Singapore as one among the fastest aging societies has 560,000 people aged 65 and over, making up one-fifth of the total population, as per Statistics Singapore in 2019.
- Based on the statistics, the number of people aged 65 and above is expected to grow dramatically in the near term. And in 2019, a quarter of a billion people in China were aged 60 and older along with country's smart technology penetration in their homes rising. And, by 2050, China is expected to witness its 35% of the population to be over 65, as per government estimates.
- The region's rising generation of individuals growing up with technology are promising a potential market adoption in a near term as critical barriers such as acquisition of new technical skills will not remain. Similarly, across China and India, the healthcare tools are working on established platforms like WiiChat with billions of users.
- Further, allied smart health tech startups have been witnessed shifting from the U.S./UK to Asia, due to growing awareness of well-being and rising aging population. At CES 2020, the exhibition expanded by 25% for the health and wellness segment. On the vendor front, AerNos, a US-based air sensor startup, announced plans on expanding annual production capacity to 100,000 units in 2020 in light of sales expansion expected in Asia.
Competitive Landscape
The smart home healthcare market is consolidated. The companies are launching new products and leveraging strategic collaborative initiatives to increase their market share and increase profitability. Some of the recent developments in the market are:
- May 2020 - Eight Sleep Inc. launched Pod Pro, which has an active grid that provides dynamic heating and cooling between 55-110 degrees Fahrenheit on each side of the bed. The temperature can be controlled using the Eight Sleep app for android and iOS devices.
- January 2020 - ReST Performance announced the strategic partnership with sleep technology start-up Bedjet and offered customers the ability to add temperature control technology to the ReST Bed's already existing list of smart capabilities. The system allows sleepers to heat or cool their bed remotely through an app on the smartphone or remote control. The system is offered as a single zone system or a dual-zone system designed for couples who would like individual control of heating and cooling elements.
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