The home healthcare market is changing rapidly as innovators provide numerous smart technologies that make users’ lives safer and more convenient. ABI Research’s recent Smart Home Healthcare market data report unveiled the greatest product and service opportunities. Understanding where the home healthcare market currently is and where it is headed will give solution providers the strategic intelligence needed for developing an optimal roadmap.
The smart home healthcare market size includes both service and device revenue across the globe. In 2022, the smart home healthcare market size is worth US$98 billion. By 2027, that number will grow to a worth of US$269 billion.
Home monitoring includes wearable and wireless-enabled devices, appliances, and gateways that are leveraged for aging in place, Personal Emergency Response Systems (PERS), and Ambient Assisted Living (AAL) systems. For wearable in particular, the healthcare segment is expected to be a major catalyst for the growing demand for connected wearable devices, according to ABI Research.
The following is a list of some of the main solution providers and Original Equipment Manufacturers (OEMs) for three popular smart healthcare categories.
Personal Emergency Response Devices (PERS)
AAL Systems
Voice Control Front-End
Figure 1: Alert1 Alarm System (Source: First Alert)
Social robots serve the purpose of making the resident’s life easier or more personable (for loneliness). Social robots can either be mobile or stationary. Mobile robots might carry out tasks like scheduling an appointment or helping lift an elderly/disabled person out of bed. Mobile robots are still embryonic and the main focus in the home healthcare market right now is mostly on the stationary robot space or personal robots. Personal robots are more simplified and do things like take pictures and provide verbal communication to the user.
The robotics space isn’t nearly as crowded as the home monitoring segment. Notable solution providers in the home healthcare market are:
Figure 2: Tombot the social robotic dog companion on the lap of a senior (Source: Tombot)
Remote Patient Monitoring (RPM) technologies, just like home monitoring technologies, are wearable and wireless. These technologies allow doctors to track the health status of patients remotely and prescribe medications right away. Below is a list of solution providers for four main RPM categories in the home healthcare market.
Continuous Positive Airway Pressure (CPAP) Devices
Blood Pressure Monitors and Pulse Oximeters
Continuous Glucose Monitors
Electrocardiogram (ECG) Monitors
Figure 3: 3 Series® Upper Arm Blood Pressure Monitor (Source: OMRON)
Every technology in the home healthcare market has its unique benefits. In many cases, patients will require multiple technologies to tackle various aspects of health monitoring and performing day-to-day tasks. What the market data reveal is that there is an incredibly strong demand for smart home healthcare services and devices, and plenty of market size for many vendors to take a slice of the pie. Planning product and service rollouts now and prioritizing the segments that offer the greatest revenue potential will ensure that smart home healthcare solution providers are more than capable of staying competitive in this growing industry.-
This post is just a small sample of the vast pool of data found in ABI Research’s Smart Home Healthcare market data report. Download it today to learn more.