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.
What Is the Smart Home Healthcare Market Size?
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, the smart home healthcare market size will grow to a worth of US$269 billion.
Monitoring Devices and Services in the Smart Home Healthcare Market
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. The following is a list of some of the main solution providers and Original Equipment Manufacturers (OEMs) for three popular categories.
Personal Emergency Response Devices (PERS)
- First Alert
- Connect America
- Life Alert
- GrandCare Systems
- Essence SmartCare
Voice Control Front-End
- Apple’s Alibaba
Figure 1: Alert1 Alarm System (Source: First Alert)
2022 to 2027 Smart Home Healthcare Market Forecasts for Monitoring Services Installations
- New home monitoring services revenue is growing at a Compound Annual Growth Rate (CAGR) of 22.3%.
- 16.39 million new services installations in 2022, and 53.52 million new installations in 2027.
- New services installations revenue will be US$12.8 billion in 2030, compared to US$4.7 billion in 2022.
- Western Europe will generate the greatest revenue from new services installations, with North America and Asia-Pacific trailing.
- 112.2 million home monitoring device shipments in 2027, creating a US$2.2 billion market opportunity.
What Kind of Robots Are Being Used in the Smart Home Healthcare Market?
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:
- Intuition Robotics
Figure 2: Tombot the social robotic dog companion on the lap of a senior (Source: Tombot)
2022 to 2027 Smart Home Healthcare Market Forecasts for Social/Personal Robots
- 14.6 million shipments of social/personal robot devices in 2027, up from just 3.2 million shipments in 2022.
- North America, Asia-Pacific, and Western Europe will account for 89% of personal/social robots installed base in the smart home healthcare market.
- Mobile robot shipments are growing the fastest; with a 52.4% CAGR and on a trajectory to surpass stationary robot shipments later in the decade.
- Total market size for social/personal robot devices is US$1.6 billion in 2022 and US$7.2 billion in 2027.
- Just 29% of social/personal robots use Low Power Wide Area (LPWA)-Long Term Evolution (LTE) in 2022, and that number will increase to 89% by 2027.
Technologies in the Smart Home Healthcare Market That Enable Remote Assistance
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
- Fisher & Paykel
- DeVilbiss Healthcare
Blood Pressure Monitors and Pulse Oximeters
Continuous Glucose Monitors
Electrocardiogram (ECG) Monitors
Figure 3: 3 Series® Upper Arm Blood Pressure Monitor (Source: OMRON)
2022 to 2027 Smart Home Healthcare Market Forecasts for Remote Patient Monitoring
- 7.9 million RMP new service installations in 2027, for a 7.1% CAGR.
- US$16.6 billion in new service revenue in 2022; US$25.2 billion in 2027 revenue.
- North America is the biggest adopter of RMP technologies, accounting for 68% of global RMP installed base revenue in 2027.
- US$24.2 billion in annual device revenue by 2027, up from US$16.1 billion in 2022.
- Continuous glucose monitors make up more than half of all RMP device revenue (US$14.4 billion by 2027).
- LPWA is destined to be the connectivity protocol of choice for RPM.
Make Moves Now to Dominate the Home Healthcare Market Later
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.-