The smart home healthcare market is anticipated to be driven by rising consumer consciousness towards health and fitness. In the past decade, cases of diseases like CVD and obesity have spiked considerably across the globe. The fear of experiencing abnormal healthcare patterns like high blood glucose level or heart rate has encouraged patients to purchase wearable health monitoring devices.

Devices like fitness band and smartwatches now come with inbuilt sensors that help in detecting various health-related parameters like pulse rate, blood pressure, among others. These wearable gadgets can help in notifying early warnings regarding health-related issues by monitoring accurate health information.

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Currently, a wide range of wearable devices are available in the market. New versions of these devices are rigged with wireless technology, sensors and software that can collect and transfer physiological data remotely to the healthcare center. Surge in awareness regarding the benefits of such technologically innovative devices could upsurge the business prospects of smart home healthcare device manufacturers. A report published by GMI, states that the smart home healthcare market will exceed USD 30 billion by 2025.

Elaborating on some on the upcoming trends in smart home healthcare industry: 

1)         Demand for AI-driven healthcare devices

Technologies like mHealth, AI (artificial intelligence), and IoT (Internet of Things) have revolutionize the way healthcare technologies operate. AI technology in particular has gained immense traction in the healthcare sector as it can help in gathering and analyzing the information regarding activities of an individual and their health status.

AI-powered systems register a database where all the activities such as individual's behavioral and physiological patterns along with health histories are stored. Also, these systems are designed in a way that they can raise an alarm in case of an medical emergency to authorities, allowing instant and suitable medical attention.

The availability of such technologies is expected to influence the smart home healthcare market share in the estimated timeframe. Mounting demand for personalized healthcare technologies and extended healthcare at home to improve overall health conditions may also support technology penetration.

2)         High spending on healthcare in APAC

The Asia Pacific smart home healthcare industry held for more than 19% of the overall market revenue share in 2018, and is estimated to grow exponentially by 2025. Patients across the region are increasingly gravitating towards home healthcare technologies to monitor their vitals. Countries like India and China are witnessing an increase in advancements conducted in home healthcare applications. This, along with high expenditure on healthcare, could stir the smart home healthcare market of APAC.

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3)         Adoption of new business strategies

Key players operating in the global smart home healthcare industry are focusing on partnerships, new product launches and enhancements to stay competitive and maintain their financial stability in the market. In 2021, Carisk Partners, a specialty risk transfer and care coordination firm and HandsFree Health™ collaborated to deliver a voice-enabled, HIPAA compliant, home health assistant for catastrophically injured patients.