North America Smart Home Healthcare Market 2020-2030

North America smart home healthcare market is expected to grow by 25.7% annually in the forecast period and reach $40.25 billion by 2030.

North America smart home healthcare market is expected to grow by 25.7% annually in the forecast period and reach $40.25 billion by 2030 driven by the growing healthcare expenditure, rising usage of IoT-connected smart home healthcare devices, surging prevalence of chronic diseases along with the increasing geriatric population, and growing preference for personalized healthcare.

North America dominated the smart home healthcare market during the historical period. The major factors supporting the market growth are the high per capita income in the region, presence of big consumer electronics companies offering advanced products at low prices, and increase in investments for technological innovations, to broaden the scope of wearable technologies in the healthcare industry. In addition, the prevalence of cancer and other chronic diseases is significantly high in the geriatric population of North America, which continues to fuel the demand for advanced healthcare solutions.

North America smart home healthcare market is estimated to witness significant growth over the analysis timeline. Rising prevalence of chronic diseases as a result of lifestyle changes and unhealthy dietary habits is the key factor driving demand for smart home devices. Increasing healthcare expenditure coupled with strong foothold of major industry players in North America will further boost smart home healthcare business growth.

The fall detection and prevention category is expected to register the fastest growth in the smart home healthcare market during the forecast period, under the application segment. This would be primarily due to the growing geriatric population across the globe. Fall detection systems allow elderly patients to immediately contact someone for assistance, who can take quick action. The wireless category accounted for the larger market size in 2019, and it is further expected to witness the faster growth in the smart home healthcare market during the forecast period. This can be ascribed to the surging inclination toward wireless networks, increasing number of smartphone users, rising internet penetration, and growing utilization of IoT-connected devices. Moreover, the wireless technology provides advantages such as less information technology (IT) costs, improved productivity, and flexibility to access multiple connections, which are further supporting its market growth.

Technological advancements in smart home healthcare will serve to be positive impact rendering factor. Focus of industry players on development of technologically advanced and innovative smart home healthcare devices will foster business growth. However, security and privacy issues pertaining to patient health may impede smart home healthcare market growth over the forecast period. 

Growing demand for Internet-of-Things (IoT) in home healthcare will drive smart home healthcare market during the forecast period. IoT technology connects various devices and systems including actuators, sensors, computers, appliances and smartphones, resulting in highly distributed intelligent system that is capable of communicating with humans as well as other devices. Advent of technology in communication and computing technologies along with advanced, low-cost actuators, sensors and electronic components will offer opportunities for IoT applications in home healthcare. Application of IoT healthcare with integrated e-health and assisted living technology can play a crucial role in revolutionizing healthcare system for elderly thereby, accelerating smart home healthcare market growth. The popularity of IoT devices in the home healthcare sector is increasing tremendously due to the development of innovative and advanced products. For instance, the LifeFone fall detection pendant by LifeFone Inc. sends an alarm to the emergency response center if the person falls. There are numerous other IoT devices available that provide smart home healthcare services, such as the FooBot air quality monitor by Airboxlab SA, smart glucometers and insulin pens, connected inhalers, ingestible sensors, and smartwatches, which monitor stress levels, heart rate, blood pressure, and other parameters. These devices have gained a significant response from consumers all over the world. Thus, IoT devices are one of the major trends being witnessed in the smart home healthcare market.

Impact of Covid 19
The COVID-19 outbreak is negatively affecting the growth of the global smart home healthcare market in 2020. This is mainly due to the temporary closure of manufacturing facilities, restriction on the movement of goods, and disruption in the supply chain. Moreover, online retailers are struggling to courier items effectively. Additionally, the COVID-19 outbreak and mitigation measures have resulted in reduced economic growth and consumer spending on smartwatches and other wearables, as they are emphasizing on the purchase of essential goods. For instance, Fitbit Inc. recorded a decline of 21% in smartwatch shipments in 2020 (first quarter).

Highlighted with 22 tables and 36 figures, this 85-page report “North America Smart Home Healthcare Market 2020-2030 by Offering (Solutions, Services), Technology (Wireless, Wired), Application (Fall Detection & Prevention, Health Status Monitoring, Safety & Security Monitoring, Memory Aids, Nutrition/Diet Monitoring), and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America smart home healthcare market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate for 2020 and forecast from 2021 till 2030 with 2019 as the base year (Year 2020 is not appropriate for research base due to the outbreak of COVID-19).

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify North America smart home healthcare market in every aspect of the classification from perspectives of Offering, Technology, Application, and Country.

Based on Offering, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Solutions
• Services
• Installation and Repair
• Renovation and Customization

Based on Technology, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Wireless System
• Wired System

Based on Application, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Fall Detection and Prevention
• Health Status Monitoring
• Safety and Security Monitoring
• Memory Aids
• Nutrition/Diet Monitoring
• Other Applications

Geographically, the following national/local markets are fully investigated:
• U.S.
• Canada
• Mexico
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2019-2030. The breakdown of key national markets by Offering, Technology, and Application over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request):
Apple Inc.
Awair Inc.
Eight Sleep
Evermind Inc.
Fitbit Inc.
Google
Medical Guardian LLC
Medtronic
Proteus Digital Health
Samsung Electronics Co., Ltd.
Sleepace
VitalConnect
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

What's Inside a Bonafide Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

Download Sample

Make this report your own

Have queries/questions regarding a report?

Take advantage of intelligence tailored to your business objective

Arun Kalwani

Arun Kalwani

Research Analyst

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now
Arun Kalwani

Table of Contents

  • 1 Introduction 6
  • 1.1 Industry Definition and Research Scope 6
  • 1.1.1 Industry Definition 6
  • 1.1.2 Research Scope 7
  • 1.2 Research Methodology 10
  • 1.2.1 Overview of Market Research Methodology 10
  • 1.2.2 Market Assumption 11
  • 1.2.3 Secondary Data 11
  • 1.2.4 Primary Data 11
  • 1.2.5 Data Filtration and Model Design 12
  • 1.2.6 Market Size/Share Estimation 13
  • 1.2.7 Research Limitations 14
  • 1.3 Executive Summary 15
  • 2 Market Overview and Dynamics 17
  • 2.1 Market Size and Forecast 17
  • 2.1.1 Impact of COVID-19 on World Economy 18
  • 2.1.2 Impact of COVID-19 on the Market 20
  • 2.2 Major Growth Drivers 22
  • 2.3 Market Restraints and Challenges 28
  • 2.4 Emerging Opportunities and Market Trends 31
  • 2.5 Porter’s Fiver Forces Analysis 35
  • 3 Segmentation of North America Market by Offering 40
  • 3.1 Market Overview by Offering 40
  • 3.2 Solutions 42
  • 3.3 Services 43
  • 3.3.1 Installation and Repair 44
  • 3.3.2 Renovation and Customization 45
  • 4 Segmentation of North America Market by Technology 46
  • 4.1 Market Overview by Technology 46
  • 4.2 Wireless System 48
  • 4.3 Wired System 49
  • 5 Segmentation of North America Market by Application 50
  • 5.1 Market Overview by Application 50
  • 5.2 Fall Detection and Prevention 52
  • 5.3 Health Status Monitoring 53
  • 5.4 Safety and Security Monitoring 54
  • 5.5 Memory Aids 55
  • 5.6 Nutrition/Diet Monitoring 56
  • 5.7 Other Applications 57
  • 6 North America Market 2019-2030 by Country 58
  • 6.1 Overview of North America Market 58
  • 6.2 U.S. 61
  • 6.3 Canada 64
  • 6.4 Mexico 66
  • 7 Competitive Landscape 68
  • 7.1 Overview of Key Vendors 68
  • 7.2 New Product Launch, Partnership, Investment, and M&A 71
  • 7.3 Company Profiles 72
  • Apple Inc. 72
  • Awair Inc. 74
  • Eight Sleep 75
  • Evermind Inc. 76
  • Fitbit Inc. 77
  • Google 78
  • Medical Guardian LLC 79
  • Medtronic 80
  • Proteus Digital Health 81
  • Samsung Electronics Co., Ltd. 82
  • Sleepace 83
  • VitalConnect 84
  • RELATED REPORTS 85

List of Tables:

Table 1. Snapshot of North America Smart Home Healthcare Market in Balanced Perspective, 2019-2030 16
Table 2. Growth Rate of World GDP, 2020-2022 19
Table 3. World Health Spending by Region, $ bn, 2013-2020 26
Table 4. Main Product Trends and Market Opportunities in North America Smart Home Healthcare Market 31
Table 5. North America Smart Home Healthcare Market by Offering, 2019-2030, $ mn 40
Table 6. North America Smart Home Healthcare Market: Services by Type, 2019-2030, $ mn 43
Table 7. North America Smart Home Healthcare Market by Technology, 2019-2030, $ mn 46
Table 8. North America Smart Home Healthcare Market by Application, 2019-2030, $ mn 50
Table 9. North America Smart Home Healthcare Market by Country, 2019-2030, $ mn 59
Table 10. U.S. Smart Home Healthcare Market by Offering, 2019-2030, $ mn 63
Table 11. U.S. Smart Home Healthcare Market by Technology, 2019-2030, $ mn 63
Table 12. U.S. Smart Home Healthcare Market by Application, 2019-2030, $ mn 63
Table 13. Canada Smart Home Healthcare Market by Offering, 2019-2030, $ mn 65
Table 14. Canada Smart Home Healthcare Market by Technology, 2019-2030, $ mn 65
Table 15. Canada Smart Home Healthcare Market by Application, 2019-2030, $ mn 65
Table 16. Mexico Smart Home Healthcare Market by Offering, 2019-2030, $ mn 67
Table 17. Mexico Smart Home Healthcare Market by Technology, 2019-2030, $ mn 67
Table 18. Mexico Smart Home Healthcare Market by Application, 2019-2030, $ mn 67
Table 19. Apple Inc.: Company Snapshot 72
Table 20. Apple Inc.: Business Segmentation 72
Table 21. Apple Inc.: Product Portfolio 73
Table 22. Apple Inc.: Revenue, 2018-2020, $ mn 73

List of Figures:

Figure 1. Research Method Flow Chart 10
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 13
Figure 3. North America Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2019-2030 15
Figure 4. North America Smart Home Healthcare Market, 2019-2030, $ mn 17
Figure 5. Impact of COVID-19 on Business 20
Figure 6. Primary Drivers and Impact Factors of North America Smart Home Healthcare Market 22
Figure 7. Worldwide Geriatric Population (60 years and above) by Regions, 2015 & 2030, million 25
Figure 8. World Population 65 and Over, % of Total Population, 1950-2060 25
Figure 9. World Wearable Healthcare Devices Market, 2019-2030, $ mn 27
Figure 10. Primary Restraints and Impact Factors of North America Smart Home Healthcare Market 28
Figure 11. Investment Opportunity Analysis 32
Figure 12. Porter’s Fiver Forces Analysis of North America Smart Home Healthcare Market 35
Figure 13. Breakdown of North America Smart Home Healthcare Market by Offering, 2019-2030, % of Revenue 41
Figure 14. North America Addressable Market Cap in 2021-2030 by Offering, Value ($ mn) and Share (%) 41
Figure 15. North America Smart Home Healthcare Market by Offering: Solutions, 2019-2030, $ mn 42
Figure 16. North America Smart Home Healthcare Market by Offering: Services, 2019-2030, $ mn 43
Figure 17. North America Smart Home Healthcare Market by Services: Installation and Repair, 2019-2030, $ mn 44
Figure 18. North America Smart Home Healthcare Market by Services: Renovation and Customization, 2019-2030, $ mn 45
Figure 19. Breakdown of North America Smart Home Healthcare Market by Technology, 2019-2030, % of Sales Revenue 47
Figure 20. North America Addressable Market Cap in 2021-2030 by Technology, Value ($ mn) and Share (%) 47
Figure 21. North America Smart Home Healthcare Market by Technology: Wireless System, 2019-2030, $ mn 48
Figure 22. North America Smart Home Healthcare Market by Technology: Wired System, 2019-2030, $ mn 49
Figure 23. Breakdown of North America Smart Home Healthcare Market by Application, 2019-2030, % of Sales Revenue 51
Figure 24. North America Addressable Market Cap in 2021-2030 by Application, Value ($ mn) and Share (%) 51
Figure 25. North America Smart Home Healthcare Market by Application: Fall Detection and Prevention, 2019-2030, $ mn 52
Figure 26. North America Smart Home Healthcare Market by Application: Health Status Monitoring, 2019-2030, $ mn 53
Figure 27. North America Smart Home Healthcare Market by Application: Safety and Security Monitoring, 2019-2030, $ mn 54
Figure 28. North America Smart Home Healthcare Market by Application: Memory Aids, 2019-2030, $ mn 55
Figure 29. North America Smart Home Healthcare Market by Application: Nutrition/Diet Monitoring, 2019-2030, $ mn 56
Figure 30. North America Smart Home Healthcare Market by Application: Other Applications, 2019-2030, $ mn 57
Figure 31. Breakdown of North America Smart Home Healthcare Market by Country, 2019 and 2030, % of Revenue 59
Figure 32. Contribution to North America 2021-2030 Cumulative Market by Country, Value ($ mn) and Share (%) 60
Figure 33. U.S. Smart Home Healthcare Market, 2019-2030, $ mn 62
Figure 34. Canada Smart Home Healthcare Market, 2019-2030, $ mn 64
Figure 35. Smart Home Healthcare Market in Mexico, 2019-2030, $ mn 66
Figure 36. Growth Stage of North America Smart Home Healthcare Industry over the Forecast Period 68

Why Bonafide Research?

  • Our seasoned industry experts bring diverse sector experience, tailoring methodologies to your unique challenges.
  • Leveraging advanced technology and time-tested methods ensures accurate and forward-thinking insights.
  • Operating globally with a local touch, our research spans borders for a comprehensive view of international markets.
  • Timely and actionable insights empower swift, informed decision-making in dynamic market landscapes.
  • We foster strong client relationships based on trust, transparency, and collaboration.
  • Our dedicated team adapts and evolves strategies to meet your evolving needs.
  • Upholding the highest standards of ethics and data security, we ensure confidentiality and integrity throughout the research process.

How client has rates us?

Requirement Gathering & Methodology
92%
Data Collection Techniques
97%
Our Research Team & Data Sourcing
93%
Data Science & Analytical Tools
81%
Data Visualization & Presentation Skills
86%
Project/ Report Delivery & After Sales Services
88%
Logo

North America Smart Home Healthcare Market 2020-2030

We are friendly and approachable, give us a call.