Smart Home Healthcare Revenues Grow to US$26.5 Billion in 2023, Driven by the Remote Monitoring Opportunity
Via ABI Research Media Releases
May 17, 2023
The smart home healthcare market continues to grow, but the scale of the opportunity remains underpenetrated. Last year, new smart home healthcare shipment and service revenues grew 25% to reach US$22.9 billion worldwide, but that growth rate will be hard to sustain, despite the considerable potential for further growth. According to global technology intelligence firm ABI Research, new smart home healthcare shipment and service revenues will reach US$26.5 billion in 2023, 15% up from 2022.
Smart home healthcare, encompassing connected home care, remote patient monitoring, and social robotics, can improve the health and care of the most vulnerable while reducing manpower and costs. It also represents an opportunity for a host of players from smart home and beyond to extend existing offerings and services into the enormous potential market. “Demographic direction, economic reality, and technology capabilities all align and support the potential of smart home healthcare demand, but it remains a market stifled by channel issues, funding complexity, and inertia,” says Jonathan Collins, Smart Home and Buildings Research Director at ABI Research.
Home care, where wearable devices, home sensors, and even robot companions unobtrusively monitor and engage with those requiring light levels of care and companionship, represents a significant opportunity. Despite a boom in DIY approaches leveraging smart home equipment such as smart displays and sensors during the pandemic, the smart home industry has failed to offer similar packed services. However, traditional Personal Emergency Response players, such as Connect America, have expanded their offerings to include greater sensing and capabilities.
There are clear pockets of growth, particularly in remote patient monitoring applications, supported by health insurance requirements and growing consumer awareness of the value of connected services. “Last year saw strong growth for Continuous Glucose Monitoring (CGM) shipments and services, with Abbott Labs, Dexcom, and Medtronic all showing strong growth, particularly outside the U.S. market. The study finds that CGM shipments grew 28% year on year in 2022, showing CGM as a prime example of connectivity, bringing greater flexibility and value to long-term medical management of a chronic condition and creating lasting, valuable opportunities.
“It is the consumer appeal and single vendor offerings driving adoption, rather than healthcare services, which offer the potential to support a range of integrated monitoring and management devices and applications. Real growth and value still require broad healthcare industry support,” Collins concludes.
These findings are from ABI Research’s Smart Home Healthcare market data report. This report is part of the company’s Smart Home and Buildings research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Market Data reports present an in-depth analysis of key market trends and factors for a specific technology.