Smart home market on the rise ‘But it remains a market stifled by channel issues, funding complexity and inertia’
By HME News Staff
Updated 9:36 AM CDT, Thu May 18, 2023
NEW YORK - The smart home health care market grew 25% in 2022 to reach $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.
Smart home health care, 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, says ABI in its Smart Home Healthcare market data report.
"Demographic direction, economic reality and technology capabilities all align and support the potential of smart home health care demand, but it remains a market stifled by channel issues, funding complexity and inertia," says Jonathan Collins, research director, Smart Home and Buildings, at ABI Research.
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, according to ABI. "Last year saw strong growth for continuous glucose monitoring (CGM) shipments and services,” Collins said. “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.”
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