Surging Geriatric Population Fueling Demand for Smart Home Healthcare Devices

Posted by Pramod Arya on May 19th, 2021

The soaring geriatric population in several countries is fueling the surge in the sales of smart home healthcare devices across the world. As per the 2019 World Population Ageing report, the total population of people in the age bracket- 65 years and above is predicted to rise from 703 million in 2019 to 1.5 billion by the end of 2050. This is propelling the demand for various smart home technologies and systems around the world.

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Moreover, the usage of fall prevention and detection devices allows people to immediately contact various emergency and medical service providers. Besides these factors, the growing incidence of chronic diseases such as diabetes, heart diseases, and cancer is also fueling the sales of smart home healthcare devices. For example, as per the IDF Diabetes Atlas, as many as 463 million people in the age bracket-20–79 years were diagnosed with diabetes in 2019.

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Due to the above-mentioned factors, the sales of smart home healthcare devices are mushrooming all over the world. This is driving the progress of the global smart home healthcare market. The value of the market is predicted to rise from .7 billion in 2019 to .2 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 26.2% between 2020 and 2030. Depending on offering, the market is divided into services and solutions.

Between them, the solutions category recorded higher growth in the smart home healthcare market during the last few years. This was mainly because of the large-scale usage of fitness trackers and smartwatches by individuals, the extensive implementation of various healthcare platforms by people, the surging requirement for mapping the progress of different chronic ailments such as cardiovascular disorders, and the rising public awareness about fitness and health across the globe.

Hence, it can be safely concluded that the demand for smart home healthcare devices will surge all over the world in the forthcoming years, mainly because of the increasing incidence of chronic diseases, the surging disposable income of people, and the rising geriatric population around the world.