by The global Smart Home Healthcare Market is estimated to be valued at US$ 17.59 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart home healthcare products include connected medical devices, activity monitors, and emergency response systems that help in remote patient monitoring. These products provide real-time healthcare services and security to patients living alone.
Market key trends:
The integration of artificial intelligence with smart home healthcare devices is one of the major trends witnessed in the market. AI-powered smart home healthcare systems can monitor patient health, recognize abnormal conditions, provide reminders to take medicine on time, and enable two-way communication with doctors and caregivers. This helps in improving patient care, reducing hospital visits, and lowering healthcare costs. AI also helps enhance fall detection and incident prediction capabilities of smart home healthcare devices.
Market Key Trends:
The smart home healthcare market has been witnessing rising adoption of remote patient monitoring devices and services. Remote patient monitoring allows continuous monitoring of health parameters of patients outside of conventional clinical settings such as hospitals or diagnostic centers. This eliminates the need for frequent visits to clinics and reduces healthcare costs. Growing need to monitor elderly populations and rise in lifestyle diseases are major factors driving demand for remote patient monitoring solutions in homes.
SWOT Analysis
Strengths: Remote patient monitoring enables improved health outcomes, cost savings for payers, and enhanced patient experience. It allows monitoring patients in their own homes.
Weaknesses: High upfront costs associated with installation and deployment of remote patient monitoring solutions. Data privacy and security concerns.
Opportunities: Untapped growth opportunities in developing countries. Growing geriatric population globally.
Threats: Resistance from healthcare professionals and patients to adopt new technology. Reimbursement issues pertaining to remote patient monitoring services.
Key Takeaways
The Global Smart Home Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing prevalence of chronic diseases. North America dominated the market in 2023, accounting for over 30% share of the global market revenue, due to rapid technological advancements and increasing healthcare expenditures.
North America is expected to dominate the smart home healthcare market during the forecast period. This is attributed to increasing healthcare spending and rising investment to develop digital health solutions. Asia Pacific is anticipated to exhibit fastest growth over 2023-2030. Rapidly growing aging population, rising incidence of lifestyle diseases, and improving healthcare infrastructure are driving adoption of remote care solutions in the region.
Key players operating in the smart home healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic PLC is one of the leading players offering innovative remote monitoring solutions for chronic conditions like diabetes and hypertension globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
