by The smart home healthcare market involves incorporation of various healthcare devices and services into the home environments for remote patient monitoring and independent living. Technologies such as activity monitoring sensors, video observation solutions, emergency response systems, and remote medication dispensing systems help observe patients, track their vital signs and activities, remind them about medications and appointments, and alert caregivers in case of emergencies.
The global smart home healthcare market is estimated to be valued at US$ 17.59 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Geriatric Population: The global elderly population aged 65 years or above has increased from 542 million in 2010 to 703 million in 2020. The elderly population is expected to double to around 1.5 billion globally by 2050. Elderly people commonly suffer from chronic diseases which require continuous remote monitoring. Thus, rising geriatric population is expected to drive the demand for smart home healthcare solutions.
Remote Patient Monitoring Services: Advanced remote patient monitoring solutions help manage chronic diseases from home, reduce hospital readmissions and emergency room visits. Technologies such as connected glucometers, blood pressure monitors, and scales allow continuous monitoring of vital signs from home and alert care teams in case of any deviations. This is expected to further flourish the market over the forecast period.
Segment Analysis
The global smart home healthcare market is dominated by the medical alert segment which accounts for over 35% of the total market share. This is due to the growing aging population globally who are prone to emergencies and require immediate medical assistance. The medical alert devices help notify caregivers, family members or emergency services about any medical emergencies at home and ensure timely response.
PEST Analysis
Political: Governments across regions are supporting home healthcare solutions through favorable regulations and reimbursement policies to reduce burden on healthcare systems. This is driving adoption of smart home healthcare products.
Economic: Rising healthcare costs is a key factor for growth of smart home healthcare market as it enables condition monitoring and remote care at lower costs compared to hospital stays. Individuals are willing to spend on such technology to live independently.
Social: With growing geriatric population globally, number of patients requiring long term care is rising. Such solutions allow aging parents to live comfortably with families instead of old age homes. This social trend is positively impacting market growth.
Technological: Integration of AI and IoT enables continuous health monitoring, early disease detection and automated emergency response. Advancements are making such systems affordable and user-friendly to tap into the mass market potential.
Key Takeaways
Global Smart Home Healthcare Market Size is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently with over 40% market share led by US due to favorable reimbursement policies and high disposable income levels. Asia Pacific is anticipated to be the fastest growing region on back of increasing healthcare expenditure in China and India along with growing patient pool.
Key players operating in the smart home healthcare market are Shell, Intertek Group plc., Bureau Veritas SA, SKF, SGS, SPECTRO AnalyticalInstruments GmbH, General Electric, SPM Instrument, Condition MonitoringTechnologies (CMT), Parker Hannifin Corp, David Brown Santasalo, EatonCorporation, and Poseidon Systems, LLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
