by The Smart Home Healthcare Market is estimated to be valued at US$ 17.59 Billion 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:
The smart home healthcare market involves integration of connected medical devices, sensors, and software applications to remotely monitor health conditions and provide medical alerts. This enables real-time health tracking, diagnosis, treatment, and management of chronic conditions from the comfort of home. Key products include connected blood pressure monitors, glucose meters, peak flow meters, temperature monitors, and other medical alert devices that can be accessed through smartphones and tablets.
Market Dynamics:
Increasing prevalence of chronic diseases worldwide and growing geriatric population are expected to be the major drivers for the smart home healthcare market growth over the forecast period. According to the Centers for Disease Control and Prevention, around 133 million Americans, or nearly half of all adults, had at least one chronic disease in 2012. The control and management of long-term conditions require constant monitoring which can be achieved effectively using smart home healthcare solutions. The growing adoption of remote patient monitoring and home healthcare services further fuels the market growth. Additionally, technological advancements in areas of IoT, AI, and big data analytics are simplifying health tracking at home, thereby propelling the demand.
Segment Analysis
The global smart home healthcare market is segmented on the basis of products, services and technologies. Based on products, the sensors segment is dominating the market due to the increasing adoption of health monitoring sensors installed at home. These sensors help monitor vital body parameters like heart rate, blood pressure, blood glucose levels etc.
PEST Analysis
Political: Various governments are supporting smart healthcare initiatives to reduce healthcare costs and facilitate remote patient monitoring. This is boosting the adoption of smart home healthcare systems.
Economic: Rising healthcare costs is a major economic driver for the market. Smart home solutions can help reduce cost of hospital stays and clinic visits through remote monitoring.
Social: Changes in lifestyle and increase in geriatric population suffering from chronic diseases is increasing the demand for remote healthcare monitoring at home. This is positively impacting the social aspect.
Technological: Continuous advancements in IoT, AI, connected devices and 5G networks is allowing for development of more advanced smart home healthcare products and services. This is a key technological opportunity.
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 focus on cost containment in healthcare and government initiatives for remote patient monitoring.
Regional analysis: North America dominates the market currently due to rapid technological advancements and supportive government policies for healthcare digitization in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period with China and India emerging as lucrative markets.
Key players operating in the smart home healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic is a market leader due to its comprehensive portfolio of healthcare devices, while startups like Eight Sleep and Evermind are focusing on sleep solution innovations.
*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.
