Report Code : A08117
The growth of the global smart home healthcare market is attributed to in home care for geriatric population and patients suffering from various chronic disease. Furthermore, increase in technological advancements and various strategies by key players is expected to further drive the market growth during the forecast period.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Smart Home Healthcare Market," The smart home healthcare market was valued at $4.81 billion in 2021, and is estimated to reach $11.22 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
Smart home healthcare is an ecosystem created in homes embedded with sensors and devices that track the health status of an individual. Smart home healthcare enables physicians to track health status of patient remotely. Smart home healthcare provides in-home care to elderly people, outpatients, and people with disabilities.
Smart home healthcare devices monitor health and well-being using sensors that are worn or implanted in the surrounding environment of person. Smart homes are equipped with internet-connected devices to enable remote monitoring and management of systems or devices. Smart healthcare devices improve quality of life for everyone. Various medical parameters such as blood pressure and blood glucose level are tracked by these devices and this data can be digitally viewed on mobile, tablet, and other connected devices.
Increase in elderly population as they have more locomotion related problems and suffer from various diseases is the major driver of the market. Smart home healthcare devices are generally incorporated in homes where there are elderly people or person suffering from chronic diseases to facilitate personal assistance and providing quality life. Furthermore, surge in diabetes and cardiac related health issues is expected to surge demand for smart glucose & cardiac monitoring devices. In addition, growth in popularity of Internet of Things (IoT) is the smart home healthcare market trends which drives the smart home healthcare market forecast. Moreover, surge in chronic diseases, owing to adoption of unhealthy lifestyle is also expected to propel the market growth. Furthermore, innovations, development of advanced technologies, key strategies adopted by key players, and rise in awareness in developing countries fuel the smart home healthcare industry. However, concerns regarding data privacy and security are expected to impede the market growth. Many smart home healthcare devices use third party application to store and transfer data. Conversely, rise in demand for personalized healthcare and increase in health care expenditure is a great opportunity for key players to invest during the forecast period especially in the developing economies.
By product, the smart home healthcare market analysis is segmented into medical device alert systems, smart glucose monitoring system, smart cardiac monitoring system, and others. The smart glucose monitoring system segment generated maximum revenue in 2021, accounting for $3522.7 million, owing to global rise in diabetic patients and demand for monitoring systems. The smart cardiac monitoring system segment is expected to witness highest CAGR of 9.4% during the forecast period, owing to increase in heart diseases, which creates need for smart cardiac monitoring devices.
Depending on technology, the smart home healthcare industry is divided into wireless and wired. The wireless segment dominated the market in 2021, with $4487.43 million smart home healthcare market size, and is expected to witness highest CAGR of 8.9% during the forecast period, owing to ease of handling of wireless devices and monitoring data digitally.
Depending on application, the market is divided into fall prevention & detection and health status monitoring. The health status monitoring segment dominated the market in 2021, with $4562.91 million smart home healthcare market size, and is expected to witness highest CAGR of 8.9% during the forecast period, owing to increase in disease prevalence and awareness among population for utilization of such smart devices for a healthy lifestyle.
North America accounted for a majority of the global smart home healthcare market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in smart home healthcare techniques, integration of advanced devices, and software presence of key and robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in geriatric population, development of healthcare infrastructure, and increase in investments projects in the region.
Key findings of the study
• By product, the smart glucose monitoring devices segment was the highest contributor to the market in 2021.
• By technology, the wireless segment was the highest contributor to the market in 2021, and is expected to continue market trend throughout the forecast period.
• Depending on application, the health status monitoring segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
• Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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Smart Home Healthcare Market by Product (Medical device alert systems, Smart glucose monitoring system, Smart cardiac monitoring system, Others), by Technology (Wireless, Wired), by Application (Fall prevention and detection, Health status monitoring): Global Opportunity Analysis and Industry Forecast, 2021-2031
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