The smart home healthcare market is anticipated to grow significantly in the coming years. Smart home healthcare systems allow remote monitoring of various health parameters of patients from their homes through connectivity of medical devices. This enables round-the-clock monitoring and management of chronic diseases without requiring frequent visits to healthcare facilities. Key products in this market include activity monitors, emergency response systems, glucose monitors, smart pill dispensers, medication monitors, and blood pressure monitors. Smart home healthcare provides convenience to aging population and patients with limited mobility. It helps save costs associated with frequent hospital visits and reduces burden on caregivers.
The global smart home healthcare market is estimated to be valued at US$ 20.27 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the smart home healthcare market are Celgene Corporation, Mesoblast Ltd., Pluristem Therapeutics Inc., MEDIPOST Co., Ltd., Takeda Pharmaceutical Company Limited, Astellas Pharma Inc., Cellular Biomedicine Group, Inc., Biosolution Co., Ltd., StemCell Technologies Inc., Caladrius Biosciences, Inc., TiGenix N.V., ViaCord, Vericel Corporation, Regen Biopharma Inc., Gamida Cell Ltd., Histogenics Corporation, and BrainStorm Cell Therapeutics Inc., Lineage Cell Therapeutics, Inc. These players are focusing on new product development and launches to expand their product portfolios.
The market provides significant opportunities for technologies facilitating remote monitoring and diagnosis. Technologies such as IoT, 5G, and AI are enabling continuous data sharing between medical devices and care providers. This is driving early disease detection and timely interventions.
North America currently dominates the global market. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to rising healthcare expenditure and increasing investments by market players in developing economies such as India and China.
Market Drivers
Growing geriatric population and increasing chronic diseases are major drivers for the smart home healthcare market. According to the United Nations (UN), the share of global population aged 60 years and above is estimated to double from 12% to 22% between 2015 and 2050. Chronic diseases accounted for almost 70% of all deaths globally in 2021 according to WHO. Remote monitoring allows effective management of chronically ill and elderly patients at home.
Market Restraints
High upfront costs of Smart Home Healthcare Market Size and privacy & security concerns associated with sharing sensitive health data over internet and wireless networks may limit adoption to some extent. In addition, lack of reimbursement policies for remote health monitoring services acts as a key restraint for market growth. Persistent efforts are underway to address these challenges and drive large-scale adoption.
Segment Analysis
The smart home healthcare market is dominated by the medical alerts sub segment which holds around 30% market share. This is because there is a growing elderly population globally who are more prone to falls, injuries and require immediate medical assistance. Medical alert devices help them get instant emergency response in critical situations. Other major segments include remote health monitoring and fall detection. Remote health monitoring devices help monitor patients vital signs like blood pressure, glucose levels etc from the comfort of their home and alert doctors in case of deviations. Fall detection devices use sensors to detect slip/falls of elderly and send alerts to caregivers or emergency responders.
Global Analysis
North America dominates the smart home healthcare market with over 35% share owing to high acceptance of new technologies and well developed healthcare infrastructure in countries like US. Asia Pacific is the fastest growing region due to rising healthcare investments, growing geriatric population and increased focus on remote patient monitoring to reduce burden on hospitals. Countries like China and India are witnessing highest adoption of smart home healthcare devices. Europe follows North America in market size due to supportive government initiatives for home healthcare. However high costs of devices remains a challenge for growth in developing regions of Latin America and Middle East & Africa.
Global Analysis
North America dominates the smart home healthcare market with over 35% share owing to high acceptance of new technologies and well developed healthcare infrastructure in countries like US. Asia Pacific region is witnessing the fastest growth in the market and is emerging as the second largest region, thanks to rising healthcare investments, growing geriatric population and increased focus on remote patient monitoring to reduce burden on hospitals in countries like China and India. Europe is the second largest regional market attribute to supportive government initiatives for home healthcare. However high costs of smart home healthcare devices remains a key challenge restricting the market growth in regions of Latin America and Middle East & Africa.
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