The 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 and services helps in remote monitoring of elderly patients at home. These products include emergency response systems, activity monitoring devices, and medication reminder systems. The growing aging population is prone to various chronic diseases and need careful monitoring. Smart home healthcare helps in providing care without hospitalization or visiting physicians frequently.
Market Dynamics:
Growing geriatric population: The rising aging population worldwide is prone to various chronic conditions and disabilities. As per United Nations, over 700 million people will be aged 65 years and above by 2025. This large population require long term care which increases the demand for smart home healthcare products.
Rising healthcare costs: Hospitalization and frequent doctor visits increases the healthcare expenditure. Smart home healthcare allows remote monitoring of patients thus reducing costs incurred on travel for checkups. This drives the adoption of these solutions. However, the initial investment and technology alignment with existing infrastructure are major challenges for the market.
SWOT Analysis
Strength:
- Remote health monitoring enables constant monitoring of health vitals without disruption to daily routine. This allows for early detection and intervention.
- The ability to aggregate medical data from multiple sources and provide insights enhances care coordination and management.
- Customizable devices and services provide personalized care experiences tailored to individual needs and conditions.
Weakness:
- High initial investment requirements for smart home setup limits adoption among lower income groups.
- Data privacy and security concerns around sensitive health information being collected and stored online.
- Reliance on internet connectivity for functionality introduces potential points of failure.
Opportunity:
- Aging population and rising burden of chronic diseases increases demand for remote care and independent living solutions.
- Growth of telehealth and digital health adoption post-pandemic opens new areas for integration with smart home capabilities.
- Partnerships between healthcare providers and technology companies can help address barriers and accelerate large-scale deployment.
Threats:
- Technology alternatives such as mobile health apps provide similar remote monitoring functions at lower costs.
- Underdeveloped regulatory frameworks around virtual care and medical devices.
- Rapid pace of technology changes risks obsolescence of existing solutions.
Key Takeaways
The Global Smart Home Healthcare Market Size is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing demand for remote patient monitoring and independent living solutions. North America currently dominates the market due to advanced telehealth infrastructure and favorable reimbursement policies supporting digital health adoption in the region. Europe and Asia Pacific are also growing rapidly on account of aging populations, rising healthcare costs, and government initiatives promoting home-based care models.
The market size for 2023 is estimated to be US$ 17.59 billion. Regional analysis indicates North America accounts for around 35% market share currently, followed by Europe. However, Asia Pacific is emerging as the fastest growing regional market for smart home healthcare driven by countries such as China, Japan and India.
Key players operating in the smart home healthcare market include Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Major players are focusing on strengthening service offerings through M&A activities and partnerships to gain share in high potential segments like chronic care management and behavior monitoring. Innovation in areas such as AI and remote diagnostic capabilities is also expanding the potential scope and applications of smart home solutions.
Read more
https://www.rapidwebwire.com/smart-home-healthcare-market-size-share-growth-outlook-2023/
Comments
0 comment