The smart home healthcare market aims to provide remote healthcare monitoring and assisted living services through integrated smart home technologies. Smart home healthcare devices offer real-time health monitoring, medication reminders, fall detection, and emergency alerts which help improve quality of life for elderly and chronically ill patients. The growing geriatric population prone to disabilities and age-related illnesses is increasing the demand for smart home healthcare solutions that facilitate independent living and remote patient monitoring.
The global smart home healthcare market size was valued at US$ 14.14 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 24.4% from 2023 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, BrainStorm Cell Therapeutics Inc., and Lineage Cell Therapeutics, Inc. The rising demand for remote patient monitoring is creating lucrative opportunities for key players to expand their Smart Home Healthcare Market Size portfolios. They are investing in advanced technology partnerships and new product launches catering to remote care needs. With the growing geriatric population globally, key players are also focusing on global expansion strategies to tap markets in Asia Pacific and Latin America.
The growing incidence of chronic diseases is fueling demand for smart technologies that facilitate remote monitoring and care. Advancements in artificial intelligence, 5G networks, and IoT are enabling more effective remote patient engagement solutions. Leading players are collaborating to integrate healthcare records with smart home monitoring devices for comprehensive elder care. With growing investments, the market is anticipated to witness a phase of rapid digitization and product innovation.
Market Drivers
Rising geriatric population globally is the major market driver. According to the UN, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2019. Chronic diseases also increase with age, driving the need for remote care solutions. The entry of AI technologies is expected to augment market growth by enabling enhanced telehealth services.
Market Restraints
Data privacy and security concerns related to sharing health data through connected devices may hamper adoption rates. Lack of reimbursement for telehealth practices can also constrain market potential in price-sensitive regions. Differing regulatory guidelines across regions pose challenges for global product compliance and marketing.
Segment Analysis
The smart home healthcare market can be segment into two major types - devices and services. Devices segment held the largest market share currently dominating the market. This is because devices form the core component of any smart home healthcare solution and services such as remote monitoring can't function without smart home healthcare devices. Common smart home healthcare devices include activity sensors, fall detection sensors, emergency response systems, smart tablets and cameras, etc. These collect health data of users and monitor for any emergencies. The devices segment is expected to continue its dominance during the forecast period owing to rising adoption of such devices driven by growing elderly population and increasing cases of chronic diseases requiring remote care.
Global Analysis
On the basis of region, North America dominates the global smart home healthcare market currently. This is due to high adoption rate of new digital technologies and presence of major players in countries like US and Canada. Also, growing geriatric population requiring remote healthcare is driving market in the region. Europe is the second largest regional market and is expected to witness significant growth during the forecast period. This is attributed to factors such as increasing cases of chronic diseases triggering demand for remote monitoring in countries like Germany, UK and France. The Asia Pacific region is projected to be the fastest growing regional market between 2024-2031. This growth can be credited to rapidly developing economics, rising healthcare investments, growing medical tourism and expansion of private healthcare industry in the region.
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