What Fueled The Previous Growth In The Smart Home Healthcare Market?
The smart home healthcare market has seen considerable growth due to a variety of factors.
• In recent times, the size of the smart home healthcare market has seen exponential growth. The market is projected to expand from $22.08 billion in 2024 to $28.61 billion in 2025, with a compound annual growth rate (CAGR) of 29.6%.
Factors contributing to this surge during the historic period include an aging populace, surging healthcare expenditures, rising awareness, numerous government policies and incentives, and funding allocated for digital health solutions.
What Can Be Expected from the Smart Home Healthcare Market Size?
The smart home healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a significant expansion in the smart home healthcare market size over the coming years. The growth is predicted to reach $80.08 $ billion by 2029, showcasing a compound annual growth rate (CAGR) of 29.3%.
Contributing factors to this growth in the projected period are an increased prevalence of chronic ailments, the appeal of convenience and comfort, the rise in disposable income, a personalized approach to healthcare, and improved management of health. Some primary trends expected during the forecast period feature technology integration, a growing utilization of IoT devices, the adoption of telehealth services, the emergence of health-focused smart devices, and the strengthening of data security and privacy.
What Are the Critical Driver Fuelling The Smart Home Healthcare Market's Growth?
The growth of the smart home healthcare market is anticipated to be fuelled by the escalating toll of chronic diseases. Factors such as aging societies, inactive lifestyles, substandard diets, and environmental elements are driving the increase in chronic health conditions. By offering real-time monitoring and personalized care, smart home healthcare facilitates overall improvement in health outcomes and adherence to treatments among patients suffering from chronic diseases. As per the Australian Institute of Health and Welfare, an agency managed by the Australian government, around 15.4 million individuals, making up 61% of the population, were living with one or more long-standing health issues in 2022. In that same year, chronic conditions claimed 171,500 lives, amounting to 90% of all deaths, equivalent to a death rate of 659 per 100,000 individuals. Hence, the growing incidence of chronic diseases is a major factor propelling the expansion of the smart home healthcare market.
How Is The Smart Home Healthcare Market segmented?
The smart home healthcaremarket covered in this report is segmented –
1) By Product: Smart Glucose Monitoring System, Medical Device Alert Systems, Smart Cardiac Monitoring System, Other Products
2) By Service: Skilled Nursing Services, Rehabilitation Therapy Services, Hospice And Palliative Care Services, Unskilled Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services
3) By Technology: Wired, Wireless
4) By Indication: Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care
5) By Application: Fall Prevention And Detection, Health Status Monitoring, Nutrition Or Diet Monitoring, Memory Aids
Subsegments:
1) By Smart Glucose Monitoring System: Continuous Glucose Monitors (CGMs), Smart Glucose Meters, Mobile Apps For Glucose Tracking, Integrated Diabetes Management Systems
2) By Medical Device Alert Systems: Fall Detection Systems, Medication Reminder Systems, Emergency Alert Systems, Wearable Alert Devices
3) By Smart Cardiac Monitoring System: Remote Cardiac Monitoring Devices, Smart ECG Monitors, Wearable Heart Rate Monitors, Mobile Cardiac Telemetry Systems
4) By Other Products: Smart Blood Pressure Monitors, Smart Thermometers, Remote Patient Monitoring Systems, Health Management Apps, Smart Health Hubs
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What New Trends Are Influencing The Smart Home Healthcare Market?
Leading enterprises in the smart home healthcare industry are prioritizing the development of novel solutions like intelligent monitoring systems. These systems aim to enhance patient results by enabling healthcare providers to wirelessly track crucial health data in real time. They employ breakthrough technologies such as AI, machine learning, and IoT devices for data compilation and analysis from multiple sensors and devices. Take for example, LifeSigns, a firm based in India specializing in remote patient monitoring. In April 2023, they introduced Continuum Care, a product allowing real-time remote patient monitoring that does not depend on where the patient is. It uses wearable biosensors and Cloud-based analytics to monitor up to eight vital signs, such as ECG, blood pressure, SpO2, and body temperature. Continuum Care is adaptable and can be personalized to meet particular healthcare needs. It is intended for use in various settings, such as ambulances, hospitals, and homes, ensuring continuous care and improved patient outcomes.
Who Are the Key Players In The Smart Home Healthcare Market?
Major companies operating in the smart home healthcare market are:
• Apple Inc.
• Samsung Electronics Co. Ltd.
• AT&T Inc.
• GE Healthcare
• Honeywell International Inc.
• F. Hoffmann-La Roche Ltd
• Medtronic Plc
• Koninklijke Philips N.V.
• Boston Scientific Corp
• Fitbit Inc.
• Companion Medical
• Connect America
• Tunstall Group
• Medical Guardian LLC
• Withings
• VitalConnect
• Nureca Limited
• Qure4u Inc.
• Sunfox Technologies Pvt. Ltd.
• Agatsa Software Pvt. Ltd.
• Bay Alarm Medical
• Health Care Originals
• MariCare
• Murata Vios Inc.
What Is The Most Dominant Region In The Smart Home Healthcare Market?
North America was the largest region in the smart home healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
