Market Size of Smart Home Healthcare Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 27.30 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Home Healthcare Market Analysis
The Global Smart Home Healthcare Market is expected to register a CAGR of 27.3% over the forecast period. The increasing adoption of IoT devices motivates the smart home healthcare market players to focus on launching such products. The potential for healthcare services to be provided in a smart home is growing alongside this trend.
- Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. 90% of the nation's USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions, according to the Centers for Disease Control and Prevention.
- These patients would be helping hospitals save on monitoring and rehabilitation expenses by availing of services at home.
- Due to technological advancements, the self-care revolution has witnessed online pharmaceutical stores, telemedicine, and remote patient monitoring. Soon, smart homes will be the sources of primary care. Ongoing monitoring has been facing issues because the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Then, Paul Osterman from MIT estimated that the LTSS field requires additional 13.1 million family caregivers from 2015 to 2040 and currently faces a shortfall of up to 11 million caregivers.
- A growing aging population leads to an urgent need to find ways to improve patient outcomes and access to care and reduce the overall cost. The active aging industry in the United States includes safety and smart-living technologies, health and remote care, and wellness and fitness technologies.
- Across the growing home healthcare field, the portability and dissemination of computerized patient records serve as a significant health data risk to interception by hackers, leading to the violations of the Health Insurance Portability and Accountability Act (HIPAA). Such violations could attract substantial penalties and fines for operators/device manufacturers and service providers across the smart home healthcare segment. As technology advancements continue in the home healthcare field, providers and their parent companies must balance potential risks against these technologies' benefits.
- During the COVID-19 pandemic, connected health and RPM (remote patient monitoring) became more pervasive. These methods and services enabled physicians to monitor patients contactless, preventing the spread of the novel coronavirus. This facilitated them by increasing the bed space for patients with severe cases. Hospitals, since then, have been actively supporting the usage of connected health and RPM and fostering the same toward building a smart home healthcare lifestyle, even in the post-pandemic world.
Smart Home Healthcare Industry Segmentation
Smart home healthcare is a home-based ecosystem that is equipped with sensors and technologies to provide in-home care for the elderly, outpatients, and individuals with disabilities.
The Smart Home Healthcare Market is segmented by Products (Medical Device Alert Systems, Smart Glucose Monitoring Systems, Smart Cardiac Monitoring Systems, and Others), Technology (Wireless and Wired), Application (Safety and Security Monitoring, Nutrition/Diet Monitoring, Memory Aids, Fall Prevention and Detection, Health Status Monitoring, and Others) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Product | |
Medical Device Alert Systems | |
Smart Glucose Monitoring System | |
Smart Cardiac Monitoring System | |
Others |
By Technology | |
Wireless | |
Wired |
By Application | |
Safety and Security Monitoring | |
Nutrition/Diet Monitoring | |
Memory Aids | |
Fall Prevention and Detection | |
Health Status Monitoring | |
Others |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle-East and Africa |
Smart Home Healthcare Market Size Summary
The smart home healthcare market is experiencing rapid growth, driven by the increasing adoption of IoT devices and the potential for delivering healthcare services within smart homes. This trend is supported by technological advancements that facilitate online pharmaceutical services, telemedicine, and remote patient monitoring, positioning smart homes as future primary care hubs. The market is further bolstered by the aging population, which necessitates improved patient outcomes and cost-effective care solutions. Smart home technologies, including safety and smart-living innovations, are becoming integral to the active aging industry, particularly in developed nations. However, the market also faces challenges, such as data security risks associated with computerized patient records, which could lead to significant penalties for operators and service providers.
In the Asia Pacific region, the smart home healthcare market is poised for significant expansion due to the digital transformation and the proliferation of IoT devices. Countries like China, Taiwan, South Korea, and Singapore are leading the charge with high data connectivity and a growing tech-savvy population. The market is driven by substantial healthcare infrastructure, urbanization, and the increasing prevalence of chronic conditions, which boost the demand for home healthcare services. Strategic collaborations and product innovations, such as those by Aloe Care Health, Kami Vision, and Anthropos, are enhancing market offerings. These developments, alongside government initiatives and partnerships, are expected to further propel the market, making smart home healthcare a pivotal component of modern healthcare delivery.
Smart Home Healthcare Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain/ Supply Chain Analysis
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1.4 Assessment of the Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Medical Device Alert Systems
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2.1.2 Smart Glucose Monitoring System
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2.1.3 Smart Cardiac Monitoring System
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2.1.4 Others
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2.2 By Technology
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2.2.1 Wireless
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2.2.2 Wired
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2.3 By Application
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2.3.1 Safety and Security Monitoring
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2.3.2 Nutrition/Diet Monitoring
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2.3.3 Memory Aids
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2.3.4 Fall Prevention and Detection
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2.3.5 Health Status Monitoring
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2.3.6 Others
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle-East and Africa
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Smart Home Healthcare Market Size FAQs
What is the current Smart Home Healthcare Market size?
The Smart Home Healthcare Market is projected to register a CAGR of 27.30% during the forecast period (2024-2029)
Who are the key players in Smart Home Healthcare Market?
Sleepace, Awair Inc., Eight Sleep, Encore Healthcare and Medtronic Plc are the major companies operating in the Smart Home Healthcare Market.