Smart Home Healthcare Market By Product (Medical device alert systems, Smart glucose monitoring system, Smart cardiac monitoring system, Others), By Technology (Wireless, Wired), By Application (Fall prevention and detection, Health status monitoring): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global smart home healthcare market was valued at $4,811.82 million in 2021, and is estimated to reach $11,215.81 million by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
Smart home healthcare provides in-home care to elderly people, outpatients, and people with disabilities. They are developed to monitor health and well-being using sensors that are worn or implanted in the surrounding environment. Smart homes are equipped with internet-connected devices to enable remote monitoring and management of appliances and systems, such as lighting and heating. Smart healthcare enables better diagnostic tools, better treatment for patients, and devices that improve quality of life for everyone. There are both wired and wireless devices. Wireless devices use Bluetooth, Wi-Fi, or radio frequency to connect to other devices.
Smart home healthcare devices have various medical parameters such as blood glucose level, heart rate, blood pressure, pulse rate, oxygen level, electrocardiogram, and this data can be smartly viewed on mobiles, tablets, and other digital devices. Estimation of these parameters help physicians to predict health of patients remotely.
Continuous glucose monitoring devices, cardiac monitoring devices, medical alert systems, telemedicine applications & software, and fall prevention & detection system are the major smart home healthcare devices. Many key market players are launching smart devices in healthcare with advanced and great features. Thus, continuous advancements in technology drives growth of the smart home healthcare market.
Major factors that drive growth of the smart home healthcare market include increase in geriatric population, rise in popularity of Internet of Things (IoT) in home healthcare, and surge in chronic diseases. In addition, technological advancements and rise in demand for personalized healthcare in developed countries is a key trend in the market, which is expected to fuel growth of the market during the forecast period.
Significant surge in geriatric population is one of the leading factors in this market as aging leads to various locomotion disorders, which are influenced by a number of variables such as lifestyle, diet, physical activity (PA), smoking, alcohol use, chronic illness conditions, and medication. Aging causes several physiological changes that might result in illnesses, which can lower quality of life. Thus, such high geriatric population base is expected to boost the smart home healthcare market.
However, concerns regarding data privacy and security are expected to hinder the market growth. All data is transferred through the internet to various devices, which use applications, hence there is a threat of inappropriate usage of personal information. Third-party storage, secondary use of data, and possible attacks are a tough challenge. Lack of technological knowledge among people of developing countries is also expected to impede the market growth.
The global smart home healthcare market is segmented on the basis of product, application, technique, and region. On the basis of product, the market is categorized into medical device alert systems, smart glucose monitoring system, smart cardiac monitoring system, and others. By application, it is divided into fall prevention & detection and health status monitoring. By technology, it is segmented into wireless and wired. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, the Middle East, and Africa (LAMEA).
Major players profiled in the report are Abbott laboratories, Agatsa Software Pvt Ltd, Apollo Global Management, Inc., Bay Alarm Medical, Connect America, Dexcom, Inc, F. Hoffman-La Roche AG, Qure4u, Medical Guardian LLC, Medtronic Plc., Mytrex Inc, Nureca Limited, Tunstall Group, Vital Connect, Withings., Sunfox Technologies Pvt Ltd, and Mari Group.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home healthcare market analysis from 2021 to 2031 to identify the prevailing smart home healthcare market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the smart home healthcare market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global smart home healthcare market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
Medical device alert systems
Smart glucose monitoring system
Smart cardiac monitoring system
Others
By Technology
Wireless
Wired
By Application
Fall prevention and detection
Health status monitoring
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Agatsa Software Pvt.Ltd.
Sunfox Technologies Pvt Ltd.
Apollo Global Management, Inc
Connect America
Medical Guardian LLC
Medtronic
Tunstall Group
VitalConnect.
Withings
DexCom, Inc
Abbott Laboratories
Bayalarm
Mytrex Inc.
Nureca
F Hoffmann Roche
MariCare Oy
Qure4u
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook