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Smart Home Healthcare Market Size (2024 - 2029)

The smart home healthcare sector is experiencing significant growth, driven by the increasing adoption of IoT devices and the expanding potential for delivering healthcare services within connected homes. This trend is enhancing hospital efficiency by optimizing case prioritization and reducing bed occupancy. The market's expansion is further supported by technological advancements in self-care, telemedicine, and remote patient monitoring, which are transforming smart homes into primary care hubs. However, the sector faces challenges, such as data security risks and the need for a sufficient workforce to meet the demands of in-home care. Despite these challenges, the market continues to grow, particularly as hospitals and healthcare providers embrace connected health solutions to improve patient outcomes and reduce costs.

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Market Size of Smart Home Healthcare Industry

Smart Home Healthcare Summary
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

Smart Home Healthcare Major Players

*Disclaimer: Major Players sorted in no particular order

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
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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.

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Smart Home Healthcare Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain/ Supply Chain Analysis

    4. 1.4 Assessment of the Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product

      1. 2.1.1 Medical Device Alert Systems

      2. 2.1.2 Smart Glucose Monitoring System

      3. 2.1.3 Smart Cardiac Monitoring System

      4. 2.1.4 Others

    2. 2.2 By Technology

      1. 2.2.1 Wireless

      2. 2.2.2 Wired

    3. 2.3 By Application

      1. 2.3.1 Safety and Security Monitoring

      2. 2.3.2 Nutrition/Diet Monitoring

      3. 2.3.3 Memory Aids

      4. 2.3.4 Fall Prevention and Detection

      5. 2.3.5 Health Status Monitoring

      6. 2.3.6 Others

    4. 2.4 By Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 Latin America

      5. 2.4.5 Middle-East and Africa

Smart Home Healthcare Market Size FAQs

The Smart Home Healthcare Market is projected to register a CAGR of 27.30% during the forecast period (2024-2029)

Sleepace, Awair Inc., Eight Sleep, Encore Healthcare and Medtronic Plc are the major companies operating in the Smart Home Healthcare Market.

Smart Home Healthcare Market Report Snapshots

Smart Home Healthcare Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)