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.
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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART HOME HEALTHCARE MARKET, BY PRODUCT
CHAPTER 5: SMART HOME HEALTHCARE MARKET, BY TECHNOLOGY
CHAPTER 6: SMART HOME HEALTHCARE MARKET, BY APPLICATION
CHAPTER 7: SMART HOME HEALTHCARE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Smart Home Healthcare Market," the smart home healthcare market was valued at $4.81 billion in 2021, and is estimated to reach $11.22 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.Smart home healthcare is an ecosystem created in homes embedded with sensors and devices that track the health status of an individual. Smart home healthcare enables physicians to track health status of patient remotely. Smart home healthcare provides in-home care to elderly people, outpatients, and people with disabilities.
Smart home healthcare devices monitor health and well-being using sensors that are worn or implanted in the surrounding environment of person. Smart homes are equipped with internet-connected devices to enable remote monitoring and management of systems or devices. Smart healthcare devices improve quality of life for everyone. Various medical parameters such as blood pressure and blood glucose level are tracked by these devices and this data can be digitally viewed on mobile, tablet, and other connected devices.
Increase in elderly population as they have more locomotion related problems and suffer from various diseases is the major driver of the market. Smart home healthcare devices are generally incorporated in homes where there are elderly people or person suffering from chronic diseases to facilitate personal assistance and providing quality life. Furthermore, surge in diabetes and cardiac related health issues is expected to surge demand for smart glucose & cardiac monitoring devices. In addition, growth in popularity of Internet of Things (IoT) is the smart home healthcare market trends which drives the smart home healthcare market forecast. Moreover, surge in chronic diseases, owing to adoption of unhealthy lifestyle is also expected to propel the market growth. Furthermore, innovations, development of advanced technologies, key strategies adopted by key players, and rise in awareness in developing countries fuel the smart home healthcare industry. However, concerns regarding data privacy and security are expected to impede the market growth. Many smart home healthcare devices use third party application to store and transfer data. Conversely, rise in demand for personalized healthcare and increase in health care expenditure is a great opportunity for key players to invest during the forecast period especially in the developing economies.
By product, the smart home healthcare market analysis is segmented into medical device alert systems, smart glucose monitoring system, smart cardiac monitoring system, and others. The smart glucose monitoring system segment generated maximum revenue in 2021, accounting for $3522.7 million, owing to global rise in diabetic patients and demand for monitoring systems. The smart cardiac monitoring system segment is expected to witness highest CAGR of 9.4% during the forecast period, owing to increase in heart diseases, which creates need for smart cardiac monitoring devices.
Depending on technology, the smart home healthcare industry is divided into wireless and wired. The wireless segment dominated the market in 2021, with $4487.43 million smart home healthcare market size, and is expected to witness highest CAGR of 8.9% during the forecast period, owing to ease of handling of wireless devices and monitoring data digitally.
Depending on application, the market is divided into fall prevention & detection and health status monitoring. The health status monitoring segment dominated the market in 2021, with $4562.91 million smart home healthcare market size, and is expected to witness highest CAGR of 8.9% during the forecast period, owing to increase in disease prevalence and awareness among population for utilization of such smart devices for a healthy lifestyle.
North America accounted for a majority of the global smart home healthcare market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in smart home healthcare techniques, integration of advanced devices, and software presence of key and robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in geriatric population, development of healthcare infrastructure, and increase in investments projects in the region.
Key Findings of the Study
- By product, the smart glucose monitoring devices segment was the highest contributor to the market in 2021.
- By technology, the wireless segment was the highest contributor to the market in 2021, and is expected to continue market trend throughout the forecast period.
- Depending on application, the health status monitoring segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 303 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 4811.82 million |
| Forecasted Market Value ( USD | $ 11215.81 million |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
