Smart Home Healthcare Market Report 2024

This Smart Home Healthcare market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart home healthcare market size has grown exponentially in recent years. It will grow from $17.08 billion in 2023 to $22.08 billion in 2024 at a compound annual growth rate (CAGR) of 29.3%. The growth during the historic period can be attributed to several factors, an aging population, rising healthcare costs, increased awareness of health management, various government initiatives and incentives, and funding for digital health solutions.

The smart home healthcare market size is expected to see exponential growth in the next few years. It will grow to $61.96 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The projected growth in the forecast period can be attributed to factors such as the rising prevalence of chronic diseases, increased convenience and comfort, growing disposable income, personalized healthcare, and improved health management. Key trends expected during this period include the integration of advanced technologies, increased use of IoT devices, broader adoption of telehealth services, the rise of health-oriented smart devices, and enhanced data security and privacy measures.

The growing prevalence of chronic diseases is expected to drive the expansion of the smart home healthcare market. The rise in chronic conditions is influenced by factors such as aging populations, sedentary lifestyles, poor diets, and environmental factors. Smart home healthcare solutions support patients with chronic diseases by offering real-time monitoring and personalized management to enhance health outcomes and treatment adherence. For example, the Australian Institute of Health and Welfare, an Australian government agency, reported in June 2024 that about 15.4 million people, or 61% of the population, were living with at least one long-term health condition in 2022. Chronic diseases were responsible for 171,500 deaths that year, accounting for 90% of all deaths and equating to a rate of 659 deaths per 100,000 people. Consequently, the increasing burden of chronic diseases is fueling the growth of the smart home healthcare market.

Leading companies in the smart home healthcare sector are focusing on developing innovative solutions, such as intelligent monitoring systems, to provide seamless care and enhance patient outcomes by enabling healthcare providers to monitor vital signs wirelessly and in real time. These systems employ advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) devices to gather and analyze data from various sensors and devices. For instance, in April 2023, LifeSigns, an India-based company specializing in remote patient monitoring solutions, introduced Continuum Care. This solution facilitates real-time remote monitoring of patients, regardless of their location, using wearable biosensors and cloud-based analytics to track up to eight vital signs, including electrocardiogram (ECG), blood pressure, peripheral oxygen saturation (SpO2), and temperature. Continuum Care is adaptable and can be customized for various healthcare needs, making it suitable for use in ambulances, hospitals, and home settings to ensure continuous care and improved patient outcomes.

In April 2024, Omron Healthcare Co. Ltd., a Japan-based medical device company, acquired Luscii Healthtech B.V. for an undisclosed amount. This acquisition aims to advance and broaden the use of remote patient monitoring (RPM) services by integrating Luscii's digital health platform with Omron's global healthcare network. Luscii Healthtech B.V., a Netherlands-based medical software company, offers home monitoring programs designed for healthcare professionals.

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.

North America was the largest region in the smart home healthcare market in 2023. 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.

The countries covered in the smart home healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart home healthcare involves the use of connected technologies and devices within a home to monitor and manage health and wellness. This includes sensors, wearables, and remote health management tools that provide real-time data to healthcare providers, aiming to enhance patient care, improve health outcomes, and offer convenience in managing chronic conditions.

Key products in smart home healthcare include smart glucose monitoring systems, medical device alert systems, smart cardiac monitoring systems, and others. A smart glucose monitoring system continuously tracks blood glucose levels in real-time, providing data and alerts to help individuals manage diabetes more effectively. These systems support various services such as skilled nursing, rehabilitation therapy, hospice and palliative care, unskilled care, respiratory therapy, infusion therapy, and pregnancy care. They utilize both wired and wireless technologies and address a range of indications including diabetes, respiratory diseases, pregnancy, mobility disorders, hearing disorders, cancer, and wound care. Applications of smart home healthcare encompass fall prevention and detection, health status monitoring, nutrition or diet monitoring, and memory aids.

The smart home healthcare market research report is one of a series of new reports that provides smart home healthcare market statistics, including smart home healthcare industry global market size, regional shares, competitors with a smart home healthcare market share, detailed smart home healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the smart home healthcare industry. This smart home healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart home healthcare market consists of revenues earned by entities by providing services such as remote monitoring devices, telemedicine services, software solutions that integrate various health data sources, and the integration of devices for physical therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart home healthcare market also includes sales of fitness trackers, smartwatches, and health monitoring sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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