The global smart home healthcare market was valued at $4.81 billion in 2022, and is projected to reach $11.22 billion by 2032, growing at a CAGR of 8.8% from 2023 to 2032.
Smart home healthcare is an ecosystem created in the home, it is embedded with sensors and devices for in-home care of elderly people, outpatients and persons with disabilities. Various smart devices like alert systems, smart watches, glucose monitoring devices, oximeters, and fall prevention & detection systems are used to track various medical parameters which provide better healthcare services by improving quality of life. Smart homes are equipped with internet-connected devices to enable the remote monitoring and management of appliances and systems, such as lighting and heating. Smart devices are either worn by the patient or fitted in the surrounding.
Impact of COVID-19
The COVID-19 outbreak is anticipated to have a positive impact on the smart home healthcare market. A huge number of clinics and hospitals across the globe were restructured to increase hospital capacity for patients diagnosed with COVID-19. Non-essential procedures took a potential backlog, owing to rapidly rising COVID-19 cases. The lockdown led to disruption of manufacturing and transportation of healthcare essentials. Furthermore, other factors responsible for the impact on the market include limited availability of medical care, shortage of healthcare staff, and rise in burden of COVID-19 related hospitalization.
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Smart Home Healthcare Market Segmentation
The global smart home healthcare market is segmented on the basis of product, technology, application, 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 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)
Segment Review
By product, the market 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 2022, accounting for $3522.7 million smart home healthcare market share owing to global rise in diabetic patient. The smart cardiac monitoring system segment is expected to witness highest CAGR of 9.4% during the forecast period, owing to increase in stress in day to day life of common man tends to increase in heart diseases which creates need for smart cardiac monitoring devices.
Depending on technology, the market is divided into wireless and wired. The wireless segment dominated the market in 2022, with $4487.43 million of 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 of smart home healthcare market size in 2021, with $4562.91 million, 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.
The 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, Mytrex, Inc, Nureca Limited,Tunstall Group, Vital Connect, Withings., Sunfox Technologies Pvt Ltd, 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 2022 to 2032 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.
Segments Covered in the Report:
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