The smart home healthcare market encompasses connected devices and solutions that help monitor patients remotely and provide healthcare assistance within residential settings. Devices involved include activity sensors, fall detectors, medication dispensers, video monitoring solutions, and emergency response systems. The rising need to improve patient outcomes and quality of life while reducing costs associated with hospital stays and facility-based care is driving demand for smart home healthcare. With technologies that can seamlessly integrate with the smart home ecosystem, these solutions allow patients to receive treatment and rehabilitation outside of clinical facilities.
The Global smart home healthcare market is estimated to be valued at US$ 20.27 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the smart home healthcare are Celgene Corporation, Mesoblast Ltd., Pluristem Therapeutics Inc., MEDIPOST Co., Ltd., Takeda Pharmaceutical Company Limited, Astellas Pharma Inc., Cellular Biomedicine Group, Inc., Biosolution Co., Ltd., StemCell Technologies Inc., Caladrius Biosciences, Inc., TiGenix N.V., ViaCord, Vericel Corporation, Regen Biopharma Inc., Gamida Cell Ltd., Histogenics Corporation, BrainStorm Cell Therapeutics Inc., Lineage Cell Therapeutics, Inc. The growing geriatric population is increasing the demand for remote healthcare and assisted living solutions globally. Advancements in IoT, AI, and sensor technology are enabling innovative smart home healthcare devices with augmented diagnostic and therapeutic capabilities.
Market trends:
The growing focus on independent living is a key trend expected to accelerate adoption of smart home healthcare solutions. Chronic disease management at home offers better outcomes compared to facility-based care. Additionally, consumerization and introduction of AI assistants for healthcare tasks will be a defining trend over the next decade. The market is also expected to witness growing emphasis on data analytics and predictive capabilities enabled by integration of medical records with smart home platforms.
Market Opportunities:
Emerging markets such as Asia Pacific and Middle East present significant opportunities for smart home healthcare providers owing to growing healthcare infrastructure and increasing acceptability of remote patient monitoring. Furthermore, development of innovative solutions leveraging technologies such as AR/VR and blockchain for applications such as virtual therapy and decentralized clinical trials could open new growth frontiers in the market.
Impact of COVID-19 on Smart Home Healthcare Market Growth
The COVID-19 pandemic has significantly impacted the growth of the Smart Home Healthcare Market Size . lockdowns imposed due to the outbreak have increased the demand for remote health monitoring devices and services which can help monitor patients from home. This has propelled the adoption of various smart home healthcare devices like activity monitors, vital sign monitoring devices, medication dispensers, and video consultation devices. Telehealth platforms providing virtual consultation have witnessed exponential growth during this period. Home healthcare agencies are actively promoting the use of smart home solutions to remotely monitor patients with coronavirus or other chronic conditions from their homes in order to reduce hospital visits.
However, supply chain disruptions caused due to lockdowns have temporarily affected the production and supply of smart home healthcare devices in the initial months of the pandemic. With restrictions being gradually lifted, production levels are returning to normal. Going forward, the demand for smart home healthcare is expected to remain high even post pandemic as remote patient monitoring is seen as a sustainable healthcare model. Health systems are also accelerating their digitalization initiatives to strengthen telehealth infrastructure on a long-term basis.
In terms of geographical concentration, North America currently dominates the global smart home healthcare market in terms of value, accounting for the largest share. This is attributed to factors such as rising healthcare costs, high penetration of smart home technologies, increasing prevalence of chronic conditions and rapid adoption of remote monitoring solutions among the elderly population in the region. Europe and Asia Pacific are also regarded as lucrative markets poised to exhibit significant growth during the forecast period.
The fastest growing regional market for smart home healthcare is anticipated to be Asia Pacific over the next few years. This growth can be attributed to elements such as rising geriatric population, increasing healthcare expenditure, growing incidence of lifestyle diseases, entry of global players and improvements in digital health infrastructure across countries like China, India, Japan and Australia.
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