by Smart home healthcare products allow patients to be monitored remotely through in-home medical sensors and devices that provide instant health updates to doctors and caregivers. These products include smartwatches, fitness trackers, smart beds, and other equipment that enable access to vital signs and activity levels for those managing chronic conditions or undergoing rehabilitation. The growing prevalence of chronic illnesses globally has boosted demand for remote monitoring systems that make treatment more efficient and cost-effective without comprising on quality of care.
Smart home healthcare includes a wide range of connected medical devices and monitoring systems that transmit patient health data to doctors and caregivers through mobile apps or web portals. Devices such as glucose meters, blood pressure cuffs, weight scales, pulse oximeters, and EKG monitors help patients track key vitals with ease. In addition, smart beds equipped with sensors can collect sleeping patterns, heart rate, breathing, and movement indicators to diagnose sleep disorders. Advanced systems provide fall detection, medication reminders, and emergency alert functions for the elderly population. The global smart home healthcare market is estimated to be valued at US$ 17.59 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the smart home healthcare market is the rising demand for remote patient monitoring solutions amid the COVID-19 pandemic. Lockdowns and facility restrictions made in-person visits challenging, boosting adoption of digital health technologies. Remote monitoring allowed the continuation of care while avoiding exposure risks. As the pandemic accelerated existing telehealth trends, home-based monitoring is expected to become more commonplace globally. Another key trend is the increasing focus on early disease detection using artificial intelligence-powered predictive analytics of patient bio-data. AI-based tools can recognize patterns, determine health risks, and notify caregivers proactively to enable timely intervention and management of chronic conditions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the smart home healthcare market due to high capital requirements and established presence of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of various product options from different manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials and components in the smart home healthcare market.
Threat of new substitutes: Threat of new substitutes is low as there are few alternatives available for smart home healthcare solutions.
Competitive rivalry: Competition in the smart home healthcare market is high among existing players.
Key Takeaways
The global Smart Home Healthcare Market Growth is expected to witness high growth. Regional analysis related content comprises Asia Pacific region is expected to witness fastest growth in the smart home healthcare market owing to rising health consciousness.
Key players related content comprises Key players operating in the smart home healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic PLC offers a wide range of patient monitoring solutions for remote patient monitoring. Sleepace provides sleep solutions like mattresses and monitoring devices. Evermind offers smart patches to monitor various health parameters and transmit data to smartphones.
The global smart home healthcare market size for 2023 is US$ 17.59 Bn. The market is projected to grow at a CAGR of 24% during the forecast period of 2023 to 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
