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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Smart Home Healthcare Market comprises various medical alert systems, devices, and software that enable remote health monitoring at homes. These devices and systems help monitor health parameters like blood pressure, blood glucose level, heartbeat, medication intake, fall detection, and more using different sensors and devices. The advanced technologies allow patients and elderly people to get proper healthcare from the comfort of their homes without visiting hospitals frequently. This eases disease management and improves quality of life.
Market key trends:
One of the major trends in the Smart Home Healthcare Market is the growing adoption of wireless connected health devices. Various tech giants are launching connected health monitoring devices like watches, bands, and patches that sync data with smartphones. This allows constant tracking of vital signs and quick reporting in emergency situations. Furthermore, the growing geriatric population prone to chronic diseases is another factor boosting demand. Older adults are the primary adopters of smart home healthcare solutions as these help extend their independent living capabilities and provide safety.
Porter’s Analysis
Threat of new entrants: High initial investments required for Research & Development act as a barrier for new players to enter the market.
Bargaining power of buyers: Growing awareness about benefits of smart home healthcare solutions increases the bargaining power of buyers.
Bargaining power of suppliers: Suppliers have low bargaining power due presence of large number of players offering similar solutions.
Threat of new substitutes: Emergence of advanced technologies like AI, IoT, VR/AR present potential threat of substitution.
Competitive rivalry: Intense competition exists among existing players to gain higher market share through product innovations.
Key Takeaways
The Global Smart Home Healthcare Market Size is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing demand for remote healthcare monitoring solutions. The market size for 2023 is estimated to be US$ 17.59 Bn.
Regional analysis: North America is expected to dominate the global smart home healthcare market during the forecast period. Factors such as strong economic conditions and rising health awareness are expected to fuel market growth. Asia Pacific is estimated to exhibit the highest CAGR during the forecast period owing to growing healthcare infrastructure and increasing disposable incomes in developing countries such as India and China.
Key players: 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 smart home healthcare solutions including remote monitoring devices and therapeutic solutions. Sleepace manufactures smart beds that track sleep patterns of users.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it