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| Global Smart Home Healthcare Market Size |
Smart home healthcare products help monitor critical health parameters such as
heart rate, blood pressure, blood glucose, among others and transmit the data
to healthcare providers or caregivers remotely for review and necessary
intervention. This alleviates the risks associated with hospital visits and
ensures timely healthcare access for patients, especially during the ongoing
COVID-19 pandemic. The demand for remote patient monitoring devices and
solutions is growing significantly due to rising prevalence of chronic diseases
and the focus on reducing healthcare costs.
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 7.8% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing adoption of remote patient monitoring solutions is a key trend
in the smart home healthcare market. Remote patient monitoring allows
continuous tracking of critical health parameters outside of conventional
clinical settings, thereby enabling early detection of negative changes in
patients' condition. This technology provides healthcare access in rural areas
and helps manage chronic conditions effectively. It also allows elderly and disabled
patients to live independently with adequate health monitoring. Leading players
are focusing on integrating remote monitoring devices with artificial
intelligence capabilities for automated data analysis. This facilitates timely
clinical decision making and therapeutic interventions. Moreover, supportive
regulatory guidelines and reimbursement schemes are encouraging greater
deployment of remote patient monitoring services globally.
Segment
Analysis
The global smart home healthcare market can be segmented based onproduct type,
application, component, technology and region. Based onproduct type, the market
is bifurcated into safety and security systems,communication and connectivity
devices, entertainment and other controldevices, and healthcare devices. The
healthcare devices segment dominatesthe global market as these devices help
monitor health parameters andprovide alerts in case of emergencies. The
adoption of devices like smartblood pressure monitors, smart glucose monitors,
and other vital signmonitoring devices has increased significantly.
Key Takeaways
Global
Smart Home Healthcare Market Size is expected to witness high
growthduring the forecast period of 2023 to 2030. The market size is projected
toreach US$ 17.59 Bn by 2023.
Regional analysis
North America dominates the global market and is expected to remain themost
lucrative region during the forecast period. Factors such astechnological
advancements, high disposable income, growing elderlypopulation are driving the
adoption of smart home healthcare solutions inthe region. The United States
accounts for the major share in the NorthAmerican market owing to increasing
healthcare costs and growingprevalence of chronic diseases.
Key players
Key players operating in the smart home healthcare market are Shell,Intertek
Group plc., Bureau Veritas SA, SKF, SGS, SPECTRO AnalyticalInstruments GmbH,
General Electric, SPM Instrument, Condition MonitoringTechnologies (CMT),
Parker Hannifin Corp, David Brown Santasalo, EatonCorporation, and Poseidon Systems,
LLC. Shell dominates the globalsmart home healthcare market owing to its wide
product and serviceportfolio for condition monitoring. The company focuses on
developinginnovative solutions by investing heavily in research and
developmentactivities.
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