April 14, 2024

Smart Home Healthcare Market Is Estimated To Witness High Growth Owing To Growing Adoption Of Remote Patient Monitoring Products

It comprises smart medical equipment that can monitor health indicators like blood pressure, temperature and heart rate remotely. The growing geriatric population and rising prevalence of chronic diseases has fueled the demand for remote patient monitoring products. Smart devices like wearables and activity trackers enable patients to share health data with caregivers and clinicians in real-time for timely intervention in case of emergencies. Remote patient monitoring allows healthcare providers to keep a close watch on high-risk patients from the comfort of their homes, thereby reducing dependency on hospital visits.

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 from 2024 to 2030.

Key Takeaways

Key players in the smart home healthcare market
Key players operating in the smart home healthcare market 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.

Key opportunities in the smart home healthcare market
The rising demand for independent living solutions offers lucrative opportunities for manufacturers to launch advanced remote monitoring devices and connectivity platforms. Growing investments by both public and private players in digital health and home healthcare are likely to promote market growth.

Global expansion of the smart home healthcare market
Key players are actively focusing on expanding their geographic footprint in high potential regions through partnerships, mergers and acquisitions. North America dominates the global market currently due to significant healthcare spending and rapid technology adoption. However, Asia Pacific is expected to witness fastest growth over the forecast period backed by increasing healthcare infrastructure, rising disposable incomes and growing chronic disease burden.

Market drivers
The growing geriatric population globally is one of the major drivers for the Smart Home Healthcare Market Size . According to the United Nations, the share of global population aged over 60 years is projected to nearly double from 12% to 22% from 2015 to 2050. Elderly patients often suffer from comorbidities and require constant monitoring of health parameters. This makes remote patient monitoring solutions highly desirable for independent aging.

PEST Analysis
Political: Regulations regarding data privacy and security are becoming more stringent for smart home healthcare devices and services. This could impact product development timelines and costs.
Economic: Rising healthcare costs are driving growth in the adoption of smart home healthcare solutions that enable remote patient monitoring and reduce the need for expensive hospital visits. However, high initial costs of these smart devices and services remain a challenge.
Social: An aging population and a higher desire for independent living are increasing the demand for smart home healthcare technologies that promote aging in place and allow families to care for elderly members from a distance. However, some people have concerns about the security of private health data collected in the home.
Technological: Advancements in artificial intelligence, sensors, wireless connectivity and cloud computing are enhancing the capabilities of smart home healthcare devices. Technologies like voice assistants and augmented/virtual reality have potential to further improve home health management and care delivery. Interoperability between different products remains an issue.

The market in terms of value is currently concentrated most in North America and Western Europe due to higher acceptance of smart home solutions and technology readiness in these regions. However, Asia Pacific is projected to emerge as the fastest growing regional market from 2024 to 2030 supported by the rising healthcare infrastructure, increasing focus on preventive care and quick technology adoption in countries like China, Japan and South Korea.

The smart home healthcare market sees increasing value concentration in Asia Pacific region between 2024 to 2030. This is attributed to large patient pool, expanding healthcare ecosystem, growing senior population, rising focus on cost effective treatments and rapid economic development in Asia Pacific countries, especially China and India. Governments are also supporting development and adoption of digital health technologies to address shortage of physicians and curb healthcare expenditure. As a result, Asia Pacific is expected to witness the fastest surge in demand and sales value for smart home healthcare solutions during the forecast period.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it