The Worldwide Smart Home Healthcare Industry is Expected to Reach $11.2 Billion by 2031 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Smart Home Healthcare Market By Product, By Technology, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global smart home healthcare market was valued at $4,811.82 million in 2021, and is estimated to reach $11,215.81 million by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
Smart home healthcare provides in-home care to elderly people, outpatients, and people with disabilities. They are developed to monitor health and well-being using sensors that are worn or implanted in the surrounding environment.
Smart homes are equipped with internet-connected devices to enable remote monitoring and management of appliances and systems, such as lighting and heating. Smart healthcare enables better diagnostic tools, better treatment for patients, and devices that improve quality of life for everyone. There are both wired and wireless devices. Wireless devices use Bluetooth, Wi-Fi, or radio frequency to connect to other devices.
Smart home healthcare devices have various medical parameters such as blood glucose level, heart rate, blood pressure, pulse rate, oxygen level, electrocardiogram, and this data can be smartly viewed on mobiles, tablets, and other digital devices. Estimation of these parameters help physicians to predict health of patients remotely.
Continuous glucose monitoring devices, cardiac monitoring devices, medical alert systems, telemedicine applications & software, and fall prevention & detection system are the major smart home healthcare devices. Many key market players are launching smart devices in healthcare with advanced and great features. Thus, continuous advancements in technology drives growth of the smart home healthcare market.
Major factors that drive growth of the smart home healthcare market include increase in geriatric population, rise in popularity of Internet of Things (IoT) in home healthcare, and surge in chronic diseases. In addition, technological advancements and rise in demand for personalized healthcare in developed countries is a key trend in the market, which is expected to fuel growth of the market during the forecast period.
Significant surge in geriatric population is one of the leading factors in this market as aging leads to various locomotion disorders, which are influenced by a number of variables such as lifestyle, diet, physical activity (PA), smoking, alcohol use, chronic illness conditions, and medication. Aging causes several physiological changes that might result in illnesses, which can lower quality of life. Thus, such high geriatric population base is expected to boost the smart home healthcare market.
However, concerns regarding data privacy and security are expected to hinder the market growth. All data is transferred through the internet to various devices, which use applications, hence there is a threat of inappropriate usage of personal information. Third-party storage, secondary use of data, and possible attacks are a tough challenge. Lack of technological knowledge among people of developing countries is also expected to impede the market growth.
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home healthcare market analysis from 2021 to 2031 to identify the prevailing smart home healthcare market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart home healthcare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart home healthcare market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Medical device alert systems
- Smart glucose monitoring system
- Smart cardiac monitoring system
- Fall prevention and detection
- Health status monitoring
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Agatsa Software Pvt.Ltd.
- Sunfox Technologies Pvt Ltd.
- Apollo Global Management, Inc
- Connect America
- Medical Guardian LLC
- Tunstall Group
- DexCom, Inc
- Abbott Laboratories
- Mytrex Inc.
- F Hoffmann Roche
- MariCare Oy
For more information about this report visit https://www.researchandmarkets.com/r/mi4izf