Smart home healthcare products and services helps in remote monitoring of elderly patients at home. These products include emergency response systems, activity monitoring devices, and medication reminder systems. The growing aging population is prone to various chronic diseases and need careful monitoring. Smart home healthcare helps in providing care without hospitalization or visiting physicians frequently.
Growing geriatric population: The rising aging population worldwide is prone to various chronic conditions and disabilities. As per United Nations, over 700 million people will be aged 65 years and above by 2025. This large population require long term care which increases the demand for smart home healthcare products.
Rising healthcare costs: Hospitalization and frequent doctor visits increases the healthcare expenditure. Smart home healthcare allows remote monitoring of patients thus reducing costs incurred on travel for checkups. This drives the adoption of these solutions. However, the initial investment and technology alignment with existing infrastructure are major challenges for the market.
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 patient monitoring and independent living solutions. North America currently dominates the market due to advanced telehealth infrastructure and favorable reimbursement policies supporting digital health adoption in the region. Europe and Asia Pacific are also growing rapidly on account of aging populations, rising healthcare costs, and government initiatives promoting home-based care models.
The market size for 2023 is estimated to be US$ 17.59 billion. Regional analysis indicates North America accounts for around 35% market share currently, followed by Europe. However, Asia Pacific is emerging as the fastest growing regional market for smart home healthcare driven by countries such as China, Japan and India.
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