The Smart Home Healthcare Market Is Driven By Increasing Adoption Of Remote Health Monitoring Solutions
The smart home healthcare market involves enabling healthcare devices and services within residential settings to provide remote health monitoring and improve access to care. Devices such as activity monitors, fall detectors, medicament reminders, and smart medical equipment help monitor health metrics and provide alerts in emergency situations. This reduces the need for in-person visits and allows caregivers to remotely track the health of patients. The adoption of remote health monitoring enables early detection of medical issues and chronic condition management from the comfort of home.
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 2024 to 2030.
Key Takeaways
Key players operating in the smart home healthcare 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. There is growing demand for smart home healthcare devices and services to enable remote patient monitoring and support independent living. Major players are expanding their product portfolios and global presence to tap the increasing opportunities.
The demand for smart home healthcare is growing due to the increasing geriatric population who require long-term care. Adoption of remote health monitoring devices and services allows the elderly to remain independent for longer while still having access to care. Additionally, the need for cost-effective healthcare delivery is driving the demand for remote monitoring solutions that reduce costs associated with in-person doctor visits and hospitalizations.
The market is witnessing rapid global expansion driven by growing healthcare expenditures and the rising preference for home healthcare over facility-based care. Players are enhancing their geographic presence across key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to gain access to new markets and customers. Additionally, supportive regulations globally are encouraging investments in digital health and remote patient monitoring.
Market drivers
The increasing focus on independent living and patient-centric care is a key driver for the smart home healthcare market. Remote monitoring allows patients, especially those with chronic conditions or disabilities, to live independently with access to care reducing their reliance on hospitals and caregivers. Additionally, the rising healthcare costs are prompting providers and insurers to promote in-home care solutions for efficient care delivery and cost savings over time. This is expected to significantly drive the demand for smart home healthcare technologies in the coming years.
The ongoing geopolitical uncertainties have impacted the growth of the global Smart Home Healthcare Market Size . With rising geopolitical tensions among major economies, there have been disruptions in supply chains across international borders. Most key players in the smart home healthcare market have global operations and supply networks spread across multiple countries. Any trade restrictions or sanctions imposed among trading partners negatively impact the availability of smart healthcare devices and technologies. Additionally, political instability and security issues in some regions have deterred new investments and business expansion plans of market players in those areas.
However, to sustain long-term growth, companies in the smart home healthcare market need to diversify their supplier networks and manufacturing footprints globally. Establishing local manufacturing facilities instead of relying on a single or limited number of overseas production hubs can help mitigate supply chain risks. Companies should also focus on expanding in fast growing markets like Asia Pacific to reduce dependencies on major economies facing policy uncertainties. Within the Asia Pacific region, China, India, South Korea, Japan and Southeast Asian countries present large growth opportunities given rising healthcare expenditures, increasing adoption of remote patient monitoring solutions and supportive government policies promoting digital health technologies.
North America currently holds the largest share of the global smart home healthcare market in terms of value. This is due to the presence of major players, higher technology awareness and penetration of smart home devices. However, factors like the US-China trade conflict and policy issues related to data privacy and security have restricted the growth pace in recent times. The Asia Pacific region excluding Japan is projected to emerge as the fastest growing regional market between 2024-2030 with a CAGR of over 12%. Rapid digitization of healthcare infrastructure, massive unmet needs in rural and remote areas, and fast adoption of new technologies by younger population are driving the smart home healthcare market growth across developing countries in the Asia Pacific region.
The ongoing geopolitical uncertainties have hampered the global expansion plans of major players in the smart home healthcare market. However, by strategically expanding locally in fast growing markets and diversifying supply networks globally, companies can mitigate regional risks and sustain long-term growth. The Asia Pacific region, especially countries like China, India and Southeast Asia offer large untapped opportunities and are projected to be the future growth engines for the smart home healthcare industry.
Get more insights on- Smart Home Healthcare Market
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Russian
Romaian