Rise in chronic diseases with the adoption of unhealthy lifestyle and surge in adoption of home healthcare services by geriatric population drive the growth of the global smart home healthcare market.
PORTLAND, Ore., Aug. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Home Healthcare Market by Product (Medical device alert systems, Smart glucose monitoring system, Smart cardiac monitoring system, Others), by Technology (Wireless, Wired), by Application (Fall prevention and detection, Health status monitoring): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global smart home healthcare industry generated $4.81 billion in 2021, and is expected to reach $11.22 billion by 2031, witnessing a CAGR of 8.8% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Rise in chronic diseases with the adoption of unhealthy lifestyle, surge in adoption of home healthcare services by geriatric population, and increase in prominence of internet of things (IoT) drive the growth of the global smart home healthcare market. However, surge in concerns regarding data security and privacy hinders the market growth. On the other hand, technological advancements and increase in demand for personalized healthcare in developed countries present new opportunities in the next few years.
Covid-19 Scenario
- The Covid-19 pandemic led to increase in smart home healthcare services as majority of clinics and hospitals were closed during the lockdown imposed by governments of various countries.
- To provide proper treatment to increased number of Covid-infected patients, hospital resources were shifted to Covid wards and many non-emergency procedures were postponed. This, in turn, led to the increased adoption of smart healthcare devices and monitoring devices to monitor health conditions.
- The remote healthcare applications such as health status monitoring increased significantly as people avoided visiting clinics and hospitals for checkup to prevent the cross-contamination. The demand for smart devices such as smart cardiac monitoring system and smart glucose monitoring system surged considerably to minimize the burden on the healthcare system.
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The smart glucose monitoring system segment to maintain its lead position during the forecast period
Based on product, the smart glucose monitoring system segment accounted for the largest market share in 2021, contributing to around three-fourths of the global smart home healthcare market, and is projected to maintain its lead position during the forecast period. This is due to surge in diabetic patient base. However, the smart cardiac monitoring system segment is estimated to manifest the largest CAGR of 9.4% from 2022 to 2031. Rise in stress in day-to-day life led to increase in heart diseases. This, in turn, is estimated to result in the fastest growth of the segment. The report also analyzes the segments including medical device alert systems and others.
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The wireless segment to maintain its dominant share during the forecast period
Based on technology, the wireless segment contributed to the largest market share in 2021, accounting for more than 90% of the global smart home healthcare market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 8.9% from 2022 to 2031. This is due to ease in handling of wireless devices and digital monitoring of data. The research also analyzes the wired segment.
The health status monitoring segment to continue its highest contribution throughout the forecast period
Based on application, the health status monitoring segment accounted for the largest market share in 2021, holding more than 90% of the global smart home healthcare market, and is estimated to continue its highest contribution throughout the forecast period. Moreover, this segment is projected to register the fastest CAGR of 8.9% from 2022 to 2031. This is attributed to rise in prevalence of diseases and awareness among population for utilization of smart devices for a healthy lifestyle. The research also discusses the fall prevention and detection segment.
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North America to maintain its lead status by 2031
Based on region, North America held the largest market share in 2021, accounting for more than two-fifths of the global smart home healthcare market, and is expected to maintain its lead status by 2031. This is due to the integration of advanced devices and software in smart home healthcare devices, technological advancements in smart home healthcare techniques, and the presence of key and robust infrastructure. However, Asia-Pacific is projected to grow at the largest CAGR of 9.7% from 2022 to 2031, owing to development of healthcare infrastructure and increase in investment in healthcare-related projects. The research also analyzes regions including Europe and LAMEA.
Leading Market Players
- Agatsa Software Pvt. Ltd.
- Sunfox Technologies Pvt. Ltd.
- Apollo Global Management, Inc.
- Connect America
- Medical Guardian LLC
- Medtronic
- Tunstall Group
- VitalConnect.
- Withings
- DexCom, Inc
- Abbott Laboratories
- Bayalarm
- Mytrex Inc.
- Nureca
- F Hoffmann Roche
- MariCare Oy
- Qure4u
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