An In-depth Analysis of the Smart Home Healthcare Market, 2021-2031

As per Allied Market Research report, the smart home healthcare market is projected to reach $11.22 billion by 2031. It was valued at $4.81 billion in 2021. It is anticipated to grow at a CAGR of 8.8% from 2022 to 2031. 

Smart home healthcare is the integration of smart sensors and monitors at home to monitor health, manage diseases, and maintain overall health of the patient. These devices can either be worn or fitted in the surroundings. They include smart watches, alert systems, wearable sensors, glucose monitors, and fall detection as well as prevention systems to track and monitor various health parameters of the patient. This is extremely useful, efficient, and convenient for elderly patients, individuals suffering from chronic illnesses, or those preferring home care recovery.  

Rapid increase in geriatric population who need regular follow-up and face issues related to movement is the major driving factor for the growth of the smart home healthcare system. The surge in the prevalence of chronic diseases among the population owing to lifestyle changes and unhealthy dietary habits also boosts the growth of the market. In addition, technological advancements and demand for personalized medicines are expected to provide lucrative opportunities for the growth of the market. 

Frequently Asked Questions   

• What would be forecast period in the smart home healthcare market report?   
• Which base year is calculated in the market report?  
• What are the driving factors for the growth of the smart home healthcare market?   
• Which are the top companies that hold the market share in the report?   

Developments in Smart Home Healthcare 

Real time monitoring using devices such as smartwatches, wearable biosensors, and connected medical equipment to monitor health parameters enable healthcare providers and caregivers to remotely monitor the patient 

Automated alerts and emergency alerts can be set using fall detection sensors and motion trackers that can detect unusual activities. 

Smart pill dispensers and prompt reminder systems help ensure that patients take correct and on time medication. Devices such as microphones, high-quality cameras, and integrated patient records in smart homes enable virtual consultation and visits from medical professionals. 

AI systems help track and analyze behavior and daily activity of patients. Any slight deviation or changes in these routines are then highlighted, which makes it easier for doctors to diagnose underlying health issues. 

List of Key players 

• Abbott laboratories 
• Agatsa Software Pvt. Ltd. 
• Apollo Global Management, Inc. 
• Bay Alarm Medical 
• Connect America 
• Dexcom, Inc. 
• F. Hoffman-La Roche AG 
• Qure4u 
• Medical Guardian LLC 
• Medtronic 
• Mytrex, Inc. 
• Nureca Limited 
• Tunstall Group 
• Vital Connect 
• Withings 
• Sunfox Technologies Pvt. Ltd. 
• Mari Group 

Regional Insights  

Region wise, North America dominated the smart home healthcare market and is expected to remain dominant during the forecast period, owing to presence of robust and advanced infrastructure, technological advancements, and integration of advanced software in smart home healthcare devices in the region. However, Asia-Pacific is expected to witness rapid growth owing to rise in the elderly population, increase in investment in the region, and surge in the healthcare infrastructure development in the region. 

Conclusion  

Smart home healthcare helps deliver timely medical care, especially for the elderly. In addition, remarkable advancements in technology are projected to be opportunistic for market growth in the coming years. Allied Market Research published a report on the smart home healthcare market, which also offers a detailed view on drivers, restraints, and opportunities to help understand the market dynamics. The report also focuses on key areas of investments and studies the competitive scenario of the industry through Porter's five forces analysis. In addition, value chain analysis along with various key strategies adopted by the key players to maintain their foothold in the market are also highlighted in the report.