$11.22+ Billion Smart Home Healthcare Market by 2031

PORTLAND, OREGON, UNITED STATES, June 24, 2024 /EINPresswire.com/ -- Smart Home Healthcare Market Research, 2031

The global smart home healthcare market, valued at $4.81 billion in 2021, is projected to surge to $11.22 billion by 2031, reflecting a compound annual growth rate (CAGR) of 8.8% from 2022 to 2031.

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A08117

Overview
Smart home healthcare creates a supportive environment within the home using sensors and devices tailored for the elderly, outpatients, and individuals with disabilities. This ecosystem includes various smart devices such as alert systems, smartwatches, glucose monitors, oximeters, and fall prevention & detection systems. These devices track health parameters to improve healthcare services and enhance quality of life. Internet-connected devices enable the remote management and monitoring of home systems, like lighting and heating, enhancing convenience and safety.

Market Drivers
A significant driver of market growth is the increasing elderly population, which faces mobility issues and requires frequent medical follow-ups. Additionally, the rise in chronic diseases due to unhealthy lifestyles contributes to market expansion. The growing popularity of the Internet of Things (IoT), technological advancements, and the rising demand for personalized healthcare in developed regions also fuel market growth. However, concerns about data privacy and security present significant challenges, as they pose risks related to the misuse of personal information.

COVID-19 Impact
The COVID-19 pandemic positively impacted the smart home healthcare market. The reorganization of healthcare facilities to accommodate COVID-19 patients and the postponement of non-essential medical procedures highlighted the need for remote healthcare solutions. The pandemic caused disruptions in manufacturing and transportation of healthcare products and led to a shortage of medical staff and an increased burden on healthcare systems. As a result, many patients turned to smart devices for regular monitoring of conditions like diabetes and heart disease, alleviating some of the pressure on healthcare systems and driving market demand.

Market Segmentation
The global smart home healthcare market is segmented by product, technology, application, and region.

By Product:

Medical device alert systems
Smart glucose monitoring systems
Smart cardiac monitoring systems
Others
The smart glucose monitoring systems segment dominated in 2021, generating $3,522.7 million, driven by the global increase in diabetic patients. The smart cardiac monitoring systems segment is expected to experience the highest CAGR of 9.4% during the forecast period due to rising heart disease prevalence.

By Technology:

Wireless
Wired
The wireless segment led the market in 2021 with $4,487.43 million and is anticipated to grow at the highest CAGR of 8.9%, attributed to the ease of use and digital data monitoring capabilities of wireless devices.

By Application:

Fall prevention & detection
Health status monitoring
The health status monitoring segment dominated in 2021, with $4,562.91 million, and is expected to grow at a CAGR of 8.9% due to increasing disease prevalence and greater awareness of the benefits of smart healthcare devices.

By Region:

North America
Europe
Asia-Pacific
Latin America, the Middle East, and Africa (LAMEA)
North America held the largest market share in 2021 and is expected to maintain its dominance due to technological advancements, integration of advanced devices and software, and robust regional infrastructure. Meanwhile, the Asia-Pacific region is projected to experience significant growth, driven by a rising elderly population, improved healthcare infrastructure, and increased investment in the region. India and China are expected to lead this growth within Asia-Pacific.

Key Market Players
Leading companies in the smart home healthcare market include:

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

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A08117

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X