New Delhi, April 17, 2023 (GLOBE NEWSWIRE) — The global smart home healthcare market was valued at US$ 18.89 billion in 2022. This growth is projected to continue in the coming years, with an estimated market size of US$ 129.77 billion by 2031, representing a compound annual growth rate (CAGR) of 24.3% during the forecast period of 2023-2031.
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The smart home healthcare is transforming the way healthcare and wellness are delivered to individuals. The industry is driven by the increasing demand for remote monitoring and personalized care, which is made possible by the integration of advanced technologies such as IoT devices, artificial intelligence, and big data analytics.
One of the prime drivers of the smart home healthcare market is its ability to provide personalized care to individuals in their homes. It allows healthcare professionals to remotely monitor an individual’s vital signs, medication adherence, and other health-related parameters in real-time, thereby reducing the need for frequent hospital visits. This technology also enables patients to actively participate in their own care, leading to better health outcomes.
With an ageing population comes an increased demand for healthcare services, which often leads to higher costs associated with chronic diseases. In addition, as people age, they are more likely to experience declines in their health and functional abilities, which can require specialized care or assistance with activities of daily living. These factors are all contributing to the growing demand for smart home healthcare solutions that can help manage health and wellness while also reducing costs. According to a study conducted by the Centers for Medicare and Medicaid Services (CMS), home healthcare can save up to 30% in costs compared to hospital or nursing home care. The study found that the average cost of a hospital stay was approximately $30,000, while the cost of home healthcare services for the same condition was approximately $10,000.
The report notes that the smart home healthcare industry is still in its early stages, with many products and services yet to be launched. However, Astute Analytic expects that the market will rapidly develop over the next few years as companies race to meet the needs of an aging population.
The analysis further highlights a number of challenges that need to be addressed before the smart home healthcare market can truly take off. Firstly, there is a lack of standardization around product offerings and terminology. This makes it difficult for consumers to compare products and make informed decisions about what they need. Secondly, security and privacy concerns need to be addressed in order to build trust with consumers.
- By Connectivity: Wireless technology is expected to capture over 91% revenue share in the connectivity segment of the smart home healthcare market.
- By Product: Testing, screening, and monitoring products are anticipated to capture over 77% revenue share in the product segment.
- By Service: Skilled nursing services are anticipated to capture over 29% revenue share in the service segment.
- By Application: Health status monitoring is anticipated to capture more than 79% revenue share in the application segment.
Infusion Therapy to Attract More than 24.5% Revenue of Global Smart Home Healthcare Market
Infusion therapy is a medical treatment that involves the administration of medications or fluids directly into a patient’s bloodstream through a catheter or needle. This therapy is often used for patients who require long-term medication administration or for those who have difficulty swallowing or absorbing medications orally. The use of infusion therapy has been growing in recent years due to its effectiveness and convenience, and it is now considered a crucial component of home healthcare.
The infusion therapy segment is a lucrative revenue stream in the global smart home healthcare market for several reasons. The growing prevalence of chronic diseases such as cancer, diabetes, and autoimmune disorders has led to an increased demand for long-term medication administration. This has resulted in a greater need for infusion therapy services, which can be administered in the patient’s home by a healthcare professional.
The aging population is also a significant factor driving the growth of the infusion therapy segment. As people age, they are more likely to develop chronic conditions that require ongoing treatment. Additionally, many elderly patients prefer to receive treatment at home rather than in a hospital or clinic setting, which has further fueled the demand for home infusion therapy services.
The COVID-19 pandemic has accelerated the shift towards home-based healthcare services, including infusion therapy. The pandemic has made patients more reluctant to visit hospitals and clinics, and home infusion therapy services have provided a safe and convenient alternative.
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Nutrient and Diet Monitoring Gaining Momentum in Global Smart Home Healthcare market
According to a report by Astute Analytica, the global market is expected to reach $ 129.77 billion by 2031, with the nutrition and diet monitoring segment contributing a 16.5% portion of this revenue. Consumers are willing to spend money on these devices and services, as they recognize the importance of nutrition and diet in maintaining their health.
The growing demand for nutrition and diet monitoring is being driven by an increasing awareness of the importance of healthy eating habits and the impact of nutrition on overall health. This has led to the development of various devices and technologies that can monitor and track an individual’s nutrition and diet, which has become a major segment.
Some of the major devices used for nutrition and diet monitoring in the smart home healthcare market include smart scales, smart food trackers, and smart kitchen appliances such as blenders and juicers. These devices are equipped with sensors and advanced analytics that can track a person’s food intake, monitor their weight, and provide customized nutritional advice.
The major consumer base for nutrition and diet monitoring devices in the smart home healthcare market includes individuals who are health-conscious and interested in maintaining a healthy lifestyle. This includes people who are trying to lose weight, manage chronic conditions such as diabetes or heart disease, or simply want to improve their overall health and wellbeing. The population of these consumers is large and growing, as more people become interested in health and wellness.
Top 4 Players Hold less than 20% Revenue of Smart Home Healthcare Market
According to recent market research, the Global Smart Home Healthcare Market is highly competitive, with four major players dominating the market with a cumulative market share of close to 19.06%. Apple Inc is leading the market with over 6.54% revenue share, followed by Abbott Laboratories with a market share of 4.55%.
Apple Inc is the top player in the market, continuously updating its Watch and iOS to capture even more health metrics, including blood oxygen level, and creating a data sharing feature so users can share medical data with providers. The company has also launched a subscription-based streaming platform with exercise classes. Apple’s iOS and Watch teams continue to advance health and wellness measurement capabilities with its own sensors and algorithms.
Google, another major player in the market, has shifted much of its Google Health team to Fitbit and has announced intentions of migrating Fitbit to its Wear OS operating system. Fitbit has found success pursuing subsidy partnerships with insurers to drive sales.
The smart home healthcare market is majorly dominated by big companies with high product mix, resulting in highly competitive market conditions. The players are involved in the development of technologically advanced and user-friendly devices to attract and retain customers. To maintain their market share, companies are also investing in research and development to improve the accuracy and reliability of their devices, and expand their product offerings to include new health metrics and features.
Some of the Top Market Players Are:
- Apple Inc.
- AT&T Inc.
- BSH Home Appliances Group
- Companion Medical
- E & A Engineering Solutions Private Limited
- F. Hoffmann-La Roche Ltd
- Fitbit Inc.
- General Electric Company
- Health Care Originals.
- Koninklijke Philips N.V.
- Kul Systems
- Medical Guardian LLC
- Qualcomm Technologies, Inc.
- Resideo Technologies, Inc.
- Samsung Electronics Co. Ltd.
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