New Delhi, March 14, 2024 (GLOBE NEWSWIRE) -- Global smart home healthcare market is estimated to surpass market size of US$ 160.7 billion by 2032 from US$ 22.7 billion in 2023 at a CAGR of 24.3% during the forecast period 2024–2032.
Smart home healthcare is a booming sector with untapped potential. A future where technology and homes blend seamlessly to provide care is on the horizon. The first area in need of smart home solutions is aging population. For children with older parents, it is becoming a great peace of mind to know their loved ones can live independently for longer. By 2030, all baby boomers will be at least 65 years old. That means every one out of every five U.S residents will be at retirement age within the next decade. Beyond that, smart homes healthcare market could bridge the care gap in other ways too. Remote monitoring and telehealth are two growing fields that significantly shrink the distance between patients and providers. This would be a gamechanger for those who live outside urban areas and struggle to reach care centers or hospitals in-person. In line with this, Astute Analytica’s recent report projected that the global remote healthcare market is predicted to grow from $10.2 billion in 2023 to $59.7 billion by 2032, at a CAGR of 21.7%.
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If built properly, smart homes could even become personalized wellness hubs — making traditional gyms obsolete for many people in urban areas especially — with readily available fitness, nutrition and stress management resources. Voice-enabled systems are also set to disrupt current methods of accessing healthcare information and assistance. These voice-controlled AI assistants would let users access the information they need whenever they want it using only their voice instead of typing into Google or asking a human nurse or doctor for help.
Key Findings in Smart home healthcare market
| Market Forecast (2032) | US$ 160.7 Billion |
| CAGR | 24.3% |
| Largest Region (2023) | North America (39.1%) |
| By Technology | Wireless (91.2%) |
| By Product | Testing, Screening, and Monitoring Products (76.9%) |
| By Application | Health Status Monitoring (68.5%) |
| By Services | Skilled Nursing Services (28.2%) |
| By Indication | Cardiovascular Disorders and Hypertension (23.4%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Testing, Screening, and Monitoring Products Contribute More than 76.9% Revenue to Global Smart home healthcare market
The smart home healthcare market is primed for remarkable growth in the Asia Pacific region. There are several factors that contribute to this: a quickly aging population, the rise in chronic diseases, economic expansion, and the technological innovations happening around the region. All of these factors are projected to push this market forward at an expected CAGR of 26% between 2024 and 2032. By 2050, it’s estimated that there will be roughly 1.3 billion people aged 60 years or older throughout the entire Asia Pacific region. In China alone, seniors will make up a staggering 35% (487 million) of its population by then! Japan is leading the charge already with a whopping 28.4% of its population being over the age of 65 today! Filling these needs is what’s driving innovation in smart home healthcare market in the region.
Chronic disease management is another key factor here too. In 2019, there were about 163 million adults living with diabetes across Asia Pacific and that number is only going up and up until it reaches an estimated total of about 212 million by the year 2045. This just shows the potential of the market for home healthcare devices at disposal to help manage long term care issues. Economic progress has also helped move things along greatly here too. As the middle class continues to grow across Asia Pacific, which Astute Analytica believes could reach 3.5 billion people by 2030, so does their spending power and focus on health & wellness overall.
In line with this, several healthcare tech companies have also jumped into action for a piece of this pie as well! Samsung Electronics Co., Ltd., Medtronic PLC and Apple Inc all have their eyes and wallets set on smart home healthcare market as they believe it has a lot of potential in the long run. So far, Samsung has even committed to investing about $2.6 billion into this field by 2025. Their high hopes might be backed by a surge in connected devices, too. By 2025, there could be about 11.7 billion connected devices throughout Asia Pacific alone. The rapid spread of internet access and other technologies (like artificial intelligence) only continue to drive the population towards these solutions, especially since many governments have already been pushing for them amid the recent pandemic as well.
Chronic Diseases Contribute Higher Revenue: Cardiovascular Diseases and Hypertension Controls Over 23.4% Market Share
Healthcare systems around the world are buckling under the weight of chronic diseases. In America, six out of every ten adults have a chronic illness and four in ten have at least two. These conditions command the majority of spending on healthcare; 90% of the US's annual expenditure on health goes toward managing them. But there may be an end to this uneasy relationship in sight: smart home healthcare market devices could transform how people manage chronic disease outside of traditional clinical settings. By taking control back from hospitals and doctors and putting it into patients' hands, these devices aimed at illnesses like diabetes, heart disease and asthma give individuals access to personalized insights into their health.
The devices themselves are pretty straightforward. There are blood pressure monitors for seamless tracking, glucose meters that can link up with other appliances for automatic readings, and even smart medication dispensers that keep tabs on complex care regimens so users don't have to think about it. On top of that, they also collect data in real-time on how your body is functioning, provide reminders when you need to take a reading or have a check-up and alert both patients and caregivers if something might be up.
All this is showing some seriously impressive growth trajectories for smart home healthcare market. For example, integrating remote blood pressure monitoring into home healthcare has been shown to improve hypertension control by 25%, while smart glucose monitoring helps people with diabetes keep their sugar levels down — potentially reducing hospitalizations and emergency room visits along the way. Ultimately though these technologies give more autonomy to those suffering from chronic illnesses so they can get on with everyday life rather than constantly fretting over appointments or unnecessary complications – all while (hopefully) lightening the load on healthcare providers too.
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Global Smart home healthcare market is Highly Fragmented: Top 10 Players Hold Less than 40% Market Share
The smart healthcare market is fragmented. The top 10 companies account for less than 40% of the global revenue share, meaning that there’s no dominant player in the market. Instead, we have a group of players who are shaping the industry. Whether it’s big or small, these corporations are all trying to find their footing in this competitive environment. There’s a lot of incentives for them to do so too. With smart healthcare solutions ranging from wearables to AI-powered diagnostics, each company has the opportunity to specialize within their respective markets. On top of that, the industry is relatively new and lacks standardizations. This means that smaller players can innovate without being held back by rigid guidelines. And with different parts of the world having unique needs, there’s an extra incentive for local companies to enter these markets too.
Companies like General Electric Company, Abbott Laboratories, and Apple Inc., and others hold significant positions in terms of capabilities and reputation but only make up a fraction of this sector's smart home healthcare market share. However, because no single company dominates this industry specialized players have a chance to rise as leaders down the line. Researchers at Astute Analytica says that partnerships, strategic acquisitions will be crucial strategies for businesses seeking to differentiate themselves and survive in such an environment.
Global Smart Home Healthcare Market Key Players
- 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
- Medtronic
- Qualcomm Technologies, Inc.
- Resideo Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Other Prominent Players
Key Segmentation:
By Technology
- Wired
- Wireless
By Products
- Testing, Screening and Monitoring Products
- Therapeutic Products
- Mobile Care Products
By Service
- Skilled Nursing Services
- Rehabilitation Therapy Services
- Hospice and Palliative Care Services
- Unskilled Care Services
- Respiratory Therapy Services
- Infusion Therapy Services
- Pregnancy Care Services
By Application
- Fall Prevention and Detection
- Health Status Monitoring
- Nutrition or Diet Monitoring
- Memory Aids
By Indication
- Diabetes
- Respiratory Diseases
- Pregnancy
- Mobility Disorders
- Hearing Disorders
- Cancer
- Wound Care
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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About Astute Analytica
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