Smart Home Healthcare Market to Witness High Growth Owing to Rapid Adoption of Connected Devices

 

Smart Home Healthcare Market

The global Smart Home Healthcare Market is estimated to be valued at US$ 17.59 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Smart home healthcare products offer real-time monitoring and alert services for chronic disease management, emergency response, remote healthcare, medication management and aging-in-place. These connected devices provide safety, independence and quality of life to patients.

 

Market key trends:

One of the major trends in the smart home healthcare market is the increasing adoption of cloud-based healthcare analytics solutions. Cloud-based platforms help in effectively managing large volumes of patient health data generated via various smart home healthcare devices and apps. It provides valuable insights through data analytics tools to healthcare providers for remote patient monitoring, disease management and predicting health issues in advance. This is resulting in improved healthcare outcomes and quality of care.

Segment Analysis

The global smart home healthcare market is segmented by product into smart wearable devices, remote patient monitoring devices, and smart home healthcare software. The smart wearable devices segment dominates the market owing to the high adoption of fitness bands, smartwatches, smart sleep trackers for tracking health parameters. Advancements in sensor technology and inclusion of features like heart rate monitoring, oxygen level monitoring, and sleep cycle analysis have increased the demand for smart wearable devices in healthcare applications.

 

Key Takeaways

The Global Smart Home Healthcare Market Size is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing demand for remote health monitoring solutions owing to the rising geriatric population and growing prevalence of chronic diseases.

 

North America dominates the smart home healthcare market currently due to the presence of major players, high healthcare spending, and increased adoption of remote patient monitoring solutions in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare infrastructure, growing medical tourism, and increasing disposable income in developing countries of the region.

 

Key players operating in the smart home healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic PLC specializes in providing remote patient monitoring solutions for managing chronic conditions. Sleepace is a leading player in smart mattresses for monitoring sleep patterns.

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https://www.dailyprbulletin.com/smart-home-healthcare-market-size-share-growth-outlook-2023/

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