The smart home healthcare market size is expected to advance at a CAGR of 27.8% during 2022–2030, to reach $97,148 million by 2030. The key factors contributing toward the growth of the smart home medical care market include the growing aging population, surging healthcare fees, rising need for mHealth technologies, increasing prevalence of chronic diseases, mounting need for personalized healthcare, and rising adoption of the internet of things (IoT)-connected devices.
The acceptance of smart home healthcare in emerging economies, such as China and India, over the next years, would provide enormous growth potential for industry players. This is due to the increasing launches of smart home healthcare devices and continual investments from both the public and private sectors. The healthcare facilities in developing economies have not progressed, as compared to developed countries, such as the U.S. and Germany. Moreover, the growing aging population in developing economies has been enticing households to install health and wellness solutions. Thus, smart home medical care, which includes connected imaging solutions and smart sensors, widens the scope of improvement within medical care facilities in developing nations.
Smart home medical care technologies, such as IoT-based monitoring systems and mHealth, help in compiling services related to diagnosis, treatment, and care at a patient’s residence. These technologies improve communication between patients and healthcare providers and facilitate better care. Moreover, an integrated sensor network helps in improving healthcare quality by enabling computerizing patient safety practices, enhancing clinical decision-making, and reducing the rational burden of practitioners.
For most IoT-based patient monitoring technologies, particularly at hospitals and smart homes, there exists a bridging point, also known as the gateway, between the internet and a sensor network, which performs basic functions. These bridging points have constructive control over both the sensor network and data to be transmitted through the internet. Additionally, these gateways offer several higher-level services such as local storage, embedded data mining, and real-time local data processing. This technology helps healthcare professionals to work swiftly and systematically, gather real-time data from connected equipment, and provide personalized feedback to patients. Hence, the rising demand for IoT-enabled healthcare devices drives the market.
Modern cloud computing helps companies grasp new business opportunities and innovate faster. The smart home healthcare industry is extensively implementing cloud-based technologies for exchanging medical-related information with healthcare organizations, to improve the medical care ecosystem. Moreover, these technologies offer several benefits in the healthcare sector, such as access to data from anywhere and anytime, increased data storage capacity, effective collaboration among organizations, and reduced operational costs. As a result, the launch of cloud-based smart home medical care devices becomes a lucrative opportunity for industry players, which further benefits healthcare professionals to study daily activities and behavioral changes, and monitor rehabilitation and recovery processes.
The rising need for personalized healthcare technologies and medicines spurs the demand for smart home healthcare systems. The requirement for personalized healthcare is increasing, due to a greater need to provide extensive care and decrease the costs of treatments. In addition, personalized healthcare systems along with extended healthcare in-home solutions can lead to the improvement of overall disease management. These monitor specific disease progression using biosensors and provide medical reminders at home. To manage personal medical care systems, various applications are also being offered on different smartphones for general healthcare. Thus, an increase in the number of innovations in the medical care IT domain has stimulated the demand for personalized smart home medical care devices.
Some of the major players operating in the smart home healthcare market are Apple Inc., Koninklijke Philips N.V., Siemens AG, General Electric Company, Schneider Electric SE, AT&T Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Medical Guardian LLC, and Solution Works LLC.