DUBLIN--(BUSINESS WIRE)--The "Smart Home Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The International Smart Home Healthcare Market is expected to register a CAGR of 27.3% over the forecast period 2022 - 2027.
The increasing adoption of IoT devices motivates the smart home healthcare market players to focus on launching such products. Growing alongside this trend is the potential for healthcare services to be provided in a smart home.
An aging population, afflicted earlier by chronic diseases and the increased emphasis on preventive and home care are all factors driving this growth.
Key Highlights
- Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. 90% of the nation's USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions, according to the Centers for Disease Control and Prevention
- These patients would be helping hospitals save on monitoring and rehabilitation expenses by availing of services at home.
- The self-care revolution has witnessed online pharmaceutical stores, telemedicine, and remote patient monitoring due to technological advancements in recent times. Soon, smart homes will be the sources of primary care. Ongoing monitoring has been facing issues because the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Then, Paul Osterman from MIT estimated that the LTSS field requires additional 13.1 million family caregivers from 2015 to 2040 and currently faces a shortfall of up to 11 million caregivers.
- Across the growing home healthcare field, the portability and dissemination of computerized patient records serve as a significant health data risk to interception by hackers, leading to the violations of the Health Insurance Portability and Accountability Act (HIPAA).
- During the COVID-19 pandemic, connected health and RPM (remote patient monitoring) became more pervasive. These methods and services enabled physicians to monitor patients contactless, preventing the spread of the novel coronavirus.
Key Market Trends
Growing Importance of Health and Wellness and Exploring Relevant Areas to Drive the Market Growth
- The growth of smart living and smart cities' concepts will shape the market demand over the coming years, further facilitating the adoption of smart homes and living technology. Urban farming in indoor spaces using vertical and horizontal farming is expected to gain traction. It may help maintain a constant supply of healthy food for the growing health and fitness needs.
- Moreover, in-depth connected ecosystems focusing on wellness and management will offer industry and non-industry players the most significant opportunities. Although healthcare providers prefer developing in-house solutions, industry partnerships may help them establish therapeutic ecosystems that deliver value through multiple points of care.
Asia Pacific to Witness Highest Growth
- The digital transformation and the explosion in IoT devices aim to modernize healthcare delivery in the Asia Pacific healthcare market. Moreover, worldwide, manufacturers have been providing effective and affordable solutions, specifically for Asian smart homes. Within Asia, Taiwan, South Korea, and Singapore are countries depicting high data connectivity. Moreover, with rising high-income households, greater penetration of smart homes is expected. Also, Singapore is one of the fastest aging societies, has 639,000 people aged 65 and over, making up one-fifth of the total population, as per Statistics Singapore in 2021.
- Based on the statistics, the number of people aged 65 and above is expected to grow dramatically in the near term. And in 2021, one-fifth of the total population in China were aged 60 and older, with the country's smart technology penetration in their homes rising. And by 2050, these figures are foreseen to grow to around 458 million in China, PopulationPyramid.net estimates.
- The region's rising generation of individuals growing up with technology promises a potential market adoption in the near term as critical barriers such as acquiring new technical skills will not remain. Similarly, healthcare tools are working on established platforms like WeChat with billions of users across China and India..
Competitive Landscape
The smart home healthcare market is consolidated. The companies are launching new products and leveraging strategic collaborative initiatives to increase their market share and increase profitability. Some of the recent developments in the market are:
- August 2021 - Eight Sleep, a New York-based sleep fitness company, raised USD 86.0 million for its smart mattress and 'sleep fitness' technology and approached USD 500.0 million valuations.
- June 2021 - Eight Sleep introduced Sleep OS, the world's first data-driven digitalized ecosystem focused on sleep optimization.
MARKET SEGMENTATION
- Aging-in-Place
- Perspective of Aging in Smart Homes
- Aspects of Aging in Smart Home and Demand for Aging-in-place
- Smart Home Features for Aging-in-place
- General Health and Wellness
- Concept of General Health and Wellness in Smart Homes
- Growing Importance of Health and Wellness and Exploring Relevant Areas
- Smart Home Features for Health and Wellness Across Various Use Cases
- Future Concept Scenario for the Health and Wellness Segment
- Current Trends, Challenges, and Market Projection for the Overall Health and Wellness Ecosystem
- Regional Readiness Assessment
Companies Mentioned
- Sleepace
- Awair Inc.
- Eight Sleep
- Evermind Inc.
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Medtronic plc
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