Smart Home Healthcare Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Home Healthcare Market Analysis
The International Smart Home Healthcare Market is expected to register a CAGR of 27.3% over the forecast period. The increasing adoption of IoT devices motivates the smart home healthcare market players to focus on launching such products. The potential for healthcare services to be provided in a smart home is growing alongside this trend.
- 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.
- Due to technological advancements, the self-care revolution has witnessed online pharmaceutical stores, telemedicine, and remote patient monitoring. 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.
- A growing aging population leads to an urgent need to find ways to improve patient outcomes, access to care, and reduce the overall cost. The active aging industry in the United States includes safety and smart-living technologies, health and remote care, and wellness and fitness technologies. It is expected to triple by 2022, as per the Consumer Technology Association. With health and remote care leading, wellness and fitness technologies for seniors are expected to reach USD 900 million by 2022.
- 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). Such violations could attract substantial penalties and fines for operators/device manufacturers and service providers across the smart home healthcare segment. As technology advancements continue in the home healthcare field, providers and their parent companies must balance potential risks against these technologies’ benefits.
- 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. This facilitated them by increasing the bed space for patients with severe cases. Hospitals, since then, have been actively supporting the usage of connected health and RPM and fostering the same toward building a smart home healthcare lifestyle, even in the post-pandemic world.
Smart Home Healthcare Industry Segments
The study analyses the current market scenario and key influencers for the healthcare aspect of the smart home industry.
The Smart Home Healthcare Market is segmented by Aging-in-Place (Perspective of Aging in Smart Homes, Aspects of Aging in Smart Home and Demand for Aging-in-place and 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 and Current Trends, Challenges, and Market Projection for the Overall Health and Wellness Ecosystem), and Regional Readiness Assessment.
|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|
Smart Home Healthcare Market Trends
This section covers the major market trends shaping the Smart Home Healthcare Market according to our research experts:
Growing Importance of Health and Wellness and Exploring Relevant Areas to Drive the Market Growth
- Various government initiatives to enhance longevity facilitate the fast-paced growth of the global population. Most developed nations are increasingly observing a rise in the number of aging Populus. According to the WHO, by 2030, one in six people will be aged 60 years or over worldwide. The share of the population aged 60 years and over may increase from 1.0 billion in 2020 to 1.4 billion. By 2050, the world’s population of 60 years and older may double (2.1 billion). The population aged 80 years or older worldwide is expected to triple between 2020 and 2050 to reach 426 million.
- Consumers are increasingly adopting healthier diets and exercise routines to maintain a healthy lifestyle, and technology is helping maintain such a lifestyle in developed countries. In 2021, Edenred and its partners surveyed more than 44,000 workers and over 1,000 restaurant owners in 13 European countries. They aimed to study lunch trends and found that in 2021, more than 67% of European workers surveyed said they had used meal delivery or click-and-collect services either at the office or while working from home.
- 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.
To understand key trends, Download Sample Report
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.
- Further, allied smart health tech startups have been witnessed shifting from the U.S./UK to Asia due to growing awareness of well-being and the rising aging population. For instance, Carrier announced in October 2021 that it is expanding its Healthy Homes initiative in China with the launch of its new Kidde MOON smart home gadget series. The new product range, which includes smoke and gas detectors and temperature, relative humidity, water leak, and motion detectors, marks the company’s entry into China’s rapidly growing residential smart home products market.
To understand geography trends, Download Sample Report
Smart Home Healthcare Market Competitor Analysis
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. Series C brings the total investment raised by Eight Sleep to USD 150.0 million. The investment, which brought the company’s total equity fund, was led by the founder’s fund with participation from Craft Ventures, Y Combinator, 8VC, Ryan Peterson, and others. The company intends to use the funds raised to continue to double the team, expand its retail footprint, and reinforce its investment in R&D activities.
- August 2021 - Awair Inc. announced the launch of Awair AQI Maps, a new way to compare indoor and outdoor PM2.5 (particulate matter) with the Awair Home app. While Awair focuses on real-time indoor air quality monitoring as a product offering, it recognizes the importance of understanding the relationship between indoors and outdoors.
- June 2021 - Eight Sleep introduced Sleep OS, the world's first data-driven digitalized ecosystem focused on sleep optimization. SleepOS offers a host of features, including Sleep and Health Insights and Smart Temp Autopilot. The SleepOS provides personalized operation of the mattresses through AI-driven input data based on past temperature preferences and customer feedback.
Smart Home Healthcare Market Top Players
*Disclaimer: Major Players sorted in no particular order
Smart Home Healthcare Market Recent Developments
- January 2022 - Fresenius Medical Care, a significant provider of products and services for individuals with renal diseases, announced the launch of Carrie. This custom-built mobile app connects, informs, and supports Fresenius Kidney Care nurses and clinical teams in the Asia Pacific region.
- October 2021 - Medtronic PLC announced a strategic partnership with Stasis Health Private Limited, a wholly-owned subsidiary of Stasis Labs Inc, to expand and expand access to the state-of-the-art Stasis Monitor, a networked multi-parameter bedside monitoring system. This partnership is a strong strategic fit that leverages the strengths of both companies to significantly expand Stasis’ reach across India while strengthening Medtronic’s position in remote surveillance spaces.
Smart Home Healthcare Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
184.108.40.206 Smart Home User Profiles and their Individual Health Needs
4.3 Industry Value Chain/ Supply Chain Analysis
4.3.1 Business Model for Delivering Care in Smart Homes
4.4 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Aging Population, Earlier Onset of Chronic Diseases, and Increased Emphasis on Preventive Care and Home Care
5.2 Market Restraints
5.2.1 Privacy Issues, Financial Hazards, Resistance to Technology
6. MARKET SEGMENTATION
6.1 By Aging-in-Place
6.1.1 Perspective of Aging in Smart Homes
6.1.2 Aspects of Aging in Smart Home and Demand for Aging-in-place
6.1.3 Smart Home Features for Aging-in-place
6.2 General Health and Wellness
6.2.1 Concept of General Health and Wellness in Smart Homes
6.2.2 Growing Importance of Health and Wellness and Exploring Relevant Areas
6.2.3 Smart Home Features for Health and Wellness Across Various Use Cases
6.2.4 Future Concept Scenario for the Health and Wellness Segment
6.2.5 Current Trends, Challenges, and Market Projection for the Overall Health and Wellness Ecosystem
6.3 Regional Readiness Assessment
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.2 Awair Inc.
7.1.3 Eight Sleep
7.1.4 Encore Healthcare
7.1.5 Medtronic Plc
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Smart Home Healthcare Market Research FAQs
What is the study period of this market?
The Smart Home Healthcare Market is studied from 2018 - 2028.
What is the growth rate of Smart Home Healthcare Market?
The Smart Home Healthcare Market is growing at a CAGR of 27.3% over the next 5 years.
Which region has highest growth rate in Smart Home Healthcare Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Smart Home Healthcare Market?
North America holds highest share in 2021.
Who are the key players in Smart Home Healthcare Market?
Sleepace, Awair Inc., Eight Sleep, Encore Healthcare, Medtronic Plc are the major companies operating in Smart Home Healthcare Market.
Smart Home Healthcare Industry Reports
In-depth industry statistics and market share insights of the Smart Home Healthcare sector for 2020, 2021, and 2022. The Smart Home Healthcare research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Smart Home Healthcare report PDF.