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Major Growth Driver Identified in 2025 Smart Home Healthcare Market: Rising Chronic Disease Burden Drives Growth In Smart Home Healthcare Market
Smart Home Healthcare
Smart Home Healthcare Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a significant expansion in the smart home healthcare market dimensions. It is projected that its growth will rise from $22.08 billion in 2024 to $28.61 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 29.6%. The dramatic growth during the historic period can be credited to factors such as an aging demographic, escalating healthcare expenses, increased awareness, varied government initiatives and incentives, and digital health solution funding.
Smart Home Healthcare Market Size Forecast: What's the Projected Valuation by 2029?
The market size of smart home healthcare is projected to witness significant expansion in the coming years. It is set to reach $80.08 billion by 2029, growing at a compound annual growth rate (CAGR) of 29.3%. This growth over the projection period is primarily due to increasing instances of chronic illnesses, increased comfort and convenience, rising levels of disposable income, customization of healthcare services, and improved health management measures. Key trends for the projection period encompass the integration of technology, escalating utilization of IoT devices, embracing telehealth services, development of health-focused smart gadgets, as well as improved data security and privacy.
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What Are the Drivers Transforming the Smart Home Healthcare Market?
The smart home healthcare market is anticipated to expand due to the growing prevalence of chronic diseases. This upswing in chronic illnesses can be attributed to factors like an aging populace, inactive lifestyles, unhealthy eating habits, and environmental factors. Patients with chronic diseases can greatly benefit from smart home healthcare as it offers real-time tracking and personalized management to help improve their health and treatment compliance. For instance, in June 2024, data from the Australian Institute of Health and Welfare, a government agency in Australia, indicated that around 15.4 million individuals or 61% of the population had at least one long-term health condition in 2022. That year, chronic illnesses contributed to 171,500 fatalities representing 90% of all deaths, which translates to 659 deaths per 100,000 people. Thus, the escalating burden of chronic diseases is fuelling the growth of the smart home healthcare market.
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What Long-Term Trends Will Define the Future of the Smart Home Healthcare Market?
Leading firms in the smart home healthcare market are prioritizing creative solutions, such as smart monitoring systems that improve patient results through wireless, real-time monitoring of vital signs by healthcare professionals. These ingenious systems leverage advanced technologies like artificial intelligence, machine learning, and devices powered by the Internet of Things (IoT) to gather and process data from a variety of sensors and devices. For instance, in April 2023, LifeSigns, a firm based in India known for its remote patient monitoring solutions, introduced a product named Continuum Care. This technology enables real-time monitoring of patients from any location. It utilizes wearable biosensors and cloud-connected analytics to monitor up to eight vital signs, including ECG, blood pressure, SpO2, and temperature. Continuum Care is adaptable and can be personalized to meet distinct healthcare needs. It's crafted for use in ambulances, healthcare facilities, and home environments, guaranteeing continuous care and enhanced patient results.
Which Segments in the Smart Home Healthcare Market Offer the Most Profit Potential?
The smart home healthcaremarket covered in this report is segmented -
1) By Product: Smart Glucose Monitoring System, Medical Device Alert Systems, Smart Cardiac Monitoring System, Other Products
2) 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
3) By Technology: Wired, Wireless
4) By Indication: Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Hearing Disorders, Cancer, Wound Care
5) By Application: Fall Prevention And Detection, Health Status Monitoring, Nutrition Or Diet Monitoring, Memory Aids
Subsegments:
1) By Smart Glucose Monitoring System: Continuous Glucose Monitors (CGMs), Smart Glucose Meters, Mobile Apps For Glucose Tracking, Integrated Diabetes Management Systems
2) By Medical Device Alert Systems: Fall Detection Systems, Medication Reminder Systems, Emergency Alert Systems, Wearable Alert Devices
3) By Smart Cardiac Monitoring System: Remote Cardiac Monitoring Devices, Smart ECG Monitors, Wearable Heart Rate Monitors, Mobile Cardiac Telemetry Systems
4) By Other Products: Smart Blood Pressure Monitors, Smart Thermometers, Remote Patient Monitoring Systems, Health Management Apps, Smart Health Hubs
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Which Firms Dominate the Smart Home Healthcare Market by Market Share and Revenue in 2025?
Major companies operating in the smart home healthcare market are Apple Inc., Samsung Electronics Co. Ltd., AT&T Inc., GE Healthcare, Honeywell International Inc., F. Hoffmann-La Roche Ltd, Medtronic Plc, Koninklijke Philips N.V., Boston Scientific Corp, Fitbit Inc., Companion Medical, Connect America, Tunstall Group, Medical Guardian LLC, Withings, VitalConnect, Nureca Limited, Qure4u Inc., Sunfox Technologies Pvt. Ltd., Agatsa Software Pvt. Ltd., Bay Alarm Medical, Health Care Originals, MariCare, Murata Vios Inc.
Which Regions Offer the Highest Growth Potential in the Smart Home Healthcare Market?
North America was the largest region in the smart home healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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