Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) — The “Smart Home Healthcare Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
Global Smart Home Healthcare Market to Expand at 27.3% CAGR: IoT Adoption Drives Innovative Solutions
The Global Smart Home Healthcare Market is projected to achieve a robust Compound Annual Growth Rate (CAGR) of 27.3%, driven by the growing adoption of Internet of Things (IoT) devices. Market players are focusing on introducing innovative products to cater to the increasing demand for smart healthcare solutions within the comfort of homes.
Consolidated Market Dynamics Fuel Innovation and Collaboration
The smart home healthcare market showcases consolidation as companies collaborate and introduce new products to enhance their market presence. A significant collaboration between Aloe Care Health and Origin has resulted in an in-home safety solution for seniors and caregivers. This partnership employs advanced technology for fall and motion monitoring, eliminating the need for cameras or wearables.
Connected Homes: Enhancing Hospital Efficiency and Patient Care
Connected homes are transforming healthcare efficiency, allowing hospitals to prioritize cases based on urgency and optimize bed space. This shift is particularly significant, considering that a substantial portion of healthcare expenditure targets chronic and mental health conditions. By enabling healthcare services at home, patients can contribute to significant cost savings for hospitals.
Empowering the Self-Care Revolution and Smart Home Role
Technological advancements are driving a self-care revolution through online pharmaceutical stores, telemedicine, and remote patient monitoring. Smart homes are poised to become primary sources of essential care. Meeting ongoing monitoring challenges is crucial amid the projected need to address caregiver shortages and fill home care jobs.
Data Security and Healthcare Risk Management
The increased portability of patient records introduces data security risks. Providers and manufacturers strive to balance technological advancements with patient privacy and data integrity to ensure regulatory compliance.
Post-Pandemic Paradigm: Connected Health and Remote Monitoring
Connected health and Remote Patient Monitoring (RPM) methods have gained prominence in the post-pandemic era, enabling contactless patient monitoring and expanding bed capacity. Hospitals continue to promote these methods, fostering a smart home healthcare lifestyle.
Market Trends: Aging Populations and Wellness Enhancement
Initiatives aimed at enhancing longevity have led to an aging global population. Technological adoption of healthier lifestyles is on the rise. Collaborations addressing concerns like indoor air quality and the surge of smart living concepts further drive smart home adoption.
Asia Pacific’s Growth Trajectory: Digital Transformation and IoT Expansion
The Asia Pacific healthcare market’s digital transformation, fueled by IoT proliferation, is reshaping healthcare delivery. Strong data connectivity in countries like Taiwan, South Korea, and Singapore drives market growth. China’s growing elderly population and integration of healthcare tools on platforms like WeChat propel the region’s smart home healthcare market.
China’s Aging Population and Urbanization Fuel Market Expansion
China’s demographic shift towards an aging population is driving the smart home healthcare market. The familiarity of the rising generation with technology and integration of healthcare tools contribute to market potential. Healthcare infrastructure, urbanization, and advanced equipment are key factors in propelling China’s smart home healthcare market.
The convergence of healthcare and technology underscores the transformative growth of the smart home healthcare market, catering to evolving needs and enhancing patient care.
Key Topics Covered:
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
4.3 Industry Value Chain/ Supply Chain Analysis
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
5.1.2 Technological Advancement in Home Healthcare Devices
5.2 Market Restraints
5.2.1 Privacy Issues, Financial Hazards, Resistance to Technology
6 MARKET SEGMENTATION
6.1 By Product
6.1.1 Medical Device Alert Systems
6.1.2 Smart Glucose Monitoring System
6.1.3 Smart Cardiac Monitoring System
6.2 By Technology
6.3 By Application
6.3.1 Safety and Security Monitoring
6.3.2 Nutrition/Diet Monitoring
6.3.3 Memory Aids
6.3.4 Fall Prevention and Detection
6.3.5 Health Status Monitoring
6.4 By Geography
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle-East and Africa
7 COMPETITIVE LANDSCAPE
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
For more information about this report visit https://www.researchandmarkets.com/r/2pqzg9
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