Smart Home Healthcare Market to Reach $11.22 Bn, Globally, by 2031 at 8.8% CAGR

Allied Market Research

Rise in chronic diseases with the adoption of unhealthy lifestyle and surge in adoption of home healthcare services by geriatric population drive the growth of the global smart home healthcare market.

PORTLAND, Ore., Aug. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Home Healthcare Market by Product (Medical device alert systems, Smart glucose monitoring system, Smart cardiac monitoring system, Others), by Technology (Wireless, Wired), by Application (Fall prevention and detection, Health status monitoring): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global smart home healthcare industry generated $4.81 billion in 2021, and is expected to reach $11.22 billion by 2031, witnessing a CAGR of 8.8% from 2022 to 2031.

Download Report (245 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/request-sample/8482

Drivers, Restraints, and Opportunities

Rise in chronic diseases with the adoption of unhealthy lifestyle, surge in adoption of home healthcare services by geriatric population, and increase in prominence of internet of things (IoT) drive the growth of the global smart home healthcare market. However, surge in concerns regarding data security and privacy hinders the market growth. On the other hand, technological advancements and increase in demand for personalized healthcare in developed countries present new opportunities in the next few years.

Covid-19 Scenario

• The Covid-19 pandemic led to increase in smart home healthcare services as majority of clinics and hospitals were closed during the lockdown imposed by governments of various countries.
• To provide proper treatment to increased number of Covid-infected patients, hospital resources were shifted to Covid wards and many non-emergency procedures were postponed. This, in turn, led to the increased adoption of smart healthcare devices and monitoring devices to monitor health conditions.
• The remote healthcare applications such as health status monitoring increased significantly as people avoided visiting clinics and hospitals for checkup to prevent the cross-contamination. The demand for smart devices such as smart cardiac monitoring system and smart glucose monitoring system surged considerably to minimize the burden on the healthcare system.

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