Smart home healthcare products are being increasingly used to assist in reducing healthcare costs and improving remote monitoring of health parameters. The integration of artificial intelligence (AI) and internet of things (IoT) has enabled devices to collect vital patient data and transmit it to medical professionals or caregivers. This helps identify potential health issues in patients, especially those living alone, in a timely manner and provides necessary medical aid. The global smart home healthcare market is estimated to be valued at US$ 17.59 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

With a rapidly aging population worldwide, the demand for remote health monitoring devices and services is witnessing strong growth. It is estimated that by 2050, one in six people in the world will be over age 65. Monitoring the health of the elderly population remotely helps reduce healthcare costs by quickly identifying emergencies and preventing costly hospitalizations through remote intervention. The integration of AI and IoT in smart home healthcare devices provides an effective solution to address the challenge of caring for the aging population. The growing geriatric demographic presents a major market opportunity for widespread adoption of smart home healthcare devices and services to improve medical care for the elderly living independently.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The market requires significant research and development and capital investments to develop new solutions. However, solutions can be developed through partnerships to reduce costs.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a variety of options due to the presence of several players. Buyers can negotiate on pricing and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of components and technologies have some bargaining power. However, the availability of substitutes limits the suppliers’ power.
Threat of new substitutes: The threat of new substitutes is high due to technological advancements. New and innovative solutions can easily replace existing products.
Competitive rivalry: The competitive rivalry is high among existing players. Players compete based on pricing, product features, brand image, and service quality.

SWOT Analysis
Strength: The market is driven by the growing geriatric population, increasing prevalence of chronic diseases, and rising healthcare costs. It offers independence, remote patient monitoring and emergency response.
Weakness: Issues regarding data privacy and security, technical glitches, high upfront costs, and lack of skilled workforce are challenges.
Opportunity: Growth opportunity lies in personalized care, chronic disease management, medication management and remote surgery. Rising healthcare investments from governments worldwide will boost adoption.
Threats: Technology gaps in rural areas and lack of awareness in developing nations are threats. Inter-operability issues and resistance to change from users also hinder growth.

Key Takeaways
The global Smart Home Healthcare Market Growth is expected to witness high growth at a CAGR of 24% during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 17.59 Bn in 2023 to US$ 89.32 Bn by 2030.
Regional analysis: North America currently dominates the market, accounting for over 35% share. However, Asia Pacific is expected to grow at the fastest pace owing to rising healthcare infrastructure development and growing medical tourism in countries such as India, China and Singapore.
Key players related content: Key players operating in the Smart Home Healthcare market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic PLC offers integrated diabetes management solutions under its Minimed brand. Eight Sleep develops smart beds that track sleeping patterns.

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