Smart Home Health Market

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2026)

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Smart Homes Don’t Just Automate Life - They Track Health Too

The connected technology enables smart homes that are meant to help humans live better. What was once envisaged as futuristic, everything fancied at one’s fingertips and delivered at the click of a button, has become reality of today and the future. Digital technology has had a profound impact on most aspects of daily activities and when it encompasses health, there is probably no other benefit like this. Innovative technology trends are now beginning to improve not just the overall system but promote better healthcare outcomes for many. Ubiquitous devices such as smartphones have been tailored to one’s healthcare needs, or electronic sensors that serve as alarms in emergency situations are already in use. The smart home health market is progressing at a rapid pace.

Digitisation breeds new capabilities, changing the way how we get care, and stay well. Active home telemonitoring devices can capture vital signs, weight, or symptoms and report them to a remote healthcare provider, or a home health agency. Passive telemonitoring technologies include bed sensors that capture restlessness, sleep interruptions, or pulse and respiration during sleep. Passive technologies are, for example, cameras, sensors, or other devices embedded in the residential infrastructure that allow an individual to be monitored without any human participation.

Smart home healthcare makes it possible for people to receive a variety of medical services in their homes. Smart homes include digital sensing technology, and communication devices that can seamlessly talk with one another. Collected data gets shared across different home devices (or can be even directly forwarded to your chosen health professional) to ensure one’s health is not compromised. For people with severe medical problems, the technology can be life-changing. Whether the patient is old, disabled, suffering from a chronic ailment, or recovering from an illness after a hospital stay, healthcare at home can serve as an ideal solution.

Elderly people are demanding an array of smart technologies that can help them live independently, with dignity in their home. Today’s seniors are more comfortable than ever with home technology, whether that be a system of sensors designed for fall detection, or smart wearable technology that detects everything from urinary tract infections (UTIs) to heart rate. Connected glucose meters can give up-to-the-minute updates about a patient’s blood sugar levels. Though an increasing demand for Internet of Things (IoT) - connected patient monitoring equipment, and fall detection and prevention equipment - is helping the smart home healthcare market advance around the world, IoT solutions for smart homes still remain expensive and not everyone can afford them. However, with remarkably rising penetration worldwide, the costs are likely to fall, though gradually.

Challenging Use of Medical Devices at Home

Healthcare varies considerably in its safety, efficacy, and efficiency, as well as in its quality, and cost. The challenges associated with the usage of medical device(s) at home can be expected to mimic, to some extent, those found in hospitals, and clinics. However, they may be more likely to have negative consequences as the capabilities, and limitations of untrained users at home are way too different from that of the users at professional healthcare settings. Although several smart home health devices are being frequently launched in the market, emphasizing their user-friendly features, the fact that improper, or untrained usage of certain medical devices can be a longstanding challenge facing the rapid expansion of the smart home health market in future.

The Amazon Effect is Transforming Healthcare

Via Artificial Intelligence (AI) and its application - machine learning, Amazon’s voice-powered assistant Alexa is widely recognised worldwide. Amazon Web Services (AWS) division provides AI cloud computing for paying customers. ELECTRONIC HEALTHCARE RECORDS - Amazon has recently launched a new service called Amazon Comprehend Medical to create ‘wow’ moments for patients at home. It uses machine learning to extract key data from patient records and can potentially help healthcare providers, and researchers save money, arrive at treatment decisions faster, and manage clinical trials in a better manner. The cloud software combines text analysis and machine learning to read patient records that often consist of prescriptions, notes, audio interviews, and test reports. It enables providers to quickly see the complete patient picture, and engage with patients through chat, text, email, or phone - with a single view - complete with history, medications, allergies, and chronic conditions being immediately recognizable.

The Digitisation of Healthcare is Accelerating - and is Much Needed

The global healthcare technology industry has grown rapidly over the past few years, fuelled by the skyrocketing costs of treatments, demographic changes, technological advancements, and unmet medical needs. Europe is the market leader and the European health-tech has grown over 6X from 2016 to 2021 - from $8 Bn to $41 Bn. However, currently, the US, and Asia are growing at a faster rate, whereas in Europe, regulations are playing out as the biggest barrier for emerging health-tech companies.

Big Tech Companies are Major Players in Smart Home Health Landscape

Companies, including Google, Amazon, and Apple have driven the development of the smart home from a conceptuality to a commonplace. Some of the prominent healthcare technology brands include Babylon Health, Cardiac Insight, CloudMedX Health, Collective Health, Corti, Doximity, Flatiron Health, Google Health/DeepMind, Headspace, Hinge Health, IBM Watson Health, iRhythm Technologies, Kyruus, McKesson, Oncora Medical, PatientPop, QuiO, Rally Health, Strata Decision Technology, Tempus, Verge Genomics, VillageMD, Wellframe, and Withings.

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