Smart Home Healthcare Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) – Yahoo Finance
The International Smart Home Healthcare Market is expected to register a CAGR of 27. 3% over the forecast period 2022 – 2027. The increasing adoption of IoT devices motivates the smart home healthcare market players to focus on launching such products.
New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Home Healthcare Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06272910/?utm_source=GNW
Growing alongside this trend is the potential for healthcare services to be provided in a smart home.
Connected homes can also help hospitals increase efficiency, prioritizing cases based on urgency and freeing-up beds. 90% of the nation’s USD 3.3 trillion annual healthcare expenditure is spent on individuals with chronic and mental health conditions, according to the Centers for Disease Control and Prevention
These patients would be helping hospitals save on monitoring and rehabilitation expenses by availing of services at home.
The self-care revolution has witnessed online pharmaceutical stores, telemedicine, and remote patient monitoring due to technological advancements in recent times. Soon, smart homes will be the sources of primary care. Ongoing monitoring has been facing issues because the in-home care industry is expected to fill an estimated 4.7 million home care jobs, as per PHI. Then, Paul Osterman from MIT estimated that the LTSS field requires additional 13.1 million family caregivers from 2015 to 2040 and currently faces a shortfall of up to 11 million caregivers.
A growing aging population leads to an urgent need to find ways to improve patient outcomes, access to care, and reduce the overall cost. The active aging industry in the United States includes safety and smart-living technologies, health and remote care, and wellness and fitness technologies. It is expected to triple by 2022, as per the Consumer Technology Association. With health and remote care leading, wellness and fitness technologies for seniors are expected to reach USD 900 million by 2022.
Across the growing home healthcare field, the portability and dissemination of computerized patient records serve as a significant health data risk to interception by hackers, leading to the violations of the Health Insurance Portability and Accountability Act (HIPAA). Such violations could attract substantial penalties and fines for operators/device manufacturers and service providers across the smart home healthcare segment. As technology advancements continue in the home healthcare field, providers and their parent companies must balance potential risks against these technologies’ benefits.
During the COVID-19 pandemic, connected health and RPM (remote patient monitoring) became more pervasive. These methods and services enabled physicians to monitor patients contactless, preventing the spread of the novel coronavirus. This facilitated them by increasing the bed space for patients with severe cases. Hospitals, since then, have been actively supporting the usage of connected health and RPM and fostering the same toward building a smart home healthcare lifestyle, even in the post-pandemic world.
Key Market Trends
Growing Importance of Health and Wellness and Exploring Relevant Areas to Drive the Market Growth
Various government initiatives to enhance longevity facilitate a fast-paced growth of the global population. Most developed nations are increasingly observing a rise in the number of aging Populus. According to the WHO, by 2030, one in six people will be aged 60 years or over worldwide. The share of the population aged 60 years and over may increase from 1.0 billion in 2020 to 1.4 billion. By 2050, the world’s population of 60 years and older may double (2.1 billion). The population worldwide aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.