The elder care services and assistive devices global market report
2024from The Business Research Company provides comprehensive market
statistics, including global market size, regional shares, competitor
market share, detailed segments, trends, and opportunities. This report
offers an in-depth analysis of current and future industry scenarios,
delivering a complete perspective for thriving in the industrial
automation software market.
Elder Care Services And Assistive Devices Market, 2024The elder care services and assistive devices global market report 2024
Market Size - The elder care services and assistive devices market size
has grown strongly in recent years. It will grow from $789.53 billion
in 2023 to $841.65 billion in 2024 at a compound annual growth rate
(CAGR) of 6.6%. The growth in the historic period can be attributed to
increase in life expectancy, shift from institutional to home-based
care, increase chronic disease cases, changing societal attitudes, and
rise in personalized care models.
The elder care services and
assistive devices market size is expected to see strong growth in the
next few years. It will grow to $1,093.47 billion in 2028 at a compound
annual growth rate (CAGR) of 6.8%. The growth in the forecast period can
be attributed to increasing focus on preventive care, increasing
awareness of mental health, rising collaborative care approaches, rising
health awareness, increasing government initiatives and increasing
aging population. Major trends in the forecast period include
advancements in home care solutions, advancements in smart home
technology, adoption of telehealth, adoption of person-centered care
models, and advancements in hearing and visual aid technologies.
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Scope Of Elder Care Services And Assistive Devices MarketThe Business
Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elder Care Services And Assistive Devices Market Overview
Market Drivers -The growing demand for assistive living technologies is
expected to drive the expansion of the elder care services and
assistive devices market in the coming years. Assistive living
technologies, which include tools and systems that help individuals with
disabilities or age-related challenges manage daily activities, promote
independence through improved mobility, communication, and task
management. This increased demand stems from an aging population, a rise
in chronic conditions, and technological advancements that make these
devices more affordable and functional. For instance, by January 2024,
over 2.5 billion people worldwide needed assistive products, according
to the WHO, with that number projected to rise to 3.5 billion by 2050
due to the aging population and growing prevalence of noncommunicable
diseases. Therefore, this surge in demand for assistive living
technologies is expected to drive market growth in 2023, 2024, and
beyond.
Market Trends - Major companies operating in the elder
care services and assistive devices market are developing intelligent
care services such as artificial intelligence (AI)-based cognitive care
to enhance the quality of care, improve patient outcomes, and provide
personalized support for the elderly. AI-based cognitive care for the
elderly utilizes artificial intelligence to monitor cognitive health,
provide personalized assistance, offer companionship, manage health
needs, and ensure safety. For instance, in March 2021, Tunstall
Healthcare Ltd., a UK-based hospitals and health care company, launched
Tunstall Cognitive Care, an intelligent care service. This uses AI to
predict and prevent incidents by analyzing behavioral patterns and
environmental factors. It takes data from various sources, including
motion sensors, smartphones, wearables, and recordings, to provide a
clear picture of the risks someone faces and alerts them or their
caregivers to respond. These advancements highlight the industry's shift
towards leveraging technology to improve elder care at home.
The elder care services and assistive devices market covered in this report is segmented –
1) By Offering: Services, Assisted Devices, Living Aids, Assistive Furniture, Bathroom Safety Equipment, Other Offerings
2) By Funding: Private, Public
3) By End User: Hospitals, Homecare Settings, Nursing Homes, Rehabilitation Centers, Other End Users
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Regional Insights - North America was the largest region in the elder
care services and assistive devices market in 2023. The regions covered
in the elder care services and assistive devices market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East, Africa.
Key Companies - Major companies
in the market are Koninklijke Philips N.V., Stryker Corporation, Sonova
Holding AG, Sunrise Senior Living, Life Care Centers of America Inc.,
Brookdale Senior Living Inc., GN Store Nord A/S, Amedisys Inc., LHC
Group Inc., Atria Senior Living Inc., Cochlear Limited, Extendicare
Inc., Invacare Corporation, Oticon A/S, Genesis HealthCare Co., Sunrise
Medical Inc., Permobil AB, Pride Mobility Products Corporation, Five
Star Senior Living, Tobii Dynavox AB, Inclusive Technology Ltd., Living
Assistance Services Inc., Jabbla, Blue Chip Medical Products Inc
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