Elder Care Services And Assistive Devices Market Overview: Market Size, Major Drivers And Trends
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The elder care services and assistive devices market has demonstrated strong growth in recent years, projected to grow from $789.53 billion in 2023 to $841.65 billion in 2024, with a compound annual growth rate (CAGR) of 6.6%. This growth in the historic period is largely due to an increase in life expectancy, a shift from institutional to home-based care models, rising chronic disease cases, changing societal attitudes toward aging, and the rise of personalized care models. In the coming years, the elder care services and assistive devices market is expected to experience robust growth, reaching $1,093.47 billion by 2028, with a CAGR of 6.8%. Factors contributing to this forecast growth include an increasing focus on preventive care, heightened awareness of mental health, the adoption of collaborative care approaches, growing health consciousness, increasing government initiatives, and a rising aging population. Key trends in the forecast period will encompass advancements in home care solutions, improvements in smart home technology, the adoption of telehealth services, the implementation of person-centered care models, and innovations in hearing and visual aid technologies.
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.
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What Are The Key Trends That Influence Elder Care Services And Assistive Devices Market Share Analysis?
Major companies in the elder care services and assistive devices market are developing intelligent care services, such as artificial intelligence (AI)-based cognitive care, to improve care quality, enhance patient outcomes, and provide personalized support for the elderly. AI-based cognitive care employs artificial intelligence to monitor cognitive health, deliver personalized assistance, provide companionship, manage health needs, and ensure safety for elderly individuals. For example, in March 2021, Tunstall Healthcare Ltd., a UK-based hospitals and health care company, introduced Tunstall Cognitive Care, an intelligent service that leverages AI to predict and prevent incidents by analyzing behavioral patterns and environmental factors. This service aggregates data from various sources, including motion sensors, smartphones, wearables, and recordings, to provide a comprehensive picture of the risks faced by individuals, alerting them or their caregivers to take action. These advancements highlight the industry’s shift toward utilizing technology to improve elder care at home.
Which Market Players Are Driving Growth In The Elder Care Services And Assistive Devices Market?
Major companies operating in the elder care services and assistive devices 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
How Is The Global Elder Care Services And Assistive Devices Market Segmented?
The elder care services and assistive devicesmarket 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
Read The Full Elder Care Services And Assistive Devices Market Report Here
The Elder Care Services And Assistive Devices Global Market Report 2024 provides an overview of the elder care services and assistive devicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The elder care services and assistive devices market forecast analyzes elder care services and assistive devices market size, elder care services and assistive devices market share, leading competitor and their market positions.
The Table Of Content For The Elder Care Services And Assistive Devices Market Include
1. Elder Care Services And Assistive Devices Market Executive Summary
2. Elder Care Services And Assistive Devices Market Segments
3. Elder Care Services And Assistive Devices Market Size And Template Market Growth Rate
4. Key Elder Care Services And Assistive Devices Market Trends
5. Major Elder Care Services And Assistive Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Elder Care Services And Assistive Devices Market
26. Top Elder Care Services And Assistive Devices Companies
27. Elder Care Services And Assistive Devices Market Opportunities And Strategies
28. Elder Care Services And Assistive Devices Market, Conclusions And Recommendations
29. Appendix
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