Evaluating the Elder Care Services And Assistive Devices Market’s Growth Prospects from 2024 to 2033
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How is the Growth Rate of the Elder Care Services And Assistive Devices Market Estimated for 2024-2033?
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 CAGR of 6.6%. The growth in the historic period can be attributed to an increase in life expectancy, shift from institutional to home-based care, increase in chronic disease cases, changing societal attitudes, and rise in personalized care models.
The elder care services and assistive devices market is expected to see substantial growth, targeting $1,093.47 billion by 2028 with a CAGR of 6.8%. Growth is attributed to a focus on preventive care, increased mental health awareness, collaborative care approaches, rising health awareness, government initiatives, and an aging population. Major trends include advancements in home care solutions, smart home technology, telehealth adoption, person-centered care models, and innovations in hearing and visual aid technologies.
What Key Drivers Are Propelling the Elder Care Services And Assistive Devices Market’s Growth?
The growing demand for assistive living technologies is expected to fuel the elder care services and assistive devices market. These technologies aid individuals with disabilities or age-related challenges, promoting independence through enhanced mobility, communication, and task management. Factors such as an aging population, the prevalence of chronic conditions, and technological advancements are driving the need for assistive living tools, which improve safety, health monitoring, and daily living activities for elderly individuals.
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What Are the Distinct Segments of the Elder Care Services And Assistive Devices Market?
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
Which New Trends Are Making Waves in the Elder Care Services And Assistive Devices Market?
Companies in the elder care services and assistive devices market are developing intelligent care services, such as AI-based cognitive care, aimed at improving care quality, patient outcomes, and personalized support for the elderly. This AI-driven cognitive care monitors cognitive health, offers personalized assistance, companionship, health management, and safety assurance.
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Which Regions Are Significant to the Growth of the Elder Care Services And Assistive Devices Market?
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.
The Elder Care Services And Assistive Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the elder care services and assistive devices market, its market share, and analyzes key competitors along with 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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