The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

• 2023 Market Size: $3.41 billion
• 2024 Market Size: $3.74 billion
• CAGR (2023-2024): 9.7%
• Growth drivers:
  • Growing geriatric population
  • Rising healthcare costs
  • Increased focus on independent living
  • Rising demand for cost-effective healthcare services
  • Growing awareness regarding elderly care

Future Market Projections

• 2028 Market Size: $5.48 billion
• CAGR (2024-2028): 10.1%
• Growth drivers:
  • Advancements in assistive devices and technology
  • Increased life expectancy
  • Integration of AI and machine learning
  • Rise of the internet of things (IoT)
  • Preference for better lifestyle and healthcare services
• Major trends:
  • Introduction of smart aging systems
  • Focus on personalized care and intervention
  • Product diversification
  • Ethical and regulatory considerations
  • Wearable integration
  • Rising remote patient monitoring

View More On The Elderly Monitors Market Report 2024 – https://www.thebusinessresearchcompany.com/report/elderly-monitors-global-market-report

Rising Health and Wellness Awareness Drives Market Growth

Importance of Health and Wellness

• Health and wellness defined as holistic well-being
• Consumers prioritize wellness in lifestyle choices
• Increased spending on wellness services
• McKinsey & Company survey insights

Key Players in the Elderly Monitors Market

Major Companies

• Robert Bosch GmbH
• Abbott Laboratories
• Medtronic Plc
• Koninklije Philips N.V.
• Boston Scientific Corporation
• ADT Inc.
• Resideo Technologies Inc.
• Clariane SE
• BIOTRONIK SE & Co. KG
• Omron Healthcare Co. Ltd.
• Arlo Technologies Inc.
• Lifeline Systems Inc.
• GreatCall Inc.
• Connect America.com LLC

Technological Innovations in Elderly Care

Medical Radar Devices

• Radar technology for monitoring through walls
• AT&T Inc.’s medical radar device
• Uses radar and AI for non-intrusive monitoring
• Designed for senior living and healthcare facilities

Enhancing Remote Patient Monitoring Capabilities

100Plus Acquisition

• Connect America LLC acquires 100Plus
• Enhances remote patient monitoring (RPM) capabilities
• Focus on proactive chronic disease management
• Benefits for elderly care in home and healthcare settings

Elderly Monitors Market Segmentation

Market Segments

1. By Product
   • Personal Emergency Response Systems (PERS)
   • Smart Home Systems
   • Medical Alert Systems
   • GPS Tracking Devices
   • Wearable Devices
2. By Technology
   • Home Tele-Health
   • Safety Monitoring
3. By Application
   • Fall Prevention and Detection
   • Health Monitoring
   • Memory Aid
   • Movement and Mobility Monitoring
   • Safety and Security Monitoring
4. By End-User
   • Home-based Care
   • Assisted Living Facilities
   • Nursing Homes and Hospitals
   • Personal Use

Regional Insights

Market Dynamics

• North America: Largest market in 2023
• Asia-Pacific: Fastest-growing region in the forecast period
• Comprehensive regional coverage in the market report

Conclusion

The elderly monitoring market is poised for rapid growth driven by technological advancements, increasing life expectancy, and the growing adoption of IoT solutions. With major players innovating in medical radar devices and expanding capabilities in remote patient monitoring, the market is set to transform elderly care. As consumer awareness of health and wellness continues to rise, the demand for personalized, non-intrusive monitoring solutions is expected to propel market expansion globally. Ethical considerations and regulatory frameworks will play crucial roles in shaping the future landscape of elderly monitoring technologies.

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