Growth, Trends, and Opportunities in the Elder Care Services And Assistive Devices Market: Key Insights for the Next Decade
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What is the Long-Term Projected Growth Rate for the Elder Care Services And Assistive Devices Market, and What Are the Key Drivers?
The market size of elder care services and assistive devices has shown notable growth in the past few years. It is projected to increase from $841.65 billion in 2024 to $899.67 billion in 2025 with a compound annual growth rate (CAGR) of 6.9%. This growth during the historic period can be linked to factors such as higher life expectancy, transition from institutional to home-based care, rise in cases of chronic diseases, evolving societal perspectives, and an upsurge in tailored care models.
The market size of elder care services and assistive devices is anticipated to experience robust growth in the subsequent years, reaching a value of $1165.37 billion in 2029 with a compound annual growth rate (CAGR) of 6.7%. Several factors contributing to the growth during the forecasted period include the heightened focus on preemptive healthcare, rising knowledge about mental health, increasing health consciousness, increasing government roles, and an increase in the elderly population. Key trends expected during the forecast period encompass the evolution of home care solutions, smart home technology advancements, the integration of telehealth, the implementation of person-centered care models, and progressive development in visual and hearing aid technologies.
Which Major Market Drivers Are Expected to Boost the Elder Care Services And Assistive Devices Market’s Growth Potential?
The surge in demand for supportive living technologies is projected to propel the expansion of the elder care services and assistive devices market in the future. These technologies are methods and equipment that assist individuals with disabilities or aging-related issues in managing daily tasks, thereby promoting their overall welfare and enabling better independence through improved mobility, interaction, and task handling. This increasing demand is motivated by factors such as a growing elderly population, an escalating prevalence of long-lasting illnesses, the wish for more independence among the elderly, and technological advancements that boost functionality and affordability. In the realm of elder care services, supportive living technologies elevate self-reliance, increase safety, facilitate intercommunication, supervise health, and back daily life activities. For instance, the World Health Organization (WHO), a Switzerland-based international public health organization, reported in January 2024, over 2.5 billion individuals worldwide currently require supportive products. With the growing elderly demographic and a rise in non-transmissible diseases, this number is anticipated to increase approximately 3.5 billion by 2050. Therefore, this surge in demand for supportive living technologies is catalyzing the growth of the elder care services and assistive devices market.
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Which Companies Are Leading the Charge in Expanding the Elder Care Services And Assistive Devices Market?
Major companies operating in the elder care services and assistive devices market are:
• Siemens AG_x000D_
• Whirlpool Corporation_x000D_
• Koninklijke Philips N.V._x000D_
• Stanley Black & Decker Inc._x000D_
• Electrolux AB_x000D_
What New Trends Are Reshaping the Elder Care Services And Assistive Devices Market and Its Opportunities?
Leading companies within the elder care services and assistive devices market are pushing the envelope in incorporating intelligent solutions such as AI-enhanced cognitive care. The motive behind this is to elevate care quality, improve patient outcomes, and tailor support to the needs of older adults. AI-driven cognitive care for seniors involves using artificial intelligence to keep tabs on cognitive wellness, deliver personal assistance, provide companionship, deal with medical needs, and guarantee safety. For example, in June 2023, the National Centre for Assistive Health Technologies (NCAHT-IITM) was officially opened by IIT Madras, with a focus on boosting the research and development of assistive tech for elderly individuals and those with disabilities. The centre is designed to promote creative exchange between users, developers, and policy-makers, leading to groundbreaking solutions. The event saw key speakers like Dr. Rajiv Bahl from ICMR, who underscored the centre’s mission to change lives through advanced tech and collaboration. Furthermore, novel self-training modules were introduced for wheelchair users to encourage self-reliance. Consequently, due to the growing elderly population and the escalating demand for superior quality of life solutions, the elder care services and assistive devices market is anticipated to experience substantial growth.
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Which Industry Segments Are Leading the Development and Expansion of the Elder Care Services And Assistive Devices Market?
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
Subsegments:
1) By Services: Home Health Care Services, Nursing And Palliative Care Services, Senior Companion Services, Rehabilitation Services, Telehealth And Remote Monitoring Services, Personal Care Assistance
2) By Assisted Devices: Mobility Aids, Hearing Aids, Vision Aids, Orthotic Devices, Monitoring Devices
3) By Living Aids: Adaptive Kitchen Tools, Medication Management Devices, Eating And Drinking Aids, Memory Aids And Cognitive Assistive Devices, Communication Aids
4) By Assistive Furniture: Adjustable Beds, Reclining Chairs And Lift Chairs, Ergonomic Chairs And Desks, Ramps And Raised Seating, Specialized Tables And Overbed Stands
5) By Bathroom Safety Equipment: Grab Bars, Shower Chairs And Stools, Raised Toilet Seats, Bath Lifts, Non-Slip Mats And Flooring
6) By Other Offerings: Environmental Control Systems, Cognitive Therapy Tools, Mobility Platforms, Smart Wearables For Health Monitoring
What Are the Top Regions Fueling Growth in the Elder Care Services And Assistive Devices Market?
North America was the largest region in the elder care services and assistive devices market in 2024. 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.
What Are the Defining Features of the Elder Care Services And Assistive Devices Market?
Elder care services and assistive devices refer to a variety of support systems and equipment designed to assist elderly individuals with their daily activities and health needs. The primary goal of these services and devices is to enable older adults to live independently and comfortably, while ensuring their health needs are met through continuous monitoring and assistance.
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