Future Outlook of the Elder Care Services And Assistive Devices Market: Growth, Trends, and Emerging Opportunities Explored
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How has the elder care services and assistive devices market grown in recent years?
The elder care services and assistive devices market has shown strong growth in recent years. It is expected to grow from $841.65 billion in 2024 to $899.67 billion in 2025, at a CAGR of 6.9%. The expansion is due to rising life expectancy, a shift from institutional care to home care, the increasing incidence of chronic diseases, evolving societal attitudes, and the rise of personalized care models.
How is the elder care services and assistive devices market size expected to evolve during the forecast period?
The elder care services and assistive devices market is forecasted to grow significantly, reaching $1165.37 billion by 2029 at a CAGR of 6.7%. This growth is attributed to an increased focus on preventive care, growing awareness of mental health, collaborative care approaches, greater health awareness, government initiatives, and the rising elderly population. Trends include advancements in home care solutions, smart home technology, telehealth adoption, person-centered care models, and advancements in hearing and visual aid technologies.
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Which key drivers are propelling the elder care services and assistive devices market’s growth?
The rise in the need for assistive living technologies is expected to propel the growth of the elder care services and assistive devices market. These technologies assist people with disabilities or age-related challenges, fostering greater independence. Factors such as an aging population and chronic conditions are driving this demand. Assistive living technologies in elder care improve mobility, safety, and health monitoring. For example, in January 2024, the World Health Organization reported that 2.5 billion people globally need assistive products, a number expected to rise to 3.5 billion by 2050. The increasing need for these technologies is driving the elder care services and assistive devices market.
What are the market segments in the elder care services and assistive devices industry?
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
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Which leading companies are shaping the growth of 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
What key trends are currently impacting the elder care services and assistive devices market’s development?
In the elder care services and assistive devices market, companies are developing AI-based cognitive care solutions to improve the quality of care and provide personalized support for elderly individuals. AI is used to monitor cognitive health, manage health needs, and offer companionship. For example, IIT Madras inaugurated the National Center for Assistive Health Technologies (NCAHT-IITM) in June 2023 to foster innovation in assistive technologies for the elderly and disabled, promoting independence through self-training modules for wheelchair users.
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Which geographic areas are influencing 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 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.
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