The elder care services and assistive devices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Elder Care Services And Assistive Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increase in life expectancy, shift from institutional to home-based care, increase chronic disease cases, changing societal attitudes, and rise in personalized care models.
The elder care services and assistive devices market size is expected to see strong growth in the next few years. It will grow to $1,093.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing focus on preventive care, increasing awareness of mental health, rising collaborative care approaches, rising health awareness, increasing government initiatives and increasing aging population. Major trends in the forecast period include advancements in home care solutions, advancements in smart home technology, adoption of telehealth, adoption of person-centered care models, and advancements in hearing and visual aid technologies.
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Scope Of Elder Care Services And Assistive Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Major companies operating in the elder care services and assistive devices market are developing intelligent care services such as artificial intelligence (AI)-based cognitive care to enhance the quality of care, improve patient outcomes, and provide personalized support for the elderly. AI-based cognitive care for the elderly utilizes artificial intelligence to monitor cognitive health, provide personalized assistance, offer companionship, manage health needs, and ensure safety. For instance, in March 2021, Tunstall Healthcare Ltd., a UK-based hospitals and health care company, launched Tunstall Cognitive Care, an intelligent care service. This uses AI to predict and prevent incidents by analyzing behavioral patterns and environmental factors. It takes data from various sources, including motion sensors, smartphones, wearables, and recordings, to provide a clear picture of the risks someone faces and alerts them or their caregivers to respond. These advancements highlight the industry’s shift towards leveraging technology to improve elder care at home.
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
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Regional Insights –
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.
Key Companies –
Major companies in the 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
Table of Contents
1. Executive Summary
2. Elder Care Services And Assistive Devices Market Report Structure
3. Elder Care Services And Assistive Devices Market Trends And Strategies
4. Elder Care Services And Assistive Devices Market – Macro Economic Scenario
5. Elder Care Services And Assistive Devices Market Size And Growth
…..
27. Elder Care Services And Assistive Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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