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Sales Forecast of Elder Care Product Market to Reach US$ 56.7 Billion by 2034 with a 6.7% CAGR
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With the increasing focus on aging-in-place solutions, there is a burgeoning demand for home modification products, ranging from smart home adaptations to assistive furniture. The integration of artificial intelligence and IoT in elder care devices opens avenues for more sophisticated and personalized solutions. The expansion of telehealth services also provides a platform for new and existing players to offer remote healthcare solutions for seniors. There is a surge in the development of social robots designed to provide companionship and emotional support to the elderly. Wearable health technology is evolving with features like fall detection and vital sign monitoring, enhancing safety and enabling proactive healthcare. Innovative home automation solutions, including voice-activated devices and smart home sensors, contribute to creating elder-friendly living spaces. The emphasis on holistic wellness is reflected in the integration of mental health apps and personalized wellness programs tailored to address the unique health challenges faced by the aging population. As the industry progresses, the convergence of technology, healthcare, and design will likely define the future of elder care products.
Key Takeaways from the Market Study
In 2024, North America's elder care product industry is projected to reach US$ 10,167 million, claiming a significant 34.3% share of the global market.
The United States is set to dominate with an 84.1% market share, driven by a large aging population, robust healthcare infrastructure, and substantial consumer willingness to invest in innovative elder care solutions.
East Asia's elder care product market is expected to be worth US$ 3,859 million in 2024, with China leading with a share of 35.8%, while the Korea elder care product industry accounts for an 11.4% share in 2024. Japan, in particular, takes the lead with a 52.8% market share, showcasing its commitment to technological advancements in elder care.
The nutritional supplement segment is poised to hold a significant 35.7% share in 2024, reflecting the growing emphasis on proactive health management for seniors.
The chronic illness care segment is projected to command a dominant 73.3% share in 2024, underscoring the increasing prevalence of chronic diseases among the aging population.
Competitive Landscape of the Elder Care Product Market (노인 케어 제품 시장)
The competition in the elder care product market is dynamic, where players strive to cater to the evolving needs of the aging population. Key healthcare companies bring extensive expertise and resources, offering a comprehensive range of elder care products. Their established presence in the healthcare sector allows for broad market reach and the development of integrated solutions.
Companies specializing in medical devices contribute significantly to the competitive fabric. These entities focus on advanced technologies, producing specialized devices ranging from mobility aids to telehealth solutions, catering to the multifaceted requirements of the elderly.
Some pharmaceutical giants diversify their portfolios to include elder care products, particularly nutritional supplements and medications tailored to the aging demographic. This diversification capitalizes on existing distribution networks and brand recognition.
Key Companies Profiled in This Report
Johnson & Johnson
Abbott Laboratories
Roche
Novartis
Siemens Healthineers
Philips Healthcare
Cardinal Health
McKesson Corporation
Medtronic
Stryker
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Key Developments
AiCure, a digital medication adherence platform, collaborated with a large drugstore chain to test a program that uses tailored text messages and video chats to remind elders to take their pills.
Amazon Alexa now has a "Care Hub" capability, which allows family caregivers to monitor their loved ones who live independently remotely.
AdhereTech, a California business, created a smart pill container that automatically administers medicine appropriately and warns caretakers if a dosage is missed.
Segmentation of Elder Care Product Market (Markt für Altenpflegeprodukte) Research
By Product :
Incontinence Product
Consumables
Assistive devices
Nutritional Supplements
By Usage :
Home Care
Chronic Illness Care
By End User :
Hospital
Nursing Care Facilities
Home Health care
By Region :
North America
Europe
Latin America
East Asia
South Asia & Oceania
Middle East & Africa
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