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Elderly Monitors Global Market Top Companies, Trends and Future Prospects Details for Business Development 2033
Elderly Monitors Global Market
According to The Business Research Company's, The elderly monitors market size has grown rapidly in recent years. It will grow from $3.41 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growing geriatric population, rising healthcare costs, increased focus on independent living, rising demand for cost-effective healthcare services, growing awareness regarding elderly care.
The elderly monitors market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to advancements in assistive devices and technology, increased life expectancy, integration of AI and machine learning, rise of the internet of things, preference for better lifestyle and healthcare services. Major trends in the forecast period include introduction of smart aging system, focus on personalized care and intervention, product diversification, ethical and regulatory considerations, wearable integration, rising remote patient monitoring.
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Market Drivers and Trends:
Rising awareness of health and wellness is expected to propel the growth of the elderly monitoring market going forward. Health and wellness encompass a holistic state of physical, mental, and social well-being, reflecting the harmonious balance of lifestyle choices, preventive measures, and positive behaviors that contribute to an individual's overall thriving and optimal quality of life. Elderly monitors enhance health and wellness by employing advanced technologies to track and analyze vital health metrics, daily activities, and safety parameters, offering real-time insights and early intervention opportunities for caregivers and healthcare professionals. For instance, in April 2021, according to a survey of 7,500 consumers by McKinsey & Company, a US-based management consulting company, around 79% of consumers think wellness is important, and 42% consider it a top priority. Further, around 37% of consumers were expected to spend more on wellness services in 2022. Therefore, rising awareness of health and wellness is driving the growth of the elderly monitoring market.
Major companies operating in the elderly monitor market are developing innovative technological products such as medical radar devices that monitor older adults through walls for better outcomes. A medical radar device is a type of radar technology used for medical imaging and monitoring. It operates by emitting radio waves, receiving their reflection, and using this information to generate data. Radar-based imaging can be used for preventive screening and early detection of diseases such as breast cancer and stroke. For instance, in April 2023, AT&T Inc., a US-based telecommunications company, launched a medical radar device. This device uses radar and AI technology to detect body position, movement, and biometrics without the need for cameras or wearable trackers. It is designed to help older individuals live more independently while maintaining their privacy. The device is intended for enterprise customers such as senior living facilities, nursing homes, and healthcare providers. It is designed to be discreet and easy to set up, resembling a storage box or speaker.
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Major Key Players of the Market:
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, Life Alert Emergency Response Inc., SHL Telemedicine Ltd., Medical Guardian LLC, Shenzhen Reolink Technology Co. Ltd., Digital Care Systems Limited, MobileHelp LLC, Canary Systems Ltd., Bay Alarm Medical, Care Innovations LLC, Alertone Services LLC, QMedic, Eldercare Services Inc., ProVita International Medical Centre Ltd., Shenzhen Wansview technology Co. Ltd.
Elderly Monitors Market 2024 Key Insights:
• The elderly monitors market is expected to grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Elderly Monitoring Market Poised for Growth Amid Increasing Emphasis On Health And Wellness Awareness
• Major Companies Introduce Medical Radar Devices for Advanced Monitoring in the Elderly Care Market
• North America was the largest region in the elderly monitors market in 2023
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