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Elderly Care Services Industry 2024: Overview, Trends, and Market Size
Elder Care Services And Assistive Devices Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
The rise in need for assistive living technologies is expected to propel the growth of the elder care services and assistive devices market going forward. Assistive living technologies are tools and systems that help people with disabilities or age-related difficulties manage daily activities and improve their overall well-being, fostering greater independence through enhanced mobility, communication, and task management. The rise in the need for assistive living technologies is driven by factors such as an aging population, the increasing prevalence of chronic conditions, the desire for greater independence among seniors, and advancements in technology that enhance functionality and affordability. Assistive living technologies in elderly care services enhance independence, improve safety, facilitate communication, monitor health, and support daily living activities. For instance, in January 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization for international public health, over 2.5 billion people globally currently need assistive products, and with the aging population and increasing prevalence of noncommunicable diseases, this figure is expected to rise to around 3.5 billion by 2050. Therefore, the rise in need for assistive living technologies is driving the market for elder care services and assistive devices.
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.
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Major Key Players of the Market:
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
Elder Care Services And Assistive Devices Market 2024 Key Insights:
• The elder care services and assistive devices market size is expected to grow to $1,093.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Impact of Assistive Living Technologies on the Growth of Elder Care Services and Assistive Devices Market
• Technological Advancements in Elder Care
• North America was the largest region in the elder care services and assistive devices market in 2023
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