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Senior Care Technologies Market 2024-2033: Competitor Assessment, Industry Size And Major Players
Senior Care Technologies Market Share
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According to The Business Research Company's, The senior care technologies market size has grown strongly in recent years. It will grow from $33.56 billion in 2023 to $36.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to rise in demand for remote health monitoring solutions, growth in chronic disease prevalence among seniors, increase in adoption of wearable health devices, rise in interest in personalized healthcare services, and increase in availability of user friendly technology.
The senior care technologies market size is expected to see strong growth in the next few years. It will grow to $48.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing adoption of smart home technologies, rising investment in telehealth services, increasing awareness of senior care needs, growing mobile health applications, and increasing focus on personalized care and treatment options. Major trends in the forecast period include development of smart home technologies, advancements in remote patient monitoring, implementation of fall detection systems, development of personalized care platforms, and advancements in wearable emergency alert systems.
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Market Drivers and Trends:
The growing preference for home care services is expected to propel the growth of the senior care technologies market going forward. Home care, also known as domiciliary care, encompasses various health and support services delivered at home to assist individuals in preserving their independence and quality of life. The desire for personalized care, the comfort of being in a familiar environment, and advancements in technology enable effective home-based health management. Senior care technologies provide home care services by allowing remote health monitoring, improving safety through fall detection systems, facilitating virtual consultations, and enhancing medication management, allowing seniors to receive comprehensive and efficient care at home. For instance, in May 2023, according to the Homecare Association, a UK-based Trade association, almost three-quarters (74%) of home care providers saw demand for their services increase at the start of 2022. Moreover, in October 2022, according to the National Health Service, a UK-based publicly funded healthcare system, local authorities' gross current expenditure on adult social care was $28.06 billion (£22.0 billion), up $0.89 billion (£0.7) billion from the previous year. Therefore, the growing preference for home care services drives the senior care technologies market.
Major companies operating in the senior care technologies market are developing care delivery programs to enhance the quality of life for seniors, improve health outcomes, and streamline the efficiency of care services. Care delivery programs aid in integrating advanced tools and systems into coordinated care plans, enhancing health monitoring, facilitating remote consultations, improving medication management, and providing personalized and proactive care for seniors. For instance, in August 2023, Tata Consultancy Services (TCS), an India-based IT services and consulting company, launched Seniors Lab, an innovative digital care delivery program that uses IoT-enabled sensors and wearables to monitor seniors' activity, movement, and health parameters, integrating with healthcare systems and concierge services. This solution aims to improve senior care by enhancing safety, independence, and overall well-being, marking a significant advancement in the senior care technologies market.
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Major Key Players of the Market:
McKesson Corporation, Medtronic plc, Koninklijke Philips N.V., Stryker Corporation, Essity AB, OMRON Healthcare Co. Ltd., Demant A/S, GN Store Nord A/S, Cochlear Ltd, Alarm.com Inc., Invacare Corporation, Tunstall Healthcare Ltd., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare, Advanced Monitored Caregiving Inc., GrandPad Inc., MobileHelp LLC, GrandCare Systems LLC, Livongo Health Inc., VitalTech Affiliates LLC, Independa Inc., CarePredict Inc., BioSensics LLC
Senior Care Technologies Market 2024 Key Insights:
• The senior care technologies market size is expected to see strong growth in the next few years. It will grow to $48.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Demand For Home Care Services Drives Growth In Senior Care Technologies Market
• Advancements in Senior Care Technologies: Enhancing Quality of Life Through Innovative Care Delivery Programs
• North America was the largest region in the senior care technologies market in 2023
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