In-Depth Analysis of the Elder Care Services And Assistive Devices Market share: Growth Opportunities, Key Trends, and Forecast 2025-2034

What Are the Projected Growth and Market Size Trends for the Elder Care Services And Assistive Devices Market?
In recent times, the market size for elder care services and assistive instruments has witnessed robust expansion. There is an expected growth from $841.65 billion in 2024 to $899.67 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. Factors such as enhanced life expectancy, transition from institutional to home-based care, rise in instances of chronic illnesses, evolving societal perspectives, and growing preference for personalized care models can be attributed for the growth experienced during the historic period.

The market for elder care services and assistive devices is projected to witness robust growth in the coming years. Its size is anticipated to expand to $1165.37 billion in 2029, with a compound annual growth rate (CAGR) of 6.7%. The rise in this period can be linked to a heightened focus on preventive care, growing mental health awareness, increasing implementation of collaborative care methods, escalated health awareness, more government initiatives, and an increasing aging population. Key trends expected during this period involve improvements in home care solutions, advancements in smart home technology, the integration of telehealth, the implementation of person-centered care models, and advancements in technologies for visual and hearing aids.

What Is Stimulating Growth in the Elder Care Services And Assistive Devices Market?
The growing demand for assistive living technologies is poised to fuel the expansion of the market for elder care services and assistive devices. These assistive living technologies are systems and tools designed to aid individuals grappling with age-related challenges or disabilities to handle everyday tasks, thereby enhancing their overall health and promoting independence by improving mobility, communication, and task completion. Factors motivating this growing need for assistive living technologies include an elderly population surge, rising occurrences of chronic diseases, a preference for more independence among the elderly community, and technological improvements that augment functionality and cost-effectiveness. These technologies for elderly care services promote autonomy, boost safety, make communication more accessible, monitor health, and assists with routine activities. For example, the World Health Organization (WHO), an intergovernmental organization based in Switzerland dedicated to international public health, stated in January 2024 that over 2.5 billion individuals worldwide currently require assistive products. This number is anticipated to increase to approximately 3.5 billion by 2050 due to an ageing global population and the rising prevalence of noncommunicable diseases. As a result, the increasing demand for assistive living technologies is propelling the market for elder care services and assistive devices.

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Which Leading Companies Are Shaping the Growth of the Elder Care Services And Assistive Devices Market?
Major companies operating in the elder care services and assistive devices 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

What Are the Major Trends Shaping the Elder Care Services And Assistive Devices Market?
Leading players in the elder care services and assistive devices sector are innovating intelligent care services like AI-based cognitive care to improve care quality, patient results, and personalized assistance for the elderly. This type of cognitive care applies artificial intelligence to oversee cognitive health, offer individualized help, companionship, handle health needs, and ensure safety for seniors. For example, in June 2023, IIT Madras established the National Center for Assistive Health Technologies (NCAHT-IITM) to boost research and development in assistive technologies for people with disabilities and the elderly. The center's goal is to promote exchanges between users, creators, and policymakers to develop innovative solutions. The inauguration included notable speakers like Dr. Rajiv Bahl from ICMR, underscoring the center's function in improving lives through technology and teamwork. Furthermore, the introduction of new self-teaching modules for wheelchair users was aimed at fostering self-dependence. In light of these factors, the elder care services and assistive devices segment is on track for substantial growth, propelled by a growing elderly population and increased demand for improved quality of living conditions.

What Are the Key Segments of the Elder Care Services And Assistive Devices Market?
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

Subsegments:
1) By Services: Home Health Care Services, Nursing And Palliative Care Services, Senior Companion Services, Rehabilitation Services, Telehealth And Remote Monitoring Services, Personal Care Assistance
2) By Assisted Devices: Mobility Aids, Hearing Aids, Vision Aids, Orthotic Devices, Monitoring Devices
3) By Living Aids: Adaptive Kitchen Tools, Medication Management Devices, Eating And Drinking Aids, Memory Aids And Cognitive Assistive Devices, Communication Aids
4) By Assistive Furniture: Adjustable Beds, Reclining Chairs And Lift Chairs, Ergonomic Chairs And Desks, Ramps And Raised Seating, Specialized Tables And Overbed Stands
5) By Bathroom Safety Equipment: Grab Bars, Shower Chairs And Stools, Raised Toilet Seats, Bath Lifts, Non-Slip Mats And Flooring
6) By Other Offerings: Environmental Control Systems, Cognitive Therapy Tools, Mobility Platforms, Smart Wearables For Health Monitoring

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Which Region Dominates the Elder Care Services And Assistive Devices Market?
North America was the largest region in the elder care services and assistive devices market in 2024. 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.

What Is Covered In The Elder Care Services And Assistive Devices Global Market Report?

- Market Size Analysis: Analyze the Elder Care Services And Assistive Devices Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Elder Care Services And Assistive Devices Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Elder Care Services And Assistive Devices Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Elder Care Services And Assistive Devices Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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