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Impact of Assistive Living Technologies on the Growth of Elder Care Services and Assistive Devices Market Driver: Leading Transformation in the Elder Care Services And Assistive Devices Market in 2025
Elder Care Services And Assistive Devices Market Growth
The rising need for assistive living technologies is expected to boost the growth of the elder care services and assistive devices market. Assistive living technologies help people with disabilities or the elderly manage daily activities and improve well-being. Factors such as an aging population and the prevalence of chronic conditions are increasing the demand for these technologies. In 2024, it was estimated that over 2.5 billion people globally need assistive products, a figure expected to rise to 3.5 billion by 2050. This growing demand is fueling the elder care services and assistive devices market.
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What Is the projected market size and growth rate for the elder care services and assistive devices market?
The elder care services and assistive devices market is projected to grow from $841.65 billion in 2024 to $899.67 billion in 2025, at a CAGR of 6.9%. This growth is driven by the increase in life expectancy, the shift from institutional to home-based care, the rise in chronic diseases, changing societal attitudes, and the growth of personalized care models.
The elder care services and assistive devices market is set to grow significantly, reaching $1,165.37 billion by 2029, with a CAGR of 6.7%. This growth is driven by a focus on preventive care, awareness of mental health, collaborative care approaches, increased health awareness, government initiatives, and a growing elderly population. Trends include advancements in home care, smart home technology, telehealth adoption, person-centered care, and improvements in hearing and visual aids.
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What new trends are reshaping the elder care services and assistive devices market and its opportunities?
In the elder care services and assistive devices market, companies are focused on developing intelligent care services, like AI-based cognitive care, to enhance care quality, improve patient outcomes, and offer personalized support for the elderly. AI-based cognitive care uses artificial intelligence to monitor cognitive health, provide assistance, and ensure safety for the elderly. In June 2023, IIT Madras inaugurated the National Center for Assistive Health Technologies (NCAHT-IITM) to promote research and development in assistive technologies for the elderly and people with disabilities. The center facilitates collaboration among users, developers, and policymakers to create innovative solutions. This market is expected to grow significantly due to the aging population and the increasing demand for better life quality solutions.
What major market segments define the scope and growth 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.
Which key market leaders are driving the elder care services and assistive devices industry growth?
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
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What Is Covered In The Elder Care Services And Assistive Devices Global Market Report?
•Market Size Forecast: Examine the elder care services and assistive devices market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the elder care services and assistive devices market for a structured understanding.
•Key Players Overview: Analyze major players in the elder care services and assistive devices market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the elder care services and assistive devices market.
•Segment Contributions: Evaluate how different segments drive overall growth in the elder care services and assistive devices market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the elder care services and assistive devices market.
•Industry Challenges: Identify potential risks and obstacles affecting the elder care services and assistive devices market.
•Competitive Landscape: Review strategic developments in the elder care services and assistive devices market, including expansions, agreements, and new product launches.
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