Senior Care Technology Market is Expected to Reach US$ 101.62 Billion, Growing at a CAGR of 7.5% by 2034| States Fact.MR

The global senior care technology market is estimated to reach US$ 49.42 billion in 2024. The market is expected to grow at a CAGR of 7.5% to reach US$ 101.62 billion by 2034.

The demand for senior care technologies is emerging because of the rising number of senior citizens in various countries. Based on some estimates by the World Health Organization, the world's population of individuals aged 60 and older is projected to double by 2050 to more than 2 billion. With such demographic changes, there is growing concern about addressing this problem of aging, providing a great opportunity for the senior care technology industry to double its revenues annually to come.

With the above factor, there is also a shortage of workforce in elder care, which is making it even simpler for this market to grow exponentially. Nations, such as the United States, Japan, and South Korea, have an acute shortage of caregivers and healthcare professionals, which makes it hard to cater to the needs of the increasing elderly population. To solve this issue, a number of technologies such as robotics, AI, and automated systems are launched in the market because these systems effectively relieve the burden from human shoulders by supporting caregiving work. Resolving both the issue of human resources and customer satisfaction.

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Key Takeaway from Market Study:

The Senior Care Technology Market is valued at US$ 49.42 billion in 2024.
The market is projected to reach US$ 101.62 billion by 2034.
Global demand is expected to rise at a CAGR of 7.5% from 2024 to 2034.
The North America market is valued at US$ 17.6 billion in 2024.
The Canada market is projected to reach US$ 4.4 billion by 2034.
The Safety Devices segment is forecasted to grow at a CAGR of 8.1% from 2024 to 2034.
The United States market is estimated to reach US$ 34.09 billion by 2034.

Leading Players Driving Innovation in the Senior Care Technology Market:

AMC Health; BIOTRONIK; Bosch Healthcare Solutions; Care Innovations; LLC; Omron Healthcare, Inc.; GrandCare Systems; Zanthion, TruSense; ANNI.

What lies ahead for manufacturers?

Compared to the last decade, the healthcare industry has increasingly come to be more digitalized and hastened particularly after the Covid-19 outbreak. The transition from traditional mediums to new tools has enhanced patient outcomes, but digitalization in geriatric patient care technologies has further paths to take.

Senior care technologies are still evolving and there are many challenges that the manufacturers have yet to overcome so that the elderly care technologies arcade expands. In the future, elderly patient care technologies will be totally computerized and integrated with alarms, sensor monitoring, and reminders, which will track pulse, weight and glucose, and heart rates.

The primary challenge ahead of this sector is resistance from patients. The patients feel demotivated to use remote monitoring devices, affecting their interest. Digital health requires the active involvement of both patients and doctors. The absence of user informatics acts as a barrier to the penetration of digital tools among elderly patients. A lot of people avoid online check-ups because of security and privacy protocols.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the senior care technology market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on segmented based on product type, end user, and region. By product type, the market includes safety devices, bed & door alarms, monitoring devices, and medication management devices. In terms of end users, the market caters to hospitals, long-term care facilities, and home care centers. Geographically, the market is divided into North America, Western Europe, Eastern Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa.

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