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Elder Care Services And Assistive Devices Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Elder Care Services And Assistive Devices Market Size
What Is the Projected Growth of the Elder Care Services And Assistive Devices Market?
The elder care services and assistive devices market has grown significantly in recent years. It is anticipated to rise from $841.65 billion in 2024 to $899.67 billion in 2025, at a CAGR of 6.9%. This growth has stemmed from higher life expectancy, a trend toward home-based care, more chronic illness cases, evolving social views, and more personalized care offerings.
The elder care services and assistive devices market size is forecasted to grow steadily over the next few years. It is expected to reach $1165.37 billion by 2029 at a compound annual growth rate (CAGR) of 6.7%. Drivers of this growth include a focus on preventive care, mental health awareness, collaborative healare models, rising health literacy, governmental programs, and an expanding aging population. Anticipated trends include smarter home-based care systems, integration of smart home features, telehealth expansion, person-centered caregiving approaches, and innovations in auditory and visual assistive devices.
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What Are the Different Elder Care Services And Assistive Devices Market Segments?
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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What Are the Primary Drivers Shaping the Elder Care Services And Assistive Devices Market?
The rising demand for assistive living technologies is expected to drive the growth of the elder care services and assistive devices market. Assistive living technologies are systems and tools that help individuals with disabilities or age-related challenges manage daily activities and improve their quality of life by fostering greater independence. This demand is driven by factors such as an aging population, increasing chronic conditions, and advancements in technology. For instance, the World Health Organization (WHO) estimates that 2.5 billion people globally need assistive products, and this number is expected to rise to 3.5 billion by 2050. The increasing need for assistive technologies is thus propelling the market for elder care services and assistive devices.
Which Companies Are Leading in 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 Healare 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 firms in the elder care services and assistive devices sector are introducing smart care services like artificial intelligence (AI) powered cognitive care to increase care quality, boost patient results, and offer customized assistance to seniors. This form of cognitive care for seniors employs AI to supervise cognitive health, supply individualized help, provide companionship, handle health necessities, and confirm safety. For example, in June 2023, IIT Madras unveiled the National Center for Assistive Health Technologies (NCAHT-IITM), an institution designated to amplify research and development efforts in assistive technology for people with disabilities and the elderly. The center's objective is to encourage dialogues amongst end-users, developers, and decision-makers to generate innovative solutions. Noteworthy figures such as Dr. Rajiv Bahl from ICMR attended the event, and through their speeches, highlighted the center's function in changing lives using technology and cooperation. The event also saw the launch of innovative self-training modules for wheelchair users to foster self-reliance. As such, the elder care services and assistive devices sector is set for impressive growth, fueled by the growing elderly population and a surge in demand for better quality of life solution options.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Elder Care Services And Assistive Devices Market?
2. What is the CAGR expected in the Elder Care Services And Assistive Devices Market?
3. What Are the Key Innovations Transforming the Elder Care Services And Assistive Devices Industry?
4. Which Region Is Leading the Elder Care Services And Assistive Devices Market?
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