Geriatric Care Products and Devices Market Revenue and Value Chain Till 2020
Mobility assistance devices
Fall and wandering alarms
Currently mobility assistance devices account for largest share of geriatric care products and devices market. This segment includes canes, walkers, rollators, wheelchairs, and motorized scooters. These traditional products are now armed with latest technology to enable better distant care. In 2013, Fujitsu launched a cane prototype at the Mobile World Congress. This new technology cane has a GPS device so that the elderly can find their way back home, and also keep physicians and relatives posted about their location. Automatic wheel chairs with wireless technology and motorized scooters are other new technology upgrades on the market segment. Fall and wandering alarms is the most rapidly evolving market segment. These portable devices are equipped with wireless technology to quickly alert emergency contact person about the current location. Fall and wandering alert devices are usually in the form of a pendent or bracelet, or can be attached to purse. Philips Lifeline is designed to automatically detect fall, and can contact nearest healthcare service providers. Such advances in technology have enables healthcare service provides to deliver better care and also improve life expectancy.
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Around 5 million individuals aged 65 years and above in the U.S. are suffering from Alzheimer’s disease. It is expected that by 2050, this figure would reach over 13 million, according to statistics published by the U.S. Census. Incidences of fall among elderly population are also rising rapidly. In the U.S. 2.8 million individuals aged 65 years and above are treated in emergency departments for fall injuries. Furthermore majority of the times, elderly who experience fall cannot call for help due to unconsciousness or confusion. With rapid increase in elderly population across the globe, it is expected that demand for elderly care products is expected to skyrocket in the near future.
Japan has largest percentage of population with age 65 and above. In 2014 the percentage was 25.8%, which increased to 26.3% in 2015. Italy, Greece, Germany, and Portugal are other countries with highest elderly population. Europe stands out as the most attractive region for geriatric care products and devices market in the future. These countries possess necessary setup for wireless communication technology to enable effective emergency care. Affordability and favorable reimbursement policies have also supported the acceptance of these products in the market.
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Philips Healthcare, Vitacall, Medical Guardian LLC, Bay Alarm Medical, LifeCall and LifeFone are some of the key players in the fall and wandering alarms segment.
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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