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Elderly Monitoring Market Poised for Growth Amid Increasing Emphasis On Health And Wellness Awareness: A Key Catalyst Accelerating Elderly Monitors Market Growth in 2025
Elderly Monitors
Elderly Monitors Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Rapid expansion has been observed in recent years in the market size of elderly monitors. The market is projected to increase from $3.78 billion in 2024 to $4.2 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%. Reasons contributing to this growth in the past include an increasing elderly population, higher healthcare expenses, a greater emphasis on independent living, expanding demand for affordable healthcare services, and heightened awareness about elderly care.
Elderly Monitors Market Size Forecast: What's the Projected Valuation by 2029?
The market size for elderly monitors is anticipated to experience swift expansion in the forthcoming years. It is projected to escalate to a value of $6.45 billion in 2029, with a compound annual growth rate (CAGR) of 11.3%. This growth during the forecasted period can be linked to the enhancements in assistive devices and technology, extended lifespan, the incorporation of AI and machine learning, the ascent of the internet of things, and a preference for an improved lifestyle and healthcare services. Significant trends within this period are likely to be the emergence of smart aging systems, emphasis on individualized care and intervention, diversification of products, ethical and regulative considerations, wearable integration, and an increase in remote patient monitoring.
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What Are the Drivers Transforming the Elderly Monitors Market?
The anticipated expansion of the elderly monitoring market is linked to the growing understanding of health and wellness. This concept covers the complete spectrum of physical, mental, and social health, and indicates a balanced blend of lifestyle decisions, preventive steps, and conducive practices that contribute to a person's optimum well-being. Elderly monitoring devices, which employ advanced technology to log and evaluate crucial health indicators, daily routines, and safety measures, enhance health and wellness. They provide real-time data and opportunities for early intervention for caregivers and health professionals. As per data from the Office for National Statistics, a UK Based national statistics institution, the healthcare expenditure in the UK hit roughly $354.88 billion (£283 billion) in 2022, rising by a nominal 0.7% compared to 2021. Ultimately, this surge in health and wellness awareness is propelling the progression of the elderly monitoring market.
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What Long-Term Trends Will Define the Future of the Elderly Monitors Market?
Leading enterprises in the elderly monitor market are focusing on creating ground-breaking technological products like medical radar devices that can observe senior citizens even through walls for improved results. These devices employ radar technology for medical imaging and monitoring by emitting radio waves, receiving their reflections, and interpreting this data for useful information. This kind of imaging can be utilized for preventive screening and early diagnosis of health conditions such as breast cancer and strokes. For example, AT&T Inc., an American telecommunications firm, launched one such medical radar device in April 2023. This device utilizes radar and artificial intelligence to track body position, movement, and biometrics without the requirement for cameras or wearable sensors. The design of this device is to enhance independent living for elderly people while still respecting their privacy. The target audience for this device are enterprise customers, like senior living residences, nursing homes, and healthcare providers. It is designed to be unobtrusive and easy to install, resembling a storage box or a speaker.
Which Segments in the Elderly Monitors Market Offer the Most Profit Potential?
The elderly monitors market covered in this report is segmented -
1) By Product: Personal Emergency Response Systems (PERS), Smart Home Systems, Medical Alert Systems, GPS Tracking Devices, Wearable Devices
2) By Technology: Home Tele-Health, Safety Monitoring
3) By Application: Fall Prevention and Detection, Health Monitoring, Memory Aid, Movement and Mobility Monitoring, Safety and Security Monitoring
4) By End-User: Home-based Care, Assisted Living Facilities, Nursing Homes and Hospitals, Personal Use
Subsegments:
1) By Personal Emergency Response Systems (PERS): Landline-Based PERS, Mobile PERS, Wearable PERS, Smartphone App-Based PERS
2) By Smart Home Systems: Smart lighting, Smart Thermostats, Smart Security Systems, Voice-Activated Assistants
3) By Medical Alert Systems: Emergency Button Systems, Fall Detection Systems, Medication Reminder Systems
4) By GPS Tracking Devices: Wearable GPS Trackers, Mobile Phone-Based GPS Trackers, In-Home GPS Tracking Systems
5) By Wearable Devices: Fitness Trackers, Smartwatches, Health Monitoring Patches, Biosensors
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Which Firms Dominate the Elderly Monitors Market by Market Share and Revenue in 2025?
Major companies operating in the elderly monitors market report are Robert Bosch GmbH, Abbott Laboratories, Medtronic Plc, Koninklije Philips N.V., Boston Scientific Corporation, ADT Inc., Resideo Technologies Inc., Clariane SE, BIOTRONIK SE & Co. KG, Omron Healthcare Co. Ltd., Arlo Technologies Inc., Lifeline Systems Inc., GreatCall Inc., Connect America.com LLC, Life Alert Emergency Response Inc., SHL Telemedicine Ltd., Medical Guardian LLC, Shenzhen Reolink Technology Co. Ltd., Digital Care Systems Limited, MobileHelp LLC, Canary Systems Ltd., Bay Alarm Medical, Care Innovations LLC, Alertone Services LLC, QMedic, Eldercare Services Inc., ProVita International Medical Centre Ltd., Shenzhen Wansview technology Co. Ltd.
Which Regions Offer the Highest Growth Potential in the Elderly Monitors Market?
North America was the largest region in the elderly monitors market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly monitors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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