2025-2034 Elder Care Services And Assistive Devices Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

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What Will the Elder Care Services And Assistive Devices Industry Market Size Be by 2025?
The market size of elder care services and assistive devices has seen substantial growth in the recent past. It is projected to increase from $841.65 billion in 2024 to $899.67 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.9%. Factors contributing to growth during the historical period include an increase in life expectancy, a shift from institutionalized care to home-based care, a surge in chronic disease cases, evolutions in social attitudes, and a rise in customized care models.

What's the Long-Term Growth Forecast for the Elder Care Services And Assistive Devices Market Size Through 2029?
The market size for eldercare services and assistive devices is projected to experience robust expansion in the upcoming years, escalating to a value of $1165.37 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. The increase within this forecast period can be ascribed to an intensified focus on preventative care, amplified awareness about mental health, an upward trend in collaborative care strategies, enhanced health consciousness, augmented government initiatives, and a growing elderly population. The forecast period also spotlights distinctive trends such as progress in home care solutions, evolution in smart home technology, the implementation of telehealth, the induction of person-centered care models, and technological advancements in hearing and vision aids.

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What Are the Key Growth Drivers Fueling the Elder Care Services And Assistive Devices Market Expansion?
The increase in demand for supportive living technologies is projected to fuel the expansion of the elder care services and assistive devices market in the future. Supportive living technologies comprise tools and mechanisms that assist individuals with disabilities or age-related issues in performing daily tasks, thereby improving their overall wellness. They promote further independence by facilitating enhanced mobility, communication, and task organization. The escalating need for these technologies stems from an aging population, a surge in chronic ailments, increased desire for independence among the elderly, and tech advancements that optimize functionality and affordability. In the realm of senior care services, these supportive living technologies promote self-sufficiency, improve safety measures, aid communication, monitor health statuses and assist in everyday activities. As per the World Health Organization (WHO), a Switzerland-based global public health intergovernmental organization, more than 2.5 billion people worldwide require supportive products as of January 2024. With the aging populace and increasing incidences of diseases, this number is projected to increase to approximately 3.5 billion by 2050. Consequently, the growing need for supportive living technologies is propelling the market for elder care services and assistive devices.

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What Are the Key Trends Driving Elder Care Services And Assistive Devices Market Growth?
Leading firms in the elder care services and assistive devices industry are innovating with the use of smart care services like AI-based cognitive care to augment care quality, boost patient results, and provide bespoke assistance to senior citizens. This AI-based cognitive care for older adults takes advantage of artificial intelligence to track cognitive health, deliver customized help, provide companionship, handle health necessities, and guarantee safety. For example, the National Center for Assistive Health Technologies (NCAHT-IITM) was unveiled by IIT Madras in June 2023 to increase R&D in assistive technology for individuals with disabilities and the elderly. The center is designed to encourage dialogue between users, software developers, and policy makers to devise innovative solutions. The opening ceremony saw speeches from significant figures like Dr. Rajiv Bahl from ICMR, highlighting the center's mission to reshape lives via technology and collaboration. Moreover, new self-learning modules for wheelchair users were introduced to foster self-reliance. Hence, the elder care services and assistive devices market is set for substantial expansion, impelled by the growing older population and surging demand for improved quality of life solutions.

How Is the Elder Care Services And Assistive Devices Market Segmented?
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 Companies Are Leading the Charge in Elder Care Services And Assistive Devices Market Innovation?
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

Which Regions Are Leading the Global Elder Care Services And Assistive Devices Market in Revenue?
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.

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