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Key Trends Reshaping the Elder Care Services And Assistive Devices Market: Technological Advancements in Elder Care Industry Transformation
Elder Care Services And Assistive Devices
Elder Care Services And Assistive Devices Market Size Growth Forecast: What to Expect by 2025?
The overall scale of the market encompassing elder care services and assistive devices has seen robust expansion across recent years, progressing from a valuation of $841.65 billion in 2024 to an estimated $898.41 billion for 2025, which translates to a compound annual growth rate (CAGR) of 6.7%. This expansion observed during the past period principally results from heightened life expectancy figures, a movement away from care settings toward home-based support, the growing prevalence of long-term health conditions, evolving public perceptions, and the adoption of more individualized care frameworks.
How Will the Elder Care Services And Assistive Devices Market Size Evolve and Grow by 2029?
Projections indicate robust expansion for the sector encompassing elder care provisions and assistive apparatus, anticipating a valuation reaching $1162.83 billion by the year 2029, fueled by a compound annual growth rate (CAGR) of 6.7% throughout the forecast duration. This upward trajectory is largely underpinned by several factors: heightened emphasis being placed on proactive health measures, greater public understanding regarding psychological well-being, a surge in integrated care methodologies, escalating health consciousness among the populace, greater governmental support through various actions, and the demographic shift toward an older population. Key developments shaping this market's evolution involve progress in remote care options, sophisticated integration of smart home functionalities, broader acceptance of remote medical consultations, shifts toward care models centered around the individual, and technological improvements in equipment supporting sight and hearing.
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What Drivers Are Propelling the Growth of Elder Care Services And Assistive Devices Market Forward?
Anticipating an escalation in the demand for technologies supporting independent living is set to stimulate expansion within the market for assistive devices and elder care provisions moving ahead.These enabling technologies, comprising specialized tools and integrated systems, are designed to aid individuals coping with age-related challenges or various disabilities in navigating everyday tasks, thereby boosting autonomy through better movement, easier interaction, and streamlined activity management, ultimately enhancing their general quality of life.Several key elements are fueling this surge in requirements for assistive living solutions, notably the demographic shift towards an older global populace, the growing incidence of long-term health issues, the strong aspiration among older adults to maintain self-reliance, alongside technological progress that delivers more capable and budget-friendly options.Within the realm of elder care, assistive living technologies significantly contribute to fostering self-sufficiency, bolstering safety measures, easing means of communication, enabling continuous health oversight, and providing support for routine life functions.To illustrate this trend, data from January 2024 released by the World Health Organization (WHO), the intergovernmental body headquartered in Switzerland focused on global public health, indicated that more than 2.5 billion individuals worldwide currently require assistive products, a number projected to climb near 3.5 billion by 2050 due to population aging and the wider spread of non-communicable illnesses; consequently, this escalating dependency on assistive living technologies is the primary catalyst propelling the growth trajectory of both the assistive devices and elder care services markets.
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Which Emerging Trends Are Transforming the Elder Care Services And Assistive Devices Market in 2025?
Leading firms within the segment covering elder care provision and assistive apparatus are concentrating on creating sophisticated care solutions, exemplified by AI-driven cognitive support systems, with the goals of elevating service standards, achieving better results for recipients, and delivering tailored aid to older adults. This integration of artificial intelligence into cognitive support for the aged allows for the tracking of mental well-being, delivery of customized help, offering social engagement, overseeing medical requirements, and guaranteeing security. A notable development occurred in June 2023 when IIT Madras established its National Center for Assistive Health Technologies (NCAHT-IITM), an endeavor meant to boost the creation and refinement of technological aids aimed at both the elderly and those with disabilities. This facility intends to foster a cooperative environment between the people who use these technologies, the engineers who build them, and governing bodies to bring forward novel inventions. The inaugural occasion saw prominent figures like Dr. Rajiv Bahl of ICMR address the gathering, stressing how the center's function will revolutionize lives through technological advancement and joint efforts. Furthermore, fresh, autonomous training resources designed specifically for wheelchair operators were introduced, promoting greater self-sufficiency. Consequently, prospects for the elder care services and assistive devices market appear exceedingly bright, propelled by demographic shifts toward older populations and a growing need for solutions that significantly improve living standards.
What Are the Key Segments in the Elder Care Services And Assistive Devices Market?
The elder care services and assistive devicesmarket 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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Who Are the Key Players Shaping the Elder Care Services And Assistive Devices Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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.
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