The elderly monitors market size has grown rapidly in recent years. It will grow from $3.41 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed during the historic period can be attributed to various factors, including the growing geriatric population, rising healthcare costs, increased focus on independent living for the elderly, a rising demand for cost-effective healthcare services, and growing awareness regarding elderly care.
The elderly monitors market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to various factors, including advancements in assistive devices and technology, increased life expectancy, the integration of AI and machine learning, the rise of the Internet of Things (IoT), and a preference for better lifestyle and healthcare services among the elderly population. Major trends expected in the forecast period include the introduction of smart aging systems, a focus on personalized care and intervention, product diversification, considerations related to ethics and regulations, integration of wearables, and a growing emphasis on remote patient monitoring.
The increasing awareness of health and wellness is anticipated to drive growth in the elderly monitoring market. Health and wellness, defined by a comprehensive state of physical, mental, and social well-being, are becoming focal points for individuals seeking to enhance their overall quality of life. Elderly monitoring solutions play a crucial role in promoting health and wellness by leveraging advanced technologies to monitor vital health metrics, daily activities, and safety parameters among older adults. This real-time monitoring enables caregivers and healthcare professionals to intervene early, thereby optimizing care outcomes. For instance, findings from a survey conducted by McKinsey & Company in April 2021 indicate a significant consumer interest in wellness, with a substantial proportion prioritizing wellness and intending to increase spending on related services in the coming years. As such, the rising awareness of health and wellness is fostering the expansion of the elderly monitoring market.
Key players in the elderly monitoring market are actively innovating to develop cutting-edge technological solutions, exemplified by the introduction of medical radar devices for enhanced monitoring capabilities. Medical radar devices, leveraging radar technology for imaging and monitoring, offer unique advantages in non-invasive monitoring and early disease detection. For example, in April 2023, AT&T Inc. unveiled a medical radar device designed to monitor older adults through walls using radar and AI technology. This innovative device detects body position, movement, and biometrics without the need for cameras or wearable trackers, thereby promoting privacy and independence for older individuals. Targeted towards enterprise customers such as senior living facilities and healthcare providers, this discreet and easy-to-set-up device facilitates proactive care management while respecting user privacy. Such advancements in medical radar technology signify a significant step forward in elderly monitoring, catering to the evolving needs of aging populations and promoting healthy aging outcomes.
In August 2021, Connect America LLC, a prominent US-based provider of pace-place network services for personal emergency response technology, finalized the acquisition of 100Plus, a leading medical device company headquartered in the United States, for an undisclosed sum. This strategic acquisition enables Connect America LLC to enhance its portfolio by integrating 100Plus' expertise in remote patient monitoring (RPM) and artificial intelligence (AI) technology. Through this integration, Connect America LLC aims to bolster its capabilities in empowering healthcare providers to remotely manage chronic patients. By leveraging advanced AI technology, healthcare providers can proactively engage with elderly patients, minimizing the risk of costly hospitalizations while ensuring effective monitoring and care.
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.
North America was the largest region in the elderly monitors market in 2023. 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. The countries covered in the elderly monitors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Elderly monitors are devices or systems designed to monitor the well-being and health status of elderly individuals, particularly those living independently or in assisted living environments. These monitoring solutions utilize various technologies to track and collect data related to the elderly person's activities, health metrics, and overall safety.
The main products in the field of elderly monitors include Personal Emergency Response Systems (PERS), smart home systems, medical alert systems, GPS tracking devices, and wearable devices. Personal Emergency Response Systems (PERS), also known as medical emergency response systems, enable individuals to call for help in emergencies by pressing a button. Various technologies, such as home telehealth and safety monitoring, are employed for applications such as fall prevention and detection, health monitoring, memory aid, movement and mobility monitoring, as well as safety and security monitoring. These products are utilized by various end-users, including home-based care, assisted living facilities, nursing homes, hospitals, and personal use.
The elderly monitors market research report is one of a series of new reports that provides elderly monitors market statistics, including elderly monitors industry global market size, regional shares, competitors with elderly monitors market share, detailed elderly monitors market segments, market trends, and opportunities, and any further data you may need to thrive in the elderly monitors industry. This elderly monitors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The elderly monitors market consists of sales of personal emergency response systems, smart home systems, health monitoring devices, assisted living facilities. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The elderly monitors market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to various factors, including advancements in assistive devices and technology, increased life expectancy, the integration of AI and machine learning, the rise of the Internet of Things (IoT), and a preference for better lifestyle and healthcare services among the elderly population. Major trends expected in the forecast period include the introduction of smart aging systems, a focus on personalized care and intervention, product diversification, considerations related to ethics and regulations, integration of wearables, and a growing emphasis on remote patient monitoring.
The increasing awareness of health and wellness is anticipated to drive growth in the elderly monitoring market. Health and wellness, defined by a comprehensive state of physical, mental, and social well-being, are becoming focal points for individuals seeking to enhance their overall quality of life. Elderly monitoring solutions play a crucial role in promoting health and wellness by leveraging advanced technologies to monitor vital health metrics, daily activities, and safety parameters among older adults. This real-time monitoring enables caregivers and healthcare professionals to intervene early, thereby optimizing care outcomes. For instance, findings from a survey conducted by McKinsey & Company in April 2021 indicate a significant consumer interest in wellness, with a substantial proportion prioritizing wellness and intending to increase spending on related services in the coming years. As such, the rising awareness of health and wellness is fostering the expansion of the elderly monitoring market.
Key players in the elderly monitoring market are actively innovating to develop cutting-edge technological solutions, exemplified by the introduction of medical radar devices for enhanced monitoring capabilities. Medical radar devices, leveraging radar technology for imaging and monitoring, offer unique advantages in non-invasive monitoring and early disease detection. For example, in April 2023, AT&T Inc. unveiled a medical radar device designed to monitor older adults through walls using radar and AI technology. This innovative device detects body position, movement, and biometrics without the need for cameras or wearable trackers, thereby promoting privacy and independence for older individuals. Targeted towards enterprise customers such as senior living facilities and healthcare providers, this discreet and easy-to-set-up device facilitates proactive care management while respecting user privacy. Such advancements in medical radar technology signify a significant step forward in elderly monitoring, catering to the evolving needs of aging populations and promoting healthy aging outcomes.
In August 2021, Connect America LLC, a prominent US-based provider of pace-place network services for personal emergency response technology, finalized the acquisition of 100Plus, a leading medical device company headquartered in the United States, for an undisclosed sum. This strategic acquisition enables Connect America LLC to enhance its portfolio by integrating 100Plus' expertise in remote patient monitoring (RPM) and artificial intelligence (AI) technology. Through this integration, Connect America LLC aims to bolster its capabilities in empowering healthcare providers to remotely manage chronic patients. By leveraging advanced AI technology, healthcare providers can proactively engage with elderly patients, minimizing the risk of costly hospitalizations while ensuring effective monitoring and care.
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.
North America was the largest region in the elderly monitors market in 2023. 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. The countries covered in the elderly monitors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Elderly monitors are devices or systems designed to monitor the well-being and health status of elderly individuals, particularly those living independently or in assisted living environments. These monitoring solutions utilize various technologies to track and collect data related to the elderly person's activities, health metrics, and overall safety.
The main products in the field of elderly monitors include Personal Emergency Response Systems (PERS), smart home systems, medical alert systems, GPS tracking devices, and wearable devices. Personal Emergency Response Systems (PERS), also known as medical emergency response systems, enable individuals to call for help in emergencies by pressing a button. Various technologies, such as home telehealth and safety monitoring, are employed for applications such as fall prevention and detection, health monitoring, memory aid, movement and mobility monitoring, as well as safety and security monitoring. These products are utilized by various end-users, including home-based care, assisted living facilities, nursing homes, hospitals, and personal use.
The elderly monitors market research report is one of a series of new reports that provides elderly monitors market statistics, including elderly monitors industry global market size, regional shares, competitors with elderly monitors market share, detailed elderly monitors market segments, market trends, and opportunities, and any further data you may need to thrive in the elderly monitors industry. This elderly monitors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The elderly monitors market consists of sales of personal emergency response systems, smart home systems, health monitoring devices, assisted living facilities. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Elderly Monitors Market Characteristics3. Elderly Monitors Market Trends And Strategies32. Global Elderly Monitors Market Competitive Benchmarking33. Global Elderly Monitors Market Competitive Dashboard34. Key Mergers And Acquisitions In The Elderly Monitors Market
4. Elderly Monitors Market - Macro Economic Scenario
5. Global Elderly Monitors Market Size and Growth
6. Elderly Monitors Market Segmentation
7. Elderly Monitors Market Regional And Country Analysis
8. Asia-Pacific Elderly Monitors Market
9. China Elderly Monitors Market
10. India Elderly Monitors Market
11. Japan Elderly Monitors Market
12. Australia Elderly Monitors Market
13. Indonesia Elderly Monitors Market
14. South Korea Elderly Monitors Market
15. Western Europe Elderly Monitors Market
16. UK Elderly Monitors Market
17. Germany Elderly Monitors Market
18. France Elderly Monitors Market
19. Italy Elderly Monitors Market
20. Spain Elderly Monitors Market
21. Eastern Europe Elderly Monitors Market
22. Russia Elderly Monitors Market
23. North America Elderly Monitors Market
24. USA Elderly Monitors Market
25. Canada Elderly Monitors Market
26. South America Elderly Monitors Market
27. Brazil Elderly Monitors Market
28. Middle East Elderly Monitors Market
29. Africa Elderly Monitors Market
30. Elderly Monitors Market Competitive Landscape And Company Profiles
31. Elderly Monitors Market Other Major And Innovative Companies
35. Elderly Monitors Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Elderly Monitors Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on elderly monitors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for elderly monitors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The elderly monitors market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
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.
Key Companies Mentioned: Robert Bosch GmbH; Abbott Laboratories; Medtronic Plc; Koninklije Philips N.V.; Boston Scientific Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | April 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 3.74 Billion |
| Forecasted Market Value ( USD | $ 5.48 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 28 |
