Elderly Monitors Market Opportunities and Strategies to 2033

This report describes and explains the elderly monitors market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global elderly monitors market reached a value of nearly $3.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 10.1% since 2018. The market is expected to grow from $3.4 billion in 2023 to $5.78 billion in 2028 at a rate of 11.2%. The market is then expected to grow at a CAGR of 11.7% from 2028 and reach $10.05 billion in 2033.

Growth in the historic period resulted from the rising awareness of health and wellness, rising healthcare expenditure, growing adoption of IoT devices and increasing use of telemedicine for remote patient monitoring. Factors that negatively affected growth in the historic period include a lack of trained workers and technical resources and economic uncertainties or downturns.

Going forward, the growing prevalence of chronic diseases, increasing aging populations, rapid adoption of digital health solutions and favorable government initiatives will drive the market. Factors that could hinder the growth of the elderly monitors market in the future include privacy and security concerns.

The elderly monitors market is segmented by product into personal emergency response systems (PERS), smart home systems, health monitoring systems, motion and activity sensors and wearable devices. The personal emergency response systems (PERS) market was the largest segment of the elderly monitors market segmented by product, accounting for 35.3% or $1.2 billion of the total in 2023. Going forward, the wearable devices segment is expected to be the fastest growing segment in the elderly monitors market segmented by product, at a CAGR of 13.5% during 2023-2028.

The elderly monitors market is segmented by technology into home tele-health and safety monitoring. The home tele-health market was the largest segment of the AI in cybersecurity market segmented by technology, accounting for 59.3% or $2.02 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the AI in cybersecurity market segmented by technology, at a CAGR of 12.1% during 2023-2028.

The elderly monitors market is segmented by application into application into fall prevention and detection, health monitoring, memory aid, movement and mobility monitoring and safety and security monitoring. The health monitoring market was the largest segment of the elderly monitors market segmented by application, accounting for 31.4% or $1.06 billion of the total in 2023. Going forward, the safety and security monitoring segment is expected to be the fastest growing segment in the elderly monitors market segmented by application, at a CAGR of 11.5% during 2023-2028.

The elderly monitors market is segmented by end-user into end users into home-based care, assisted living facilities, nursing homes and hospitals and personal use. The nursing homes and hospitals market was the largest segment of the elderly monitors market segmented by end-user, accounting for 46.8% or $1.59 billion of the total in 2023. Going forward, the home-based care segment is expected to be the fastest growing segment in the elderly monitors market segmented by end-user, at a CAGR of 12.3% during 2023-2028.

North America was the largest region in the elderly monitors market, accounting for 39% or $1.32 billion of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the elderly monitors market will be Asia-Pacific and Africa, where growth will be at CAGRs of 13.5% and 13.1% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 12.8% and 11.9% respectively.

The global elderly monitors market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 6.09% of the total market in 2023. Medical Guardian LLC (MobileHelp LLC) was the largest competitor with a 1.24% share of the market, followed by ADT Inc. with 1.23%, Connect America with 1.20%, BIOTRONIK SE & Co KG with 1.12%, Alert1 with 0.27%, Masimo with 0.26%, Lorex Elderly Care Solutions with 0.23%, Abbott Laboratories with 0.20%, Resideo Technologies Inc. with 0.183% and Life Alert Emergency Response Inc. with 0.176%.

The top opportunities in the elderly monitors market segmented by product will arise in the personal emergency response systems (PERS) segment, which will gain $874 million of global annual sales by 2028. The top opportunities in the elderly monitors market segmented by application will arise in the health monitoring segment, which will gain $732.2 million of global annual sales by 2028. The top opportunities in the elderly monitors market segmented by end-user will arise in the nursing homes and hospitals segment, which will gain $1.11 billion of global annual sales by 2028. The top opportunities in the elderly monitors market segmented by technology will arise in the home tele-health segment, which will gain $1.55 billion of global annual sales by 2028. The elderly monitors market size will gain the most in the USA at $669.2 million.

Market-trend-based strategies for the elderly monitors market include innovative AI-powered health sensors for elderly monitoring, advanced Wi-Fi-based fall detection to improve senior independence and advancements in radar technology for enhanced elderly care.

Player-adopted strategies in the elderly monitors market include strengthening business operations through strategic acquisitions, strategic partnerships, new product solutions and new product developments.

To take advantage of the opportunities, the analyst recommends the elderly monitors companies to focus on AI-powered health sensors, focus on Wi-Fi-based fall detection systems, focus on medical radar devices, focus on wearable devices segment, focus on home tele-health segment, expand in emerging markets, focus on expanding distribution channels, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on educational content and demonstrations, focus on safety and security monitoring segment and focus on home-based care segment.