Elder Care Services and Assistive Devices Market Report 2024

This Elder Care Services and Assistive Devices industry 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 elder care services and assistive devices market size has grown strongly in recent years. It will grow from $789.53 billion in 2023 to $841.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth during the historic period can be attributed to increased life expectancy, a shift from institutional to home-based care, a rise in chronic disease cases, changing societal attitudes, and the growth of personalized care models.

The elder care services and assistive devices market size is expected to see strong growth in the next few years. It will grow to $1.09 trillion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to a greater focus on preventive care, increased awareness of mental health, rising collaborative care approaches, growing health awareness, expanding government initiatives, and a rising aging population. Key trends expected during this period include advancements in home care solutions, developments in smart home technology, the adoption of telehealth, implementation of person-centered care models, and innovations in hearing and visual aid technologies.

The growing demand for assistive living technologies is projected to drive the expansion of the elder care services and assistive devices market. Assistive living technologies are designed to help individuals with disabilities or age-related challenges manage daily activities and enhance their overall well-being, promoting greater independence through improved mobility, communication, and task management. This rising need is fueled by an aging population, the increasing prevalence of chronic conditions, a desire for greater autonomy among seniors, and technological advancements that improve both functionality and affordability. These technologies in elder care services support independence, enhance safety, facilitate communication, monitor health, and assist with daily living activities. For example, the World Health Organization (WHO) reported in January 2024 that over 2.5 billion people globally require assistive products. With an aging population and more cases of noncommunicable diseases, this number is expected to reach approximately 3.5 billion by 2050. Thus, the growing need for assistive living technologies is propelling the market for elder care services and assistive devices.

Key players in the elder care services and assistive devices market are focusing on developing advanced care solutions such as AI-based cognitive care to enhance the quality of care, improve patient outcomes, and offer personalized support for the elderly. AI-based cognitive care leverages artificial intelligence to monitor cognitive health, provide tailored assistance, offer companionship, manage health needs, and ensure safety. For instance, in March 2021, Tunstall Healthcare Ltd., a UK-based healthcare company, introduced Tunstall Cognitive Care. This service uses AI to predict and prevent incidents by analyzing behavioral patterns and environmental factors. It integrates data from motion sensors, smartphones, wearables, and recordings to assess risks and alert individuals or their caregivers as needed, showcasing the shift towards technology-driven improvements in home-based elder care.

In September 2022, Executive Home Care, a US-based healthcare company, acquired Assisted Living Locators for an undisclosed amount. This acquisition aims to broaden and enhance Executive Home Care’s offerings by providing more accessible in-home care and assisted living solutions. It also seeks to improve the quality of life for seniors by ensuring their comfort, independence, and safety. Assisted Living Locators is a US-based senior placement and referral service that helps find suitable living arrangements for the elderly.

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.

North America was the largest region in the elder care services and assistive devices market in 2023. 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.

The countries covered in the elder care services and assistive devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Elder care services and assistive devices encompass various support systems and equipment aimed at helping elderly individuals with daily activities and health needs. These services and devices are designed to promote independent and comfortable living for older adults while ensuring their health needs are addressed through ongoing monitoring and assistance.

The main offerings in the elder care services and assistive devices market include services, assistive devices, living aids, assistive furniture, bathroom safety equipment, and others. Services in this market cover a range of support and care options to help elderly individuals manage daily tasks and health requirements. Funding for these services and devices comes from both private and public sources. The primary end users include hospitals, home care settings, nursing homes, rehabilitation centers, and other care facilities.

The elder care services and assistive devices market research report is one of a series of new reports that provides elder care services and assistive devices market statistics, including the elder care services and assistive devices industry global market size, regional shares, competitors with elder care services and assistive devices market share, detailed elder care services and assistive devices market segments, market trends, and opportunities, and any further data you may need to thrive in the elder care services and assistive devices industry. These elder care services and assistive devices market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The elder care services and assistive devices market consists of revenues earned by entities by providing services such as in-home personal care, medical and nursing services, physical and occupational therapy, meal preparation, transportation assistance, and the provision of mobility aids. The market value includes the value of related goods sold by the service provider or included within the service offering. The elder care services and assistive devices market also includes sales of mobility aids, wheelchairs, walkers, hearing aids, visual aids, medical alert systems, adaptive clothing, and home modifications. 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.


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