Senior Care Technologies Market Report 2024

This Senior Care Technologies market 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 senior care technologies market size has grown strongly in recent years. It will grow from $33.56 billion in 2023 to $36.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historic period can be attributed to several factors, the increasing demand for remote health monitoring solutions, a rise in chronic diseases among seniors, greater adoption of wearable health devices, heightened interest in personalized healthcare services, and the growing availability of user-friendly technology.

The senior care technologies market size is expected to see strong growth in the next few years. It will grow to $48.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The projected growth during the forecast period can be attributed to the growing adoption of smart home technologies, increased investment in telehealth services, heightened awareness of senior care needs, a rise in mobile health applications, and a greater focus on personalized care and treatment options. Key trends expected during this period include the development of advanced smart home technologies, improvements in remote patient monitoring, the implementation of fall detection systems, the creation of personalized care platforms, and advancements in wearable emergency alert systems.

The rising preference for home care services is expected to drive the growth of the senior care technologies market. Home care, also known as domiciliary care, involves providing various health and support services at home to help individuals maintain their independence and quality of life. The demand for personalized care, the comfort of a familiar environment, and advancements in technology facilitate effective home-based health management. Senior care technologies support home care by enabling remote health monitoring, enhancing safety with fall detection systems, facilitating virtual consultations, and improving medication management, thus offering comprehensive and efficient care for seniors at home. For example, in May 2023, the Homecare Association, a UK-based trade association, reported that nearly 74% of home care providers experienced an increase in demand for their services at the beginning of 2022. Additionally, in October 2022, the National Health Service, a UK-based publicly funded healthcare system, noted that local authorities' gross current expenditure on adult social care reached $28.06 billion (£22 billion), an increase of $0.89 billion (£0.7 billion) from the previous year. Thus, the growing preference for home care services is fueling the senior care technologies market.

Leading companies in the senior care technologies market are developing care delivery programs to improve seniors' quality of life, enhance health outcomes, and streamline care services. These programs integrate advanced tools and systems into coordinated care plans, improving health monitoring, facilitating remote consultations, enhancing medication management, and providing personalized and proactive care. For example, in August 2023, Tata Consultancy Services (TCS), an India-based IT services and consulting firm, introduced Seniors Lab, an advanced digital care delivery program. This program uses IoT-enabled sensors and wearables to monitor seniors' activities, movement, and health parameters, integrating with healthcare systems and concierge services. The solution aims to improve senior care by enhancing safety, independence, and overall well-being, marking a notable advancement in the senior care technologies market.

In November 2022, Health Care at Home India Pvt Ltd. (HCAH), an India-based healthcare company, acquired Seniority, an e-commerce platform owned by RPG Group, for an undisclosed amount. This acquisition broadens HCAH's product portfolio and strengthens its ability to meet the increasing demands of India's aging population. The integration of Seniority's offerings is expected to provide comprehensive care solutions tailored to the health and lifestyle needs of seniors. Seniority, an India-based company, specializes in offering a wide range of health and lifestyle products designed specifically for senior citizens.

Major companies operating in the senior care technologies market are McKesson Corporation, Medtronic plc, Koninklijke Philips N.V., Stryker Corporation, Essity AB, OMRON Healthcare Co. Ltd., Demant A/S, GN Store Nord A/S, Cochlear Ltd, Alarm.com Inc., Invacare Corporation, Tunstall Healthcare Ltd., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare, Advanced Monitored Caregiving Inc., GrandPad Inc., MobileHelp LLC, GrandCare Systems LLC, Livongo Health Inc., VitalTech Affiliates LLC, Independa Inc., CarePredict Inc., BioSensics LLC.

North America was the largest region in the senior care technologies market in 2023. The regions covered in the senior care technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the senior care technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Senior care technologies encompass a broad range of digital tools, devices, and systems designed to enhance the care and well-being of older adults. These technologies address the unique needs of seniors, focusing on health monitoring, safety, communication, and daily living support. They include wearable devices, smart home systems, telehealth platforms, and specialized software for caregivers.

Key products in the senior care technologies market include safety and security systems, fall detection and prevention systems, remote health monitoring systems, medication management systems, socialization and mental stimulation systems, and telehealthcare systems. Safety and security systems are designed to safeguard elderly individuals by preventing accidents, ensuring timely emergency responses, and creating a secure living environment. Services in this market range from home care and assisted living to skilled nursing, memory care, and rehabilitation. These services are utilized in various settings, including home care environments, senior living facilities, hospitals and clinics, and rehabilitation centers.

The senior care technologies market research report is one of a series of new reports that provides senior care technologies market statistics, including the senior care technologies industry global market size, regional shares, competitors with senior care technologies market share, detailed senior care technologies market segments, market trends, and opportunities, and any further data you may need to thrive in the senior care technologies industry. These senior care technologies 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 senior care technologies market consists of revenues earned by entities by providing services such as telehealth consultations, digital health record management, fall detection systems, and smart home automation tailored for senior citizens. The market value includes the value of related goods sold by the service provider or included within the service offering. The senior care technologies market includes sales of medical alert systems, fall detection devices, mobility aids, and hearing aids. 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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