Steady Growth Ahead: BCC Research Projects a Compound
Annual Growth Rate (CAGR) of 5.8% for Elder Care Services and
Assistive Devices Market from 2023 to 2028
BOSTON, June 27,
2024 /PRNewswire/ -- "Elder Care Services and
Assistive Devices: Global Markets" is a detailed study that looks
at the worldwide market for services and products designed to help
older adults. It covers things like nursing homes, home healthcare,
and devices like walkers or medical monitors. The report explores
why these services and devices are important, how they're growing,
and what challenges they face. It helps businesses, governments,
and healthcare providers understand how to better support older
adults globally.
Market Expansion and Revenue Surge
"According to the latest BCC research study, the demand for
Elder Care Services and Assistive Devices: Global Markets
expected to grow from $868.2 billion
in 2024 and will reach $1.1 trillion
by the end of 2028 at a compound annual growth rate (CAGR) of 5.8%
from 2023 through
2028".
This report explains important trends in elder care services and
assistive devices. It looks at what factors help or hinder the
market, giving insights to businesses and new players. The study
covers research spending, competition, and new technologies shaping
the market. Advances, new products, and government programs will
shape future growth. It also talks about company mergers,
acquisitions, and partnerships, and how these strategies deal with
new tech and competition. Overall, the report focuses on elder care
services and assistive devices.
Some Interesting Facts about Elder Care Services and
Assistive Devices: Global Markets
- Some of the most innovative advancements in elder care and
assistive devices are coming from unexpected sources like tech
startups, universities, and even hackathons. These unconventional
places bring new ideas and solutions to longstanding challenges in
caring for older adults.
- Robots are increasingly used in elder care to help with tasks
like reminding about medications, providing companionship, and
assisting with physical therapy. These robots are designed to
interact naturally and empathetically with seniors, changing how we
view technology's role in caregiving.
- A surprising finding is the level of creativity and innovation
in meeting the needs of aging populations, showing that new
solutions are continually being developed to enhance elderly
care.
To discover more insights and information about elder care
services and assistive devices: global markets, click
here.
Factors contributing to this growth include:
- Aging population.: An aging population means there are
more older people in society because they're living longer due to
better healthcare and living conditions, and fewer babies are being
born. This leads to a higher demand for services like healthcare
and housing tailored for seniors. It also impacts economies,
healthcare systems, and how societies are organized to meet the
needs of an older population.
- Growing need for home healthcare for elderly.: More
seniors want to stay home where they feel comfortable instead of
moving to care facilities. Home healthcare gives personalized care,
managing chronic conditions and cutting hospital visits. It's
usually cheaper than long-term care. With more elderly, there's
more need for skilled nurses, therapists, and aides to provide home
care. Technology like telehealth makes remote care better.
- Prevalence of chronic disease.: Many older adults
have long-term health issues like heart disease, diabetes,
arthritis, and breathing problems, needing regular medical care. As
people age, more develop these conditions, increasing demand for
healthcare services and medications. This strains healthcare
systems, emphasizing the need for ongoing care plans to improve
quality of life for those with chronic illnesses.
- Technological advancements: Technological
advancements in elder care mean new and better tools and devices
that help doctors diagnose and treat health issues more accurately.
They also include easier ways to communicate and monitor seniors
remotely, improving healthcare accessibility and independence.
These advancements are crucial for enhancing elder care and
support.
- Government initiatives and policies.: Government
initiatives and policies are rules and actions that governments use
to improve services for older adults. They can include funding for
healthcare, subsidies for elder care, rules to ensure nursing homes
are high-quality, and programs to support healthy aging and
caregivers. These policies also affect how healthcare is paid for,
training for elder care workers, and funding for research on aging
and diseases. Overall, these actions are important for making sure
there are good elder care options that are affordable and
available.
- Rising healthcare costs.: Rising healthcare costs
mean medical expenses are going up. This affects everyone:
patients, doctors, insurance companies, and governments. Reasons
include better technology, more older people needing care, higher
drug and equipment costs, and administrative expenses. As costs
rise, patients may pay more out-of-pocket, insurance premiums could
increase, and governments may spend more on healthcare. To tackle
this, efforts focus on using resources better, preventing illness,
negotiating lower drug prices, and making sure healthcare is
affordable for everyone.
- Increasing awareness among the people.: refers to the
growing knowledge and understanding among individuals or
communities about specific issues, topics, or matters of
importance. In various contexts, this can include raising awareness
about health-related issues, social causes, environmental concerns,
or even consumer rights.
- Remote monitoring and telehealth.: refer to
technologies that enable healthcare professionals to monitor
patients' health remotely and provide medical care via
telecommunications technology.
- Caregiver support and education.: Caregiver support
and education refer to programs and resources designed to assist
and educate individuals who provide care to family members or loved
ones who are elderly, disabled, or chronically ill.
Request a Sample Copy of the Elder Care
Services and Assistive Devices: Global Markets
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2023
|
Forecast Period
considered
|
2024-2029
|
Base year market
size
|
$833.3
billion
|
Market Size
Forecast
|
$1.1
trillion
|
Growth Rate
|
CAGR of 5.8% for the
forecast period of 2023-2028
|
Segment
Covered
|
Service, Type of
Device, and Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, and Rest of the World (RoW)
|
Countries
covered
|
China, India, Japan,
South Korea, Australia, Singapore U.S., Canada, Mexico, Germany,
U.K., France, Italy, Spain, Russia, Latin America, and
Africa
|
Key Market
Drivers
|
- Aging
population.
- Growing need for
home healthcare for elderly.
- Prevalence of
chronic diseases.
- Technological
advancements.
- Government
initiatives and policies.
- Rising healthcare
costs.
- Increasing
awareness among the people.
- Remote monitoring
and telehealth.
- Caregiver support
and education
|
Market Segmentation
The elder care services and assistive devices: global market
scan be categorized into various segments:
Elder care services include various options to support older
adults. Institutional care offers full-time assistance in
facilities like nursing homes. Home healthcare provides medical and
personal care to seniors in their own homes, promoting
independence. Adult day services offer daytime care, social
activities, and meals in a community setting, giving caregivers a
break and seniors a chance to socialize.
Assistive devices for the elderly include several types to
enhance their quality of life. Mobility aids, like walkers and
wheelchairs, help with movement. Daily living aids, such as
grabbers and dressing tools, assist with everyday tasks. Access
aids, like ramps and stairlifts, improve home accessibility.
Medical and personal monitoring aids, such as blood pressure
monitors and emergency alert systems, ensure health and safety.
Other devices encompass a variety of tools designed to support
specific needs and improve overall well-being.
this report on global market for elder care services and
assistive devices: global markets provide comprehensive insights
and analysis, addressing the following key questions:
- What is the projected market size and growth rate of the elder
care services and assistive devices global market?
The market is projected to grow from $833.3
billion in 2023 and is expected to reach $1.1 trillion by the end of 2029, at a compound
annual growth rate (CAGR) of 5.8% during the forecast period.
- What segments are covered in the market?
The elder care services and assistive devices market is segmented
based on services, type of devices, and region.
- By services type, which segment will dominate the market by the
end of 2029?
By Services type, institutional care is anticipated to contribute
the highest share in the market by the end of 2029.
- Which type of devices market is growing fastest among all?
Mobility aids has the fastest growing market.
Some of the Key Market Players Are:
- SUNRISE MEDICAL
- FIVE STAR SENIOR LIVING
- BROOKDALE SENIOR LIVING INC.
- ATRIA SENIOR LIVING INC.
- INVACARE CORP.
- LIFE CARE CENTERS OF AMERICA
- LIFELINE
- PRIDE MOBILITY PRODUCTS CORP.
- SUNRISE SENIOR LIVING
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Research.
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touch with info@bccresearch.com.
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