Senior Care Technology Market
Senior Care Technology Market Study by Safety Devices, Bed & Door Alarm, Monitoring Devices, and Medication Management Devices for Hospitals, Clinics, and Others From 2024 to 2034
Analysis of Senior Care Technology Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Senior Care Technology Market Outlook (2024 to 2034)
The global senior care technology market is approximated to reach US$ 49.42 billion in 2024. The market is forecasted to expand at a CAGR of 7.5% to reach US$ 101.62 billion by 2034.
The need for senior care technologies is becoming evident due to the escalating population of senior citizens across several countries. According to some estimates from the World Health Organization, the global population of people aged 60 and above is expected to double by 2050, reaching over 2 billion. Due to such shifts in demographics, there is an increasing concern about solving this issue of aging, giving an excellent chance for the senior care technology market to double its profits every year to come.
With the above factor, there is also a workforce shortage in elder care, which is making it even easier for this market to rise exponentially. Countries, including the United States, Japan, and South Korea face an extreme shortage of caregivers and healthcare workers, making it difficult to meet the needs of the growing elderly population. To tackle this problem, several technologies, including robotics, AI, and automated systems are introduced in the market, as these systems efficiently alleviate the strain from human shoulders by assisting in caregiving tasks. Solving both the problem of human resources and satisfaction to customers.
- In Japan, Robear, one of the leading senior care technology companies is showing how robotics help solve the issue of caregiver shortages. The company is working on how to automate gently lifting and transferring elderly patients from beds to wheelchairs, which is indeed a physically demanding task for human caregivers. The company is not only solving strain issues on humans but also is making safety a big priority for elderly individuals.
When it comes to the elderly, isolation is one of the prominent problems faced, but now since the introduction of virtual reality and social networking platforms, this is significantly solving the issues of loneliness and depression among senior citizens, improving their emotional wellbeing. A pilot study conducted by the University of Buffalo involved nine participants aged 65 or above using the Rendver VR platform. After the sessions, participants reported significant emotional and social benefits, including decreased loneliness and enhanced connections with others through shared experiences.
The growth of the market is not saturated until Japan and South Korea but has been seen around the world from Australia to the European Union. In 2023, countries, such as Germany and Sweden invested millions annually in robotic assistants smart home adoptions, and telehealth.
| Report Attribute | Detail |
|---|---|
| Senior Care Technology Market Size (2024E) | US$ 49.42 Billion |
| Forecasted Market Value (2034F) | US$ 101.62 Billion |
| Global Market Growth Rate (2024 to 2034) | 7.5% CAGR |
| North America Market Value (2024E) | US$ 17.6 Billion |
| Canada Market Value (2034F) | US$ 4.4 Billion |
| Safety Devices Segment Growth Rate (2024 to 2034) | 8.1% CAGR |
| United States Market Value (2034F) | US$ 34.09 Billion |
| Key Companies Profiled | AMC Health; BIOTRONIK; Bosch Healthcare Solutions; Care Innovations; LLC; Omron Healthcare, Inc.; GrandCare Systems; Zanthion, TruSense; ANNI. |
Elderly Care assistance is increasing due to the increase in the needs of the geriatric population. With internet technology growing at its peak digital care is also increasing. Approximately 51 million citizens are 65 years older, which would increase the senior healthcare technology market as the elders require more care. With expensive nurses and fewer nursing homes, nursing shortages are expected to increase senior digital engagement, which would transform healthcare technologies.
New senior care technologies, such as smart devices, software, remote monitoring of health conditions, voice-activation gadgets, and alert systems are available in the market. Mobile manufacturers, such as Apple have made apps for iPhone and iPad users, which synchronize with the health care websites and show the reports.
These devices keep track of a patient’s daily intake of medicines. The senior care technologies include medication systems that let the family members know about their aging parent’s medications and if they are on track or not. Some applications are set by users so that they don’t forget to take the pills on time moreover after the intake of the pill the users have to upload the bottle of the pill, and the app interprets the label and adds it to its medication list.
As senior care technology advances, the development of apps, such as Med Minder, which provides elders' medications on time even while the family members are gone, includes pre-recorded messages from family members and a computerized beeping dispenser. The government is working to develop the market. The availability of more modern technology-enabled senior care services will benefit seniors, families, and carers by improving the quality of their lives.
Caretakers connect to the website portal from any internet-connected device, which lets them know about any interruptions. Boost in the health care expenditure and government support are some of the additional factors, which will affect the forecast period for the market. The market is expected to provide gainful opportunities for manufacturers in the future.
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What are the challenges ahead for manufacturers?
In comparison to the past decade, the healthcare sector has increasingly emerged to be more digitized and accelerated especially after the onset of Covid-19. The shift from conventional mediums to modern tools has improved outcomes for patients, yet digitalization in elderly patient care technologies has more ways to travel.
Senior care technologies are still growing and there are many challenges that the manufacturers have yet to overcome so that the elderly care technologies arcade expand. In the future, elderly patient care technologies will be fully automated and connected with alarms, sensor monitoring, and prompts, which will record pulse, weight and glucose, and heart rates.
The major challenge ahead of this sector is resistance from patients. The patients feel demotivated to use remote monitoring devices, which affects their interest. Digital health needs the active participation of both doctors and patients. The lack of user informatics is a deterrence to the penetration of digital tools among senior patients. Many people tend to avoid online check-ups due to security and privacy measures.
There still exist some developing economies and third-world countries where the penetration of technology is slower, which translates into sluggish growth of the online patient engagement market. Huge capitalization on the installation of the digital infrastructure and perpetual cost for advancements of the features are the factors impacting the digital patient rendezvous market.
Geographically, the global market is divided into regions viz. Latin America, North America, Western Europe, Middle East & Africa, Asia Pacific, and Eastern Europe. In terms of country, the US is expected to be the growing market with advanced senior care devices and patient care being the top priority.
The senior care technology market is spreading because of widespread acceptance and care provided by them, which would make a positive impact on the patient’s health conditions.
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Segmentation
Demand for Senior Care devices will increase as most seniors prefer to stay at their homes. Both hardware and software segments are gaining noteworthy growth in the forecast period. Wearable devices majorly opt while software applications are also used for digital patient engagement.
Advanced senior care technologies enable adults to use the technologies with their voice, which further reduces their dependency on the keyboard. However, the drawback is that the industries are interested in the young, and large technology companies tend not to focus on senior care technologies. However, companies are now focusing on manufacturing medication monitors and safety devices for seniors. These segments are projected to expand with a noteworthy CAGR in the forecast duration.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Segmentations of the Senior Care Technology Market
-
By Product Type :
- Safety Devices
- Bed & Door Alarms
- Monitoring Devices
- Medication Management Devices
-
By End User :
- Hospitals
- Long Term Care Facilities
- Home Care Centers
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Product Type
- 6.2. End-Users
- 7. Global Market Analysis and Forecast, By Product Type
- 7.1. Safety Devices
- 7.2. Bed and Door Alarms
- 7.3. Monitoring Devices
- 7.4. Medication Management Devices
- 8. Global Market Analysis and Forecast, By End-Users
- 8.1. Hospitals
- 8.2. Clinics
- 8.3. Long Term Care Facilities
- 8.4. Home Care Centers
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. Asia Pacific
- 9.6. East Asia
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Product Type and End-Users for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. AMC Health
- 19.2. BIOTRONIK
- 19.3. Bosch Healthcare Solutions
- 19.4. Care Innovations
- 19.5. LLC
- 19.6. Omron Healthcare, Inc
- 19.7. GrandCare Systems
- 19.8. Zanthion, TruSense
- 19.9. ANNIE
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List Of Table
Table 01: Global Market US$ Bn Forecast by Region
Table 02: Global Market US$ Bn Forecast by Product Type
Table 03: Global Market US$ Bn Forecast by End-Users
Table 04: North America Market US$ Bn Forecast by Country
Table 05: North America Market US$ Bn Forecast by Product Type
Table 06: North America Market US$ Bn Forecast by End-Users
Table 07: Latin America Market US$ Bn Forecast by Country
Table 08: Latin America Market US$ Bn Forecast by Product Type
Table 09: Latin America Market US$ Bn Forecast by End-Users
Table 10: Western Europe Market US$ Bn Forecast by Country
Table 11: Western Europe Market US$ Bn Forecast by Product Type
Table 12: Western Europe Market US$ Bn Forecast by End-Users
Table 13: Eastern Europe Market US$ Bn Forecast by Country
Table 14: Eastern Europe Market US$ Bn Forecast by Product Type
Table 15: Eastern Europe Market US$ Bn Forecast by End-Users
Table 16: Asia Pacific Market US$ Bn Forecast by Country
Table 17: Asia Pacific Market US$ Bn Forecast by Product Type
Table 18: Asia Pacific Market US$ Bn Forecast by End-Users
Table 19: East Asia Market US$ Bn Forecast by Country
Table 20: East Asia Market US$ Bn Forecast by Product Type
Table 21: East Asia Market US$ Bn Forecast by End-Users
Table 22: MEA Market US$ Bn Forecast by Country
Table 23: MEA Market US$ Bn Forecast by Product Type
Table 24: MEA Market US$ Bn Forecast by End-Users
Table 25: North America Market US$ Bn Forecast by Country
Table 26: North America Market US$ Bn Forecast by Product Type
Table 27: North America Market US$ Bn Forecast by End-Users
Table 28: Latin America Market US$ Bn Forecast by Country
Table 29: Latin America Market US$ Bn Forecast by Product Type
Table 30: Latin America Market US$ Bn Forecast by End-Users
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List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Region
Figure 04: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 07: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 08: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 16: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 17: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 18: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 19: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 20: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 25: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 26: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 27: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Figure 28: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Product Type
Figure 29: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by End-Users
Figure 30: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Bn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the current size of this market?
The global senior care technology market is at present valued at US$ 49.42 Billion in 2024.
Why there is an expected demand for senior care technologies?
The rising geriatric population and increasing preference for older people for home care are key factors driving market growth.
What is the growth rate anticipated for this market?
The industry is evaluated to grow with a CAGR of 7.5% in the forecast period.
What is the future market outlook in this industry?
The market is further anticipated to cross a valuation of US$ 101.62 Billion by the end of 2034.
Which country will witness greater demand for elderly care technology assistance?
The United States is contributing significantly to the rising aging population and high availability of senior care devices.
Who are the key players in this market?
Some key players are AMC Health, BIOTRONIK, Bosch Healthcare Solutions, Care Innovations, Omron Healthcare, Inc., and GrandCare Systems.
Senior Care Technology Market