Senior Care Technologies Market size worth US$42.283 billion by 2029
The senior care technologies market is expected to grow at a CAGR of 8.18% during the forecasted period, with a market valuation of US$28.533 billion in 2024, and is expected to reach US$42.283 billion by 2029.
Inactive chemicals used in the composition of medicines for the elderly improve the stability, solubility, and release of active drugs. By performing various tasks such as binding, diluting, taste and odour masking, and preserving; they have a responsibility of ensuring that pharmaceuticals are safe, effective, and of good quality. In this regard, senior care is always specially selected and regulated by strict quality plus safety requirements in the drug processing industry. This is because without them it would have been very hard or rather impossible to formulate drugs that are both effective and safe.
With people from all over the world becoming more aware of home care services, adult care services and other services, the market will witness an increase in demand. A rapidly expanding elderly populace is forcing senior care needs higher which is going to result in growing requirements for items and services intended for old people thereby fostering development.
Further, chronic illnesses like diabetes mellitus, heart disease or oedema, when they begin to change, are the best time to eat rightly to avoid such fatal complications and all other diseases including cancer. Home healthcare services have made it possible for patients to receive treatment outside the hospital.
The senior care technologies market, by product type, is divided into seven types- Safety and security systems, fall detection and prevention systems, remote health monitoring systems, medication management systems, socialization and mental stimulation systems, telehealthcare systems, and others. Telehealth is using digital data and communication technologies to provide and manage healthcare at a distance. For instance, this technology can be accessed by the patient right from home. A nurse or another healthcare worker can give telehealth via a mobile van or medical office in a remote area. Another type of telehealth is technology utilized by healthcare professionals to enhance or support patient care.
In various nations, long-distance care has incorporated information and communication technology by combining medical advancements with technological growth. These include features such as remote video, physiological recording and monitoring, medication reminders and abnormality notifications aimed at reducing medical and labour costs.
The senior care technologies market, by service type, is divided into six types- Home care services, assisted living services, skilled nursing services, memory care services, rehabilitation services, and others. The overall market share of home care services is expected to grow significantly due to the advantages of home care services, including their comfort, independence in providing care, and lower costs. Home care services are a great resource for helping families create personalized care plans that cover a variety of medical treatments, nursing services, and personal care for their elderly family members.
Professionals with licenses and experience in this field provide these services. The affordable structure of home care services, which enables effective resource allocation, is one of their main advantages. Home care service providers employ caregivers to visit patients several times a week, meeting their individual needs and identifying any elderly population members who require unattended care.
The senior care technologies market, by end-user, is divided into five types- Home care settings, senior living facilities, hospitals and clinics, rehabilitation centres, and others. Senior care is no different from almost every other area of life in which technology is indispensable. Rehab and residential nursing are two aspects of senior care that are being revolutionized by innovative technologies, greatly enhancing the quality of life for seniors which is also increasing the demand for rehabilitation centers globally.
During the projected timeframe, it is anticipated that the market for senior care technologies will experience remarkable growth within North America. The senior care technologies market is experiencing rapid growth, fueled by healthcare expenses and the need for more affordable treatment options. The rising demand for new technologies among seniors will be driven by an increase in their population, especially as older people start making use of advanced technologies and the Internet.
Additionally, there is a shortage of medical professionals in the United States which makes it difficult to provide top-quality care to senior citizens. For example, it is projected that the number of registered nurses (RNs) will increase by 177,440, from 3.1 million in 2022 to 3.3 million in 2032. In future years, it will be anticipated that such growing shortages will have serious implications for the future of senior care technologies within this country- this is especially true with regard to America.
The research includes several key players from the senior care technologies market, such as Philips Healthcare, Medtronic plc, Omron Healthcare, Inc., Tunstall Healthcare Group Ltd., CarePredict, Inc., VitalConnect, GreatCall, BioTelemetry, Inc., CarePredict Inc., and GrandCare Systems.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/senior-care-technologies-market
The analytics report categorizes the senior care technologies market using the following criteria:
Segmentation:
- By Product Type
- Safety and Security Systems
- Fall Detection and Prevention Systems
- Remote Health Monitoring Systems
- Medication Management Systems
- Socialization and Mental Stimulation Systems
- Telehealthcare Systems
- Others
- By Service Type
- Home Care Services
- Assisted Living Services
- Skilled Nursing Services
- Memory Care Services
- Rehabilitation Services
- Others
- By End-User
- Home Care Settings
- Senior Living Facilities
- Hospitals and Clinics
- Rehabilitation Centers
- Others
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Taiwan
- Others
- North America
- Healthcare Artificial Intelligence Market Size
- Medical Device Security Market Size
- Urinalysis Market Size
