Global Gerontechnology Market - 2024-2031

Report Overview

The Global Gerontechnology Market reached US$ 140.5 billion in 2023 and is expected to reach US$ 435.3 billion by 2031, growing at a CAGR of 15.7% during the forecast period 2024-2031.

Gerontechnology is a multidisciplinary field combining gerontology and technology, it comes matching technological environments to various facets of an aging population. The sustainability of an aging society depends upon our effectiveness in creating technological environments, including assistive technology and inclusive design, for innovative and independent living and social participation of older adults in any state of health, comfort, and safety. With the development of technologies, such as internet, robotics, big

data analysis and cloud computing, the government, and different companies develop innovative products to cater to the needs of the elderly.

These products can help the elderly regain autonomy, provide instant health checks, ensure home safety, enhance rehabilitation, and engage in the community, increasing their quality of life and self-care abilities.

Market Dynamics: Drivers

Increasing geriatric population

The demand for the global gerontechnology market is driven by multiple factors. The rise in the geriatric population propels the market growth.

Furthermore, the demand for treatment will be fueled by technological advancements, as well as the funding allotted for research work. For instance, according to WHO, in 2050, 80% of older people will be living in low- and middle-income countries. The pace of population aging is much faster than in the past. In 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%.

By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

Restraints

Factors such as lack of awareness among people, shortage of skilled professionals, and stringent regulatory requirements for the approval of innovations are expected to hamper the market.

Market Segment Analysis

The global gerontechnology market is segmented based on product, age group, end-user, and region.

The health monitoring devices accounted for approximately 62.1% of the global gerontechnology market share

The health monitoring devices segment is expected to hold the largest market share over the forecast period. In this segment, the development of government regulation, and rising funds for private manufacturers would drive this market.

For instance, in April 2023, AT&T teamed up with medical sensor manufacturer Cherish Health to create a claimed "industry first" radar device capable of detecting emergency conditions and monitoring people who are at risk of falling. It can do this across multiple rooms throughout the home, even through walls. Dubbed the Cherish Serenity, the device uses a combination of AT&T cellular connectivity and Cherish's radar and AI technology to detect body position, movement, and biometrics without requiring cameras or wearable trackers. The device is designed to help older generations live more independently.

Moreover in February 2024, KORE, a global leader in Internet of Things ("IoT") Solutions, and Medical Guardian, a leading provider of personal emergency response systems (PERS), jointly announced their collaboration on the first-ever medical alert device utilizing eSIM technology. This revolutionary technology is designed to overcome cell signal challenges and address healthcare access disparities by enabling electronic switching of service carriers for optimal 24/7 connectivity.

Market Geographical Analysis

North America accounted for approximately 43.6% of the global gerontechnology market share

North America region is expected to hold the largest market share over the forecast period. The rise in geriatric population, technological advancements, and growing awareness among people, in this region, help to propel the market.

For instance, according to urban.org, the number of Americans aged 65 and older will more than double over the next 40 years, reaching 80 million in 2040. The number of adults ages 85 and older, the group most often needing help with basic personal care, will nearly quadruple between 2000 and 2040. For an instance, according to America Health Ranking.org, 17.3% of the entire US population is geriatric population.

For instance, in June 2024, in a bid to enhance personal health management, Oxiline joined forces with the US Army to introduce advanced health monitoring technology to the public. The partnership includes an exclusive licensing agreement for Oxiline to commercialize official US Army health devices. Amid rising costs and increasing complexities of healthcare, this collaboration aims to provide individuals with affordable, innovative, and user-friendly health monitoring tools.

Market Segmentation

By Product Type

• Health Monitoring Devices
• Assistive Devices
• Smart In-Home Technology Based Products
• Others

By Age Group

• 60-70 yrs
• 71-80 yrs
• Above 80 yrs

By End-User

• Hospitals
• Old age Homes
• Homecare
• Others

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Rest of Europe
• South America
• Brazil
• Argentina
• Rest of South America
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• Middle East and Africa

Market Competitive Landscape

The major global players in the global gerontechnology market include Invacare Corporation, Karman Healthcare Inc., Ottobock, Pride Mobility Products Corp., Medtronic, Sunrise Medical, Meyra GmbH, Koninklijke Philips N.V., Sensi.AI, and Labrador Systems Inc. among others.

Key Developments

• In March 2024, the Singapore University of Social Sciences and social enterprise SG Assist partnered on Singapore's first community-based 'gerontechnology' lab to boost adoption and collaboration around innovative solutions for the aging population.
• In August 2024, Hong Kong-based health tech start-up Libpet is into designing smart robot wheelchairs not just for the physically challenged but for everyone. Through innovation, its inclusive device for mobility and productivity helps minimize physical effort, making life so much easier.
• In November 2023, DuPont announced that DuPont(TM) Liveo(TM) Healthcare Solutions is collaborating with STMicroelectronics, a global leader in semiconductor technology serving customers across the spectrum of electronics applications, to develop a new smart wearable device concept for remote biosignal monitoring.

Why Purchase the Report?

• To visualize the global gerontechnology market segmentation based on product type, age group, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global gerontechnology market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The gerontechnology market report would provide approximately 51 tables, 54 figures, and 181 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies