Senior Care Technologies Market - Forecasts from 2024 to 2029

The senior care technologies market is anticipated to grow at a compound annual growth rate (CAGR) of 8.18% over the forecast period to reach US$42.283 billion by 2029, increasing estimated value of US$28.533 billion in 2024.

The senior care technologies segment is poised for substantial growth in the years to come, driven by a few significant factors. The primary catalyst is the global demographic changes toward increasing elderly population, especially recognizable in Western nations like France, where the population expanded from 20.813 million in 2021 to 21.110 million in 2022, and in Germany from 22.061% to 22.134% from 2021 to 2022.

Concurrently, the expenses related to ordinary in-home and nursing home care are escalating rapidly, provoking a hunt for more economical care delivery strategies. Numerous elderly people express a strong inclination to age input, and senior care technologies offer a viable solution by furnishing them with the fundamental assistance and safety measures to preserve autonomous living courses of action.

Moreover, continuous technological progressions are paving the way for innovative senior care arrangements. These enveloped wearable devices able to monitor vital signs, smart home systems that mechanize everyday assignments, and telehealth stages encourage remote communication between seniors and healthcare experts. Governments around the world are progressively recognizing the potential of senior care technologies not only to improve the quality of life for older adults but also to moderate healthcare expenditure. These merging factors collectively support the burgeoning development trajectory of the senior care technologies market.

Growing geriatric population

A rising geriatric population develops as an urgent driving force impelling the senior care technologies market upsurge. The global demographic aged 65 and above is increasing at a quick pace, there's a corresponding surge in requirements for different senior care solutions, noticeably including technological interventions custom-fitted to assist with everyday living activities, oversee chronic health conditions, and foster safety and autonomy among seniors.

According to the World Health Organization (WHO), projections demonstrate a noteworthy statistical shift by 2030, with one in six people around the world reaching the age of 60 or older. Amid this period, the population aged 60 years and over is expected to rise from 1 billion in 2020 to 1.4 billion in 2030. Looking ahead to 2050, the elderly demographic is expected to double, reaching a staggering 2.1 billion individuals, while the number of individuals aged 80 years or older is projected to triple, soaring to 426 million.

Given that seniors are more vulnerable to chronic illnesses such as diabetes, heart disease, and dementia, senior care technologies serve as important arrangements catering to these particular needs. The significant effect of the developing geriatric population underscores the basis for a wide array of senior care solutions, with technologies uniquely situated to address these needs, empowering seniors to lead more secure, more beneficial, and more independent lives in their favored situations.

The Telehealthcare Systems is anticipated to develop significantly in the coming years

Telehealth reduces the chance of disease transmission, increments access to care, and employs fewer resources in medical centers. Apart from its safety benefits for patients and healthcare providers, another noteworthy advantage of telemedicine is its improved availability to medical providers, especially for patients with chronic conditions. Additionally, telehealth serves as a link between rural and urban medical resources and turns into a vital instrument for containing infectious disease outbreaks.

Several nations have combined medical care with technological advancement to apply information and communication technology to long-distance care. The resulting features-medical consultation, remote video, physiological recording and monitoring, medication reminders, and abnormality notifications-should lower medical and labor costs.

In addition, the increment in healthcare investing has moreover expanded the market development. For example, within the United States, health spending was $2.677 trillion in 2011 and is anticipated to reach $4.255 by 2021. Moreover, the UK is moving its landlines to a modern digital framework, which seems to affect personal alarms and telecare gear. This will be a continuous process that will be completed by the end of 2025.

Telehealthcare is the arrangement of clinical healthcare services at a separate, including peer gatherings, regulatory assignments, and education, utilizing telecommunications innovation technology and other electronic information.

However, a lot of older patients have ongoing medical needs due to chronic illnesses. More than 50% of older Americans suffer from three or more chronic conditions. Seniors who have to remain in touch with their medical specialists need gadgets that permit them to video chat. There are two components to telemedicine or telehealth: a visual component and an audio component. By giving patients devices, the patient can avoid leaving the house to visit the specialist, where they run the chance of contracting a disease or dying.

Besides, the biggest telemedicine deployment that is essential to healthcare universally is eSanjeevani, the National Telemedicine Service of India. Especially for those living in rural regions where access to healthcare was more troublesome, eSanjeevani has demonstrated to be a benefit to them. Since then, it has been used far more widely in a variety of health contexts and has revolutionized primary healthcare in our nation. It is reasonable to assume that eSanjeevani has democratized healthcare through ICT. The fact that women make up more than 57% of eSanjeevani beneficiaries and seniors make up about 12% of beneficiaries is comforting. This platform also reflects that the platform is finding its reach in the more vulnerable sections of the population where its effect fetches maximum impact.

The United States market for senior care technologies is expected to hold significant share

The senior care technologies market growth is driven by increasing healthcare costs and the demand for cost-effective treatment alternatives. Eldercare technology initiatives, including minimizing hospital readmissions, enabling remote monitoring, and improving medication adherence, contribute to financial savings. As a result, elder care technologies provide cost-efficient solutions to alleviate the escalating financial pressure on healthcare systems.

The increasing elderly population is predicted to drive demand for new technologies, particularly with increased internet penetration and advancements in technology. Moreover, in the United States, there's a shortage of healthcare experts, which poses challenges in delivering quality care to the elderly. For instance, the American Hospital Association has anticipated that by the end of 2022, half a billion nurses will leave the profession, with a shortage rising to 1.1 billion by 2023. Given this mounting shortage of healthcare experts within the nation, the senior care technologies market is expected to encounter considerable expansion within the prospective years within the United States.

According to the Population Reference Bureau, aged 65 and older population in America is expected to develop significantly, from 58 billion in 2022 to 82 billion by 2050, stamping a 47% rise. Besides, the rate of the overall population ascribed to individuals aged 65 and over is forecasted to extend from 17% to 23%. Subsequently, such insights are anticipated to grow the demand for senior care technologies within the anticipated period.

Key Market Development:

• In June 2022, CarePredict, a company headquartered in Plantation, Florida, United States received series a-3 funding of US$ 29 billion, in order to accelerate growth in senior care. The company focuses on creating innovative technologies for the rising older people. CarePredict's advanced technology independently identifies changes in day-by-day activities and behaviors that signal potential well-being issues such as urinary tract diseases, falls, malnutrition, and depression. This capacity to identify early signs of health concerns empowers proactive care, advancing the general well-being of elderly people.

Market Segmentation:

The Senior Care Technologies Market is segmented and analyzed as below:

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