Senior Care Technologies Market

Senior Care Technologies Market Outlook (2023-2033)

The global senior care technologies market is at present valued at USD 43.38 Billion in 2022. The market is further anticipated to cross a valuation of USD 76.23 Billion by end of 2032. The industry is likely to grow with a CAGR of 5.8% in the forecast period.

Demographic shifts are creating concerns in front of the healthcare industry. As per population figures, the US will be home to almost 81 Million adults of age above 65 by end of 2040. However, there is a lack of healthcare professionals and technologies. The technologies like Internet of Things (IoT), Augmented Reality (AR) are likely to become measures for sustaining needs.

VR tools can aid in physical therapy, rehabilitation, and patient fitness. Tools like wearable fitness trackers are extremely useful in monitoring pulse rates, and sleep proportion among adult patients. They can also help clinicians determine a patient's risk of falling and assess their balance. VR has also been utilized by caregivers to control discomfort and soothe individuals with diseases like Alzheimer's disease.

Living communities that add predictive analytics help in keeping adults away from chronic conditions and address small health issues among the geriatric populace. These trackers further improved with technology to measure blood pressure and detect atrial fibrillation among seniors.

Report Attributes	Details
Market size (2022 A)	USD 43.38 Billion
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 76.23 Billion
Global Market Growth rate (2022-2032 E)	CAGR of 5.8%
Key Companies Profiled	AMC Health BIOTRONIK Bosch Healthcare Solutions Care Innovations LLC Omron Healthcare, Inc GrandCare Systems Zanthion, TruSense ANNIE

What are the drivers of demand for this industry?

Elderly Care assistance is increasing due to the increase in the needs of 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 technologies 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.

Also, these devices keep a 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. There are applications that 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 like 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.

Also, caretakers can 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.

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 expands. In the future, elderly patient care technologies will be fully automated and connected with alarms, sensor monitoring, and prompt 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 may affect 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.

Regional Outlook

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 technologies Market is spreading because of widespread acceptance and care provided by them, which would make a positive impact on the patient’s health conditions.

Segmentation

Demand for Senior Care devices will increase as most seniors prefer to stay at their homes. Both hardware and software segments are likely to gain the fastest growth in the forecast period. Wearable devices majorly opt while software applications are also used for digital patient engagement.

Also, 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 likely to expand with the fastest CAGR in forecast duration.

Senior Care Technologies Market: Segmentation

• By Product Type :

  • Safety Devices
  • Bed and door alarms
  • Monitoring devices
  • Medication Management Devices

• By End-users :

  • Hospitals
  • Clinics
  • Long Term Care Facilities
  • Home care centers

• By Regions :

  • North America
    • U.S.
    • Canada
  • Latin America
    • Argentina
    • Mexico
    • Brazil
  • Europe
    • Germany
    • Italy
    • U.K
    • Spain
    • France
    • Russia
    • Poland
  • Asia Pacific Excluding Japan
    • India
    • Australia
    • New Zealand
    • China
    • ASEAN
  • Japan
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest Of MEA