According to Emergen Research, the global elder care services & assistive devices market size was USD 672.25 Billion in 2019 and is expected to reach USD 1,020.00 Billion by 2027 and register a revenue CAGR of 5.3% during the forecast period, 2020-2027.
Emergen Research has published its latest report titled “Elder Care Services & Assistive Devices Market By Offering (Services, Assisted Devices), By End-user (Hospitals, Homecare Settings, Nursing Homes, Rehabilitation Centers), and By Region”
According to Emergen Research, the global elder care services & assistive devices market size was USD 672.25 Billion in 2019 and is expected to reach USD 1,020.00 Billion by 2027 and register a revenue CAGR of 5.3% during the forecast period, 2020-2027.
Market Dynamics:
Assistive technology enables individuals to live healthy, joyful, and independent lives. Video surveillance, electronic sensors and remote health monitoring (or telehealth) and equipment like door monitors, bed warnings, fall detectors, pressure mats, and heat alarms can help elder people feel safer, more secure, and more capable at home. Patients generally choose home care, and it is usually less expensive for caregivers than institutional options, which surge demand for assistive devices. Assistive technology helps elders who have difficulty, typing, writing, speaking, remembering, seeing, hearing, pointing, walking, learning, and many other things.
According to 2018 World Health Organization’s (WHO) study, by 2030, more than 2 billion people will require a minimum one assistive product, with many elders requiring two or more, as the global population ages and noncommunicable diseases increases. In addition, elder care services and assistive devices benefit from the growth of telemedicine since it allows health care practitioners to study a patient’s health status from a distance. Doctors can monitor their patients through this technology, allowing them to communicate face-to-face with them and provide better care with fewer visits.
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However, high cost of assistive products, less tech-savvy elders can find it difficult to operate or manage assistive devices, and low reimbursement policies from medical insurers are factors expected to restrain elder care services & assistive devices market growth throughout the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Services Segment Revenue to Expand at a Rapid CAGR:
Services segment is expected to register a rapid revenue CAGR compared to other segemnts over the forecast period owing to advantages offered by homecare services to elderly people due to advancements and government initiatives to implement digitalization in healthcare sector. This includes personalized care, one-on-one attention, independence, cost-effectiveness and family involvement.
Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period due to rising number of patients suffering from disabilities, innovations in hospital equipment to provide greater convenience, especially to elderly people, and government investments to increase number of hospitals, especially during the pandemic. Further, integration of assistive devices with IoT technologies such as Artificial Intelligence (AI) in hospitals drive revenue growth of the segment.
North America to Account for Largest Revenue Share:
North America is expected to register largest revenue share in the global market throughout the forecast period due to increasing research and development activities to develop advanced assistive devices, significant rise in geriatric population, and rising disposable income. Further, rapid adoption of innovative technologies, and growing demand for assistive devices for elderly care are other factors expected to fuel market revenue growth in the countries such as US of the region.
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Major Companies in the Market Include:
- Invacare Corporation
- Ai Squared
- Siemens Healthineers
- Sonova Holding AG
- Cochlear Limited
- Brookdale Senior Living
- Extendicare Inc.
- Genesis HealthCare
- Pride Mobility Products Corporation
- GN Resound Group
For the purpose of this report, Emergen Research has segmented the global elder care services & assistive devices market based on offering, end-user and region:
Offering Outlook (Revenue, USD Billion; 2017–2027)
- Services
- Home Healthcare
- Adult Day Services
- Institutional Care
- Assisted Devices
- Mobile Assistance Devices
- Wheelchairs
- Mobility Scooters
- Others
- Living Aids
- Hearing Aids
- Vision & Speech Aids
- Assistive Furniture
- Assistive Beds
- Door Openers
- Riser Reclining Chairs
- Others
- Bathroom Safety Equipment
- Shower Rooms
- Commode Chairs
- Ostomy Devices
- Bars, Grips & Rails
- Others
- Mobile Assistance Devices
End-user Outlook (Revenue, USD Billion; 2017–2027)
- Hospitals
- Homecare Settings
- Nursing Homes
- Rehabilitation Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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