Elder Care Services and Assistive Devices Market

Global Elder Care Services and Assistive Devices Market Size (2024 to 2029)

The global elder care services and assistive devices market is expected to be valued at USD 31.57 billion in 2024 and USD 41.46 billion by the end of 2029, growing at a CAGR of 5.6% from 2024 to 2029.

Current Scenario of the Global Elder Care Services and Assistive Devices Market

Penetration of the latest technologies in the healthcare sector is a boom for various factors. Assistive technology is one of those technologies that help senior people to improve their quality of life. There are various types of assistive devices that are appropriate for the elderly. These advancements in healthcare are changing the lifestyle of the elderly by totally improving their lifestyle with much safety. From mobility aids to smart home technology, everything comes under the assistive devices, which is an interesting fact about these services for elderly people. These devices ensure self-esteem as the senior people can do their daily tasks independently with greater autonomy.

MARKET DRIVERS

Y-o-Y growth in the global aging population is propelling the elder care services and assistive devices market growth.

The prominence of adopting new technologies for elderly care is very important in these modern days. Aged people are not able to do their daily tasks independently, which is why assistive devices help them to lead their lives better. These services with assistive devices can make seniors’ lives better and more fulfilling, amplifying the growth rate of the elder care services and assistive devices market. The rising number of aged people often propels the demand for healthcare services. In a world where there is rising difficulty in finding the proper caregivers, these devices have been rolled out to replace the supervision of caregivers. These devices are easy to integrate accordingly and vary according to the person's requirements.

Companies focus on expanding their product portfolio by creating awareness among the public, which is boosting the growth rate of elder care services and assistive devices in the market. Social media is the latest platform where information can reach the target audience in very little time, which gears up the market’s growth rate as well. The launch of various schemes supported by government authorities in support of the people greatly influences the growth rate of the market. In many countries, the government launches various schemes in favor of the elderly population, where private healthcare insurance companies also join hands to expand their business.

There is rising concern over the growing number of people suffering from chronic illnesses like cardiovascular disease. Cancer, among other things, is also used to promote the growth rate of the market. For instance, in the UK, the number of people suffering from heart-related issues was 7.6 million, according to the British Heart Foundation survey in 2023. The surging aging population is one of the significant factors for the growing number of patients with heart-related issues, which further poses a demand for assistive devices.

The rapid adoption of the latest technologies in healthcare, especially for the geriatric population, is anticipated to leverage the growth rate of the elder care services and assistive devices market. The growing urban population is rising in prominence in adopting these assistive devices, especially for elderly care, which is becoming more important in today’s world. Elderly people mostly suffer from dementia, and there is a high need to take care of them as they are not able to do their daily tasks. According to WHO, currently, there are more than 55 million people suffering from dementia across the world. Also, it stated that nearly 10 million new cases register every year, which is a sign of the establishment of huge growth opportunities for the use of assistive devices for elderly care in the future.

MARKET RESTRAINTS

The assistive devices are not readily available due to various factors that impede the growth rate of the market.

Poor knowledge of the benefits of using assistive devices can also act as a barrier to the market’s growth rate. In a few cases, the assistive devices may not work effectively and give inaccurate results that may also hinder the market’s growth rate. With the rising advanced technologies, the number of cyber-attacks in the healthcare sector is also eventually increasing, which is raising concerns about privacy that may impede the market’s growth rate.

The real challenging factor for the key players in the elder care services and assistive devices market is to launch the devices at a lower cost where the common people can easily adopt these new technologies. These devices are manufactured with the most advanced technology, and the availability of rare raw materials is a bit difficult, further increasing the overall cost of the devices. However, research and development activities are in full swing to launch these devices at affordable prices with innovative technologies in the coming years. Also, the integration of assistive devices with patient care requirements is not an easy task, which is likely to hamper the growth rate of the market in many countries.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Elder Care Services and Assistive Devices Market Analysis By End User

The hospital segment is gaining huge traction and is likely to hold the leading share of the global elder care services and assistive devices market during the forecast period. The growing support from the government authorities to provide high-quality care for the elderly with effective technological developments enhances the growth rate of the segment. In developed and emerging countries, the demand to improve the healthcare infrastructure with newly launched technologies like assistive devices for elderly care is creating scope for the market’s growth rate in the foreseen years.

The homecare segment is another major segment and is anticipated to account for a substantial share of the global market during the forecast period. With the growing popularity of the availability of various devices that can be simply installed at home and eventually help take the utmost care of the person who is not willing to do his daily tasks, it can leverage the growth rate of the market.

Global Elder Care Services and Assistive Devices Market Analysis By Service Type

The mobility aids devices segment had the largest share of the elder care services and assistive devices market in 2023. Under the sub-segments., the wheelchair subsegment accounted for the leading share of the worldwide market in 2023. The need for the wheelchair is randomly increasing in end user sector. Wheelchair is one of the most common assistive devices used for the mobility that can help people to lead quality life irrespective of difficulty in walking.

The Living aids devices segment is also expected to capture a notable share of the global market during the forecast period owing to the increasing number of people suffering with hearing and vision loss. The advanced technologies are playing an important role in launching various devices for hearing and vision loss patients where the convenience to buy these devices even through online stores is elevating the growth rate of the market.

REGIONAL ANALYSIS

North America played the dominating role in the global elder care services and assistive devices market in 2023.

The domination of the North American region in the worldwide market is likely to continue throughout the forecast period owing to the presence of the top companies in developed countries like the US and Canada. The US is the most developed country, and its healthcare infrastructure is highly equipped with all the latest technologies. The support from government institutions in the healthcare sector in the US and Canada is one of the factors that will help the market to grow eventually. Increasing R&D activities with support from the government to launch innovative devices in favor of the public is greatly influencing the growth rate of the market.

Asia Pacific is gearing up with the fastest growth rate during the forecast period.

The presence of a high elderly population in emerging countries like India and China is certainly one of the common factors for the elder care services and assistive devices market to grow in this region. India and China are highly populated countries, and the number of geriatric people eventually grows year on year. This attribute will solely impel the demand for assistive devices, which is subjected to a surge in the market’s growth rate in the coming years.

Europe is next to North America, which is witnessing the largest market growth. The growing awareness to use the newly launched wheelchair assistive devices among elderly people to overcome the mobility challenges is accounted in fuelling the market’s growth rate. Assistive devices can replace the need of another person to take care of an elderly people which is attributed to level up the market’s growth rate.

Latin America, the Middle East, and Africa are likely to grow at a steady pace during the forecast period.

KEY PLAYERS IN THE GLOBAL ELDER CARE SERVICES AND ASSISTIVE DEVICES MARKET

Invacare Corporation, Ai Squared, Siemens Healthineers, Sonova Holding AG, Cochlear Limited, Brookdale Senior Living, Extendicare Inc., Genesis HealthCare, Pride Mobility Products Corporation, and GN Resound Group

DETAILED SEGMENTATION OF THE GLOBAL ELDER CARE SERVICES AND ASSISTIVE DEVICES MARKET

This research report on the global elder care services and assistive devices market has been segmented and sub-segmented based on end user, service type, & region.

By Service Type

• Mobility Aids Devices
  • Wheelchairs
  • Mobility Scooters
  • Cranes and Crutches
  • Walkers and Rollators
  • Transfer Lifts
  • Door Openers
  • Others
• Living Aids Devices
  • Reading and Vision Aids
  • Hearing Aids
• Medical Furniture
  • Medical Beds
  • Medical Furniture Accessories
  • Door Openers
  • Others
• Bathroom Safety Devices
  • Commodes
  • Bars, Grips, and Rails
  • Shower Chairs
  • Ostomy Products

By End User

• Hospitals
• Nursing Homes
• Assisted Living Facilities
• Homecare

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa