Senior Care Technologies Global Market Forecast To Reach $48.69 Billion By 2028 With 7.8% Annual Growth Rate

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The senior care technologies market has exhibited compelling growth in recent years. The market is projected to escalate from $33.56 billion in 2023 to $36.11 billion in 2024, reflecting a compound annual growth rate CAGR of 7.6%. This growth during the historical period is attributable to a surge in demand for remote health monitoring solutions, an increase in chronic disease prevalence among seniors, rising adoption of wearable health devices, growing interest in personalized healthcare services, and an enhancement in the availability of user-friendly technology.

What Should You Know About The Senior Care Technologies Global Market Forecast?

The global market for senior care technologies is anticipated to continue its strong growth trajectory in the coming years. It is projected to reach $48.69 billion by 2028, with a compound annual growth rate CAGR of 7.8%. This growth during the forecast period can be ascribed to the increasing adoption of smart home technologies, growing investments in telehealth services, rising awareness of senior care needs, growth in mobile health applications, and an enhanced focus on personalized care and treatment options. Trends leading the forecast period include the development of smart home technologies, advancements in remote patient monitoring, the implementation of fall detection systems, the creation of personalized care platforms, and advancements in wearable emergency alert systems.

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What Are The Key Drivers Of The Senior Care Technologies Global Market?

The growing preference for home care services is expected to serve as a significant driver propelling the growth of the senior care technologies market. Home care, also known as domiciliary care, comprises various health and support services provided at home to help individuals preserve their independence and quality of life. The aspiration for personalized care, the comfort of being in a familiar environment, and advancements in technology enable efficient home-based health management.

Who Are The Major Companies Operating In The Senior Care Technologies Global Market?

Major companies operating in the market include McKesson Corporation, Medtronic plc, Koninklijke Philips N.V., Stryker Corporation, Essity AB, OMRON Healthcare Co. Ltd., Demant A/S, GN Store Nord A/S, Cochlear Ltd, Alarm.com Inc., Invacare Corporation, Tunstall Healthcare Ltd., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare, Advanced Monitored Caregiving Inc., GrandPad Inc., MobileHelp LLC, GrandCare Systems LLC, Livongo Health Inc., VitalTech Affiliates LLC, Independa Inc., CarePredict Inc., BioSensics LLC.

What Are The Emerging Trends In The Senior Care Technologies Global Market?

Leading companies in the senior care technologies market are developing innovative care delivery programs to enhance the quality of life for seniors, improve health outcomes, and streamline the efficiency of care services.

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How Is The Senior Care Technologies Global Market Segmented And What Are The Regional Insights?

The senior care technologies market is segmented:

1 By Product Type: Safety And Security Systems, Fall Detection And Prevention Systems, Remote Health Monitoring Systems, Medication Management Systems, Socialization And Mental Stimulation Systems, Tele healthcare Systems, Other Products
2 By Service Type: Home Care Services, Assisted Living Services, Skilled Nursing Services, Memory Care Services, Rehabilitation Services, Other Services
3 By End-User: Home Care Settings, Senior Living Facilities, Hospitals And Clinics, Rehabilitation Centers, Other End-Users

North America was the largest region in the senior care technologies market in 2023. The regions covered in this report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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