Diversified requirements and preferences of elders are among the significant factors influencing the eldercare services & assistive devices market.
The global elder care services & assistive devices market is projected to be valued at $ 1,020 Billion by 2027, according to a current analysis by Emergen Research.
Elder care services and assistive devices are witnessing high demand, due to diversified requirements and preferences of elders.
Not all elders are alike, especially in the use of technology intended for elder care services and assistive devices at an independent level. Baby boomers and younger elders (people aged between 60 and 70 years) are better adept to technology.
In contrast, less tech-savvy elders face substantial health issues and need speciality nursing homes or home care help. An active and independent young elder is capable of comfortably booking and taking an Uber ride and ordering goods on Instacart. In contrast, elders above 80 years of age require attendants to look after them and their needs.
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Increased investments in R&D activities for elder care services and assistive devices is a significant factor driving the market. Several research centres, as well as leading players in the global elder care services & assistive devices market, are emphasising innovations to provide greater convenience and better care to the elderly.
For instance, the Technology Research for Independent Living Center in Ireland focuses on developing technologies in collaboration with eminent players in the technology sector to keep elders engaged in their groups.
Key Highlights of Report
EQT Infrastructure announced the conclusion of an agreement to acquire a majority stake in Colisee, a firm involved in providing elder care.
The mobility scooters sub-segment held a substantial share of the eldercare services & assistive devices market in 2019. A significant advantage of mobility scooters is that they can be carried via public transport, enabling users to travel further.
The use of telemedicine in the eldercare services and assistive devices market is gaining significant traction as it enables medical professionals to get a comprehensive and in-depth look at elders’ health conditions from a remote location. This technology helps monitor and have live face-to-face chats with patients to provide them with better care in fewer visits.
The elder care services & assistive devices market in the Asia Pacific region is estimated to register the most rapid CAGR from 2020 to 2027. A shift in the trend toward nuclear families in developing countries, such as China, is driving the demand for elder care services, thereby boosting the market in the region.
Besides, increasing elderly population with chronic medical conditions, a rising level of disposable income, and increasing cognizance about healthcare facilities are factors boosting the market in the region.
Key market participants include 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.
Emergen Research has segmented the global elder care services & assistive devices market in terms of offering, end-user, and region
Adult Day Services
Institutional Care Assisted Devices
Mobile Assistance Devices Wheelchairs
OthersLiving Aids Hearing Aids
Vision & Speech Aids
Assistive Furniture Assistive Beds
Riser Reclining Chairs
OthersBathroom Safety Equipment Shower Rooms
Bars, Grips & Rails
Hospitals Homecare Settings
Click on the link to read key highlights of the report and look at projected trends for years to come: https://www.emergenresearch.com/industry-report/elder-care-services-assistive-devices-market