Steady Growth Ahead: BCC Research Projects a Compound Annual Growth Rate (CAGR) of 5.8% for Elder Care Services and Assistive Devices Market from 2023 to 2028

BOSTON, June 27, 2024 /PRNewswire/ --  "Elder Care Services and Assistive Devices: Global Markets" is a detailed study that looks at the worldwide market for services and products designed to help older adults. It covers things like nursing homes, home healthcare, and devices like walkers or medical monitors. The report explores why these services and devices are important, how they're growing, and what challenges they face. It helps businesses, governments, and healthcare providers understand how to better support older adults globally.

Market Expansion and Revenue Surge

"According to the latest BCC research study, the demand for Elder Care Services and Assistive Devices: Global Markets expected to grow from $868.2 billion in 2024 and will reach $1.1 trillion by the end of 2028 at a compound annual growth rate (CAGR) of 5.8% from 2023 through 2028".                

This report explains important trends in elder care services and assistive devices. It looks at what factors help or hinder the market, giving insights to businesses and new players. The study covers research spending, competition, and new technologies shaping the market. Advances, new products, and government programs will shape future growth. It also talks about company mergers, acquisitions, and partnerships, and how these strategies deal with new tech and competition. Overall, the report focuses on elder care services and assistive devices.

Some Interesting Facts about Elder Care Services and Assistive Devices: Global Markets

• Some of the most innovative advancements in elder care and assistive devices are coming from unexpected sources like tech startups, universities, and even hackathons. These unconventional places bring new ideas and solutions to longstanding challenges in caring for older adults.
• Robots are increasingly used in elder care to help with tasks like reminding about medications, providing companionship, and assisting with physical therapy. These robots are designed to interact naturally and empathetically with seniors, changing how we view technology's role in caregiving.
• A surprising finding is the level of creativity and innovation in meeting the needs of aging populations, showing that new solutions are continually being developed to enhance elderly care.

To discover more insights and information about elder care services and assistive devices: global markets, click here.

Factors contributing to this growth include:

1. Aging population.: An aging population means there are more older people in society because they're living longer due to better healthcare and living conditions, and fewer babies are being born. This leads to a higher demand for services like healthcare and housing tailored for seniors. It also impacts economies, healthcare systems, and how societies are organized to meet the needs of an older population.
2. Growing need for home healthcare for elderly.: More seniors want to stay home where they feel comfortable instead of moving to care facilities. Home healthcare gives personalized care, managing chronic conditions and cutting hospital visits. It's usually cheaper than long-term care. With more elderly, there's more need for skilled nurses, therapists, and aides to provide home care. Technology like telehealth makes remote care better.
3. Prevalence of chronic disease.: Many older adults have long-term health issues like heart disease, diabetes, arthritis, and breathing problems, needing regular medical care. As people age, more develop these conditions, increasing demand for healthcare services and medications. This strains healthcare systems, emphasizing the need for ongoing care plans to improve quality of life for those with chronic illnesses.
4. Technological advancements: Technological advancements in elder care mean new and better tools and devices that help doctors diagnose and treat health issues more accurately. They also include easier ways to communicate and monitor seniors remotely, improving healthcare accessibility and independence. These advancements are crucial for enhancing elder care and support.
5. Government initiatives and policies.: Government initiatives and policies are rules and actions that governments use to improve services for older adults. They can include funding for healthcare, subsidies for elder care, rules to ensure nursing homes are high-quality, and programs to support healthy aging and caregivers. These policies also affect how healthcare is paid for, training for elder care workers, and funding for research on aging and diseases. Overall, these actions are important for making sure there are good elder care options that are affordable and available.
6. Rising healthcare costs.: Rising healthcare costs mean medical expenses are going up. This affects everyone: patients, doctors, insurance companies, and governments. Reasons include better technology, more older people needing care, higher drug and equipment costs, and administrative expenses. As costs rise, patients may pay more out-of-pocket, insurance premiums could increase, and governments may spend more on healthcare. To tackle this, efforts focus on using resources better, preventing illness, negotiating lower drug prices, and making sure healthcare is affordable for everyone.
7. Increasing awareness among the people.: refers to the growing knowledge and understanding among individuals or communities about specific issues, topics, or matters of importance. In various contexts, this can include raising awareness about health-related issues, social causes, environmental concerns, or even consumer rights.
8. Remote monitoring and telehealth.: refer to technologies that enable healthcare professionals to monitor patients' health remotely and provide medical care via telecommunications technology.
9. Caregiver support and education.: Caregiver support and education refer to programs and resources designed to assist and educate individuals who provide care to family members or loved ones who are elderly, disabled, or chronically ill.

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Report Synopsis        

Market Segmentation

The elder care services and assistive devices: global market scan be categorized into various segments:

• Services

Elder care services include various options to support older adults. Institutional care offers full-time assistance in facilities like nursing homes. Home healthcare provides medical and personal care to seniors in their own homes, promoting independence. Adult day services offer daytime care, social activities, and meals in a community setting, giving caregivers a break and seniors a chance to socialize.

•  Type of Devices

Assistive devices for the elderly include several types to enhance their quality of life. Mobility aids, like walkers and wheelchairs, help with movement. Daily living aids, such as grabbers and dressing tools, assist with everyday tasks. Access aids, like ramps and stairlifts, improve home accessibility. Medical and personal monitoring aids, such as blood pressure monitors and emergency alert systems, ensure health and safety. Other devices encompass a variety of tools designed to support specific needs and improve overall well-being.

this report on global market for elder care services and assistive devices: global markets provide comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the elder care services and assistive devices global market?
   
   The market is projected to grow from $833.3 billion in 2023 and is expected to reach $1.1 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 5.8% during the forecast period.
   
   
2. What segments are covered in the market?
   
   The elder care services and assistive devices market is segmented based on services, type of devices, and region.
   
   
3. By services type, which segment will dominate the market by the end of 2029?
   
   By Services type, institutional care is anticipated to contribute the highest share in the market by the end of 2029.
   
   
4. Which type of devices market is growing fastest among all?
   
   Mobility aids has the fastest growing market.

Some of the Key Market Players Are:

• SUNRISE MEDICAL
• FIVE STAR SENIOR LIVING
• BROOKDALE SENIOR LIVING INC.
• ATRIA SENIOR LIVING INC.
• INVACARE CORP.
• LIFE CARE CENTERS OF AMERICA
• LIFELINE
• PRIDE MOBILITY PRODUCTS CORP.
• SUNRISE SENIOR LIVING

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