Elderly Care Devices Market to be dominated by Growing Inclination towards Homecare Services through 2028
Rise in number of elderly
people suffering from chronic conditions to drive the elderly care devices
market in the forecast period, 2024-2028.
According to TechSci Research
report, “Elderly Care Devices Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global elderly care
devices market is anticipated to grow at a significant rate in the forecast
period, 2024-2028. The rising number of government initiatives to provide
better care and assistive products for elders are facilitating the growth of
the market. Initiative such as workshops, meetings and seminars are organized
on regional, and national level. Also, the increasing adoption of inorganic
strategic growth such as partnerships, mergers and acquisitions are strengthening
the growth of the elderly care devices market, globally. For instance, in
2021, Age Care Labs, the platform which enables to build, buy and invest into
businesses in elder care, declared acquisition of Epoch Elder Care, a provider
of dementia care and assisted living homes for seniors.
However, the limited infrastructural
facilities, high cost associated with the elder care products, and less
tech-savvy elders may hamper the growth of the global elderly care devices market.
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data Figures spread through 110 Pages and an in-depth TOC on "Global Elderly Care Devices Market"
The global
elderly care devices market is segmented into product, end user, and company.
Based on product,
the market is divided into mobility assistance aids, assistive furniture,
bathroom safety & assistive products, and communication aids. Based on mobility
assistance aids, the market is further divided into wheelchairs, mobility
scooters, crutches and cranes, patient mechanical lift handling, walkers and
rollators, and others. Wheelchairs segment is further subdivided into manual
wheelchairs, and powered wheelchairs. Assistive furniture is further subdivided
into medical beds, riser reclining chairs, door openers, and others. Bathroom
safety & assistive products is further subdivided into bars, grips, and
rails, commode chairs, ostomy equipment, and shower chairs. Communication aids
is further subdivided into hearing aids, vision & reading aids, and speech
& writing therapy devices. Hearing aids is further subdivided into
receiver-in-the-ear (RITE) aids, canal hearing aids, cochlear implants,
behind-the-ear (BTE) aids, bone anchored hearing aids (BAHA), and in-the-ear
(ITE) aids. Vision & reading aids is further subdivided into reading
machines, braille translators, video magnifiers, and others. The mobility
assistance aids segment is expected to hold the largest market share. This is
attributed to the growing number of disabilities, rising various diseases, and surging
aging population.
Based on end
user, the market is divided into hospitals, elderly nursing homes, assistive
living facilities, homecare, and others. The hospital segment is anticipated to
grow during the forecast period. This is attributed to the growing number of
hospital admissions for the treatment of numerous diseases such as cerebral
palsy, paralysis, heart stroke, among others.
Major companies
operating in global elderly care devices market are:
- Sonova Holding AG
- William Demant Holding A/S.
- GN Resound Group
- Koninklijke Philips N.V.
- Medtronic Plc.
- OttoBock Healthcare GmbH
- Investor AB (Permobil AB)
- Stryker Corporation
- Invacare Corporation
- Getinge AB (Arjo)
- Medical Depot, Inc.
- Prism Medical UK
- Etac AB
- Handicare Group AB
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“North America dominates the
market in 2022 and is expected to maintain its dominance in the coming years
due to the increased awareness regarding various advanced devices and presence
of prominent market player. The surge in medical complications such as
neurological, orthopedic and others, growing adoption of advanced medical
devices, and established healthcare infrastructure in the region are another
key factor. Also, favorable reimbursement policies in the region is expected to
propel the global elderly care devices market growth till 2028” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Elderly Care Devices
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028, Segmented By Product (Mobility Assistance Aids, Assistive Furniture,
Bathroom Safety & Assistive Products, Communication Aids), By End User
(Hospitals, Elderly Nursing Homes, Assistive Living Facilities, Homecare,
Others), By Region and Competition”, has evaluated the future
growth potential of global elderly care devices market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global elderly care devices market.
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