Global Elderly Monitors Market, By Technology (Home Tele-Health and Safety Monitoring), End User (Hospitals and Nursing Homes, Home Care Organizations, Patients and Families) – Industry Trends and Forecast to 2030.
Elderly Monitors Market Analysis and Size
Major factors expected to drive the growth of the elderly monitors market during the forecast period include increased focus on the advancement of smart medical devices and improved technologies. The demand for cost-effective healthcare services to meet the decreasing number of healthcare staffs, availability of remote monitoring services for patients suffering from long-term chronic disorders is expected to drive the growth of the elderly monitors market.
Data Bridge Market Research analyses that the elderly monitors market which was USD 2.92 billion in 2022, is expected to reach USD 6.04 billion by 2030, at a CAGR of 9.5% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Elderly Monitors Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Home Tele-Health and Safety Monitoring), End User (Hospitals and Nursing Homes, Home Care Organizations, Patients and Families)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Koninklije Philips N.V. (Netherlands), Wansview (China), Fall Prevention and Anti-Wandering (U.S.), Resideo Technologies Inc. (U.S.), Care Innovations, LLC. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co KG (Germany), Robert Bosch GmbH (Germany), Canary Systems (U.S.), Reolink (U.S.), Arlo (U.S.), Abbott (U.S.), ALERTONE SERVICES LLC (U.S.), Alive Technologies (Australia), Digital Care Systems (U.K.), SHL Telemedicine (U.S.)
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Market Opportunities
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Market Definition
Elder care, also known as senior care, is specialized care designed to meet senior citizens' needs and requirements at various stages of their lives. As a result, elderly care is a broad term that includes everything from assisted living and nursing care to adult day care, home care, and hospice care.
Elderly Monitors Market Dynamics
Drivers
- Growing awareness regarding elderly care
People's awareness of home care, adult care, and other services will increase demand for the market. With the rapid increase in the elderly population, the demand for elderly care services and products will drive market growth.
- Increasing market trend towards elderly care services
The growing elderly population is expected to drive demand for elderly care services. The demand for care services has increased as the economy and social environment have changed. A growing elderly population places additional strain on the young generation to care for elderly family members while also working. As a result, there is an increased demand for elderly care services. Short-term services assist with daily basic activities, whereas long-term services focus on residential facilities. Long-term service necessitates medical attention and day-care. These are the certain reasons which help the market to grow.
Opportunities
- Technological advancements
An increase in technological advancement, including the development of robots capable of assisting elderly people with day-to-day operations, is expected to boost market growth. Furthermore, various government organizations are assisting this industry, which is fuelling market growth. In Australia, for example, the government funds an Aged Care Approval Round (ACAR) and similar other programmes to assist service providers with grants or to build their facilities. Furthermore, as a result of the Covid 19 pandemic, the government plans to provide a $52.9 million package to residential aged care (RAC), National Aboriginal and Torres Strait Islander (NATSI), and Home Care providers over the next two years.
Restraints/Challenges
- Lack of trained and experienced workers
The presence of stringent regulations and a substantial framework for the approval and commercialization of these medical devices, the high cost of such technologies is a major factor limiting market growth.
This elderly monitors market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the elderly monitors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2019, Best Buy announced that they had acquired Critical Signal Technologies and their subscribers/customers who used their services. This acquisition includes the valuable relationships that have already been established with a variety of healthcare providers, payers, and even housing establishments. This acquisition will enable Best Buy to enter the "Medicare Advantage" market.
Global Elderly Monitors Market Scope
The elderly monitors market is segmented on the basis of technology and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Home Tele-Health
- Safety Monitoring
End User
- Hospitals and Nursing Homes
- Home Care Organizations
- Patients and Families
Elderly Monitors Market Regional Analysis/Insights
The elderly monitors market is analyzed and market size insights and trends are provided by country, technology and end user as referenced above.
The countries covered in the elderly monitors market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the elderly monitors market because of the increased incidence and prevalence of patients with lifestyle diseases. Furthermore, well-established reimbursement policies and an increase in customer purchasing power will drive the growth of the elderly monitors market in the region during the forecast period.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the growing sub-segmentation around the world Furthermore, the presence of major key players is expected to drive the growth of the elderly monitors market in the region in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The elderly monitors market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for elderly monitors market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the elderly monitors market. The data is available for historic period 2011-2021.
Competitive Landscape and Elderly Monitors Market Share Analysis
The elderly monitors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to elderly monitors market.
Some of the major players operating in the elderly monitors market are:
- Koninklije Philips N.V. (Netherlands)
- Wansview (China)
- Fall Prevention and Anti-Wandering (U.S.)
- Resideo Technologies Inc. (U.S.)
- Care Innovations, LLC. (U.S.)
- Boston Scientific Corporation (U.S.)
- BIOTRONIK SE & Co KG (Germany)
- Robert Bosch GmbH (Germany)
- Canary Systems (U.S.)
- Reolink (U.S.)
- Arlo (U.S.)
- Abbott (U.S.)
- ALERTONE SERVICES LLC (U.S.)
- Alive Technologies (Australia)
- Digital Care Systems (U.K.)
- SHL Telemedicine (U.S.)
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