North America Elderly Monitors Market – Industry Trends and Forecast to 2031

North America Elderly Monitors Market Analysis and Size

The elderly monitors market encompasses diverse products such as safety monitoring devices, pads, communication aids, activity monitors, location monitors, and caregiver call systems. Available in both portable and fixed modalities, these technologies enhance elderly care by providing safety, communication, and activity tracking solutions for improved well-being and caregiver support.

Data Bridge Market Research analyses that the North America elderly monitors market, which was USD 966.48 million in 2023, is expected to reach USD 1505.89 million by 2031, at a CAGR of 5.7% during the forecast period 2024 to 2031. 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.

North America Elderly Monitors Market Scope and Segmentation

Market Definition

Elderly monitors refer to technology designed to track and analyze the health and well-being of elderly individuals. These devices often include sensors, wearables, or smart home systems that monitor vital signs, activity levels, and environmental factors to provide insights for healthcare professionals and caregivers, promoting proactive elderly care.

North America Elderly Monitors Market Dynamics

Drivers

• Growing Aging Population Demanding Continuous Monitoring

As the elderly demographic expands, the prevalence of age-related health issues rises, necessitating continuous monitoring. Elderly monitors play a crucial role in providing real-time health data, enabling timely interventions, enhancing overall healthcare management, and ensuring the safety of the aging population on a global scale. This trend underscores the growing significance of technology in elderly care. Thus, the elderly monitors market is driven by the escalating global aging population, creating an urgent demand for innovative healthcare and safety solutions tailored to the unique needs of seniors.

• Rise in Government Initiatives to Integrate Advanced Monitoring Solutions

Government initiatives play a pivotal role in driving the adoption of elderly monitoring technologies globally. Supportive policies and healthcare programs, often backed by funding and incentives, encourage the integration of advanced monitoring solutions. These initiatives aim to enhance senior care, address healthcare challenges associated with aging populations, and promote the use of technology for improved health outcomes. Government backing fosters a conducive environment for the development, implementation, and widespread adoption of elderly monitoring technologies.

Opportunities

• Home Healthcare Expansion

Seniors increasingly prefer to stay in their familiar homes, and monitoring technologies play a vital role in ensuring their well-being. Monitors designed for home use offer a comfortable and non-intrusive means of healthcare, allowing seniors to maintain independence while receiving necessary support. This presents a promising market opportunity for devices that enable effective health monitoring, emergency response, and overall enhanced care within the familiar setting of one's home. Therefore, the trend towards aging in place has created a significant opportunity for the elderly monitors market, particularly in home healthcare expansion.

• Partnering With Healthcare Providers Expand The Elderly Monitors Market

Partnerships enable the seamless integration of monitoring technologies into established healthcare systems, fostering a holistic approach to patient care. This integration enhances patient outcomes by providing healthcare professionals with real-time data for informed decision-making. By aligning with healthcare providers, monitoring solutions become an integral part of the healthcare ecosystem, ensuring a more comprehensive and coordinated approach to elderly patient care, thereby improving the efficiency and effectiveness of healthcare services. Thus, collaborating with healthcare providers presents a strategic avenue for the elderly monitors market.

Restraints/Challenges

• High Initial Costs

The upfront expenses in implementing monitoring systems create financial barriers for both individuals and healthcare facilities, limiting the widespread adoption of elderly monitors. The restricted accessibility hampers the market's potential expansion, as potential users and healthcare providers may be deterred by the financial burden. Hence, the high initial costs of implementing monitoring systems act as a significant restraint on market growth.

• Limited Insurance Coverage

The absence of comprehensive insurance support inhibits the widespread adoption of monitoring technologies, particularly among elderly individuals with constrained financial resources. This limitation restricts access to essential healthcare tools, hindering the market's potential expansion. The financial burden placed on individuals seeking monitoring solutions contributes to a slower adoption rate and, consequently, constrains the growth of the market, as affordability becomes a critical factor for both consumers and healthcare providers in embracing these essential technologies.

This North America 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 North America 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 2023, Google revealed plans for a new elderly monitors market entry – a wearable device designed to monitor health in the elderly. Anticipated features include medication reminders, vital signs monitoring, and fall detection. While still in development, this innovation aligns with the industry's continuous efforts to enhance elderly care through advanced and comprehensive monitoring solutions
• In 2022, Samsung Electronics Co Ltd entered the elderly monitors market with the Galaxy Watch4, mirroring Apple's fall detection advancements. Boasting diverse health monitoring functions, including blood oxygen, ECG, and heart rate monitoring, the Galaxy Watch4 is poised for competition with Apple's latest smartwatch, reflecting the industry's continuous focus on innovative and comprehensive elderly monitoring solutions
• In 2021, GENERAL ELECTRIC partnered with Verizon Business to establish a cross-country testbed utilizing Verizon's 5G ultra-wideband. This collaboration enhanced GENERAL ELECTRIC's product portfolio by incorporating cutting-edge technology. The utilization of 5G technology enabled the company to innovate and deliver advanced solutions, contributing to the evolution of its offerings
• In 2021, Koninklijke Philips N.V. collaborated with Dutch development bank FMO to enhance access to quality primary care in Africa. This strategic partnership increased healthcare spending in the region and facilitated Philips' business expansion, enabling the company to contribute to improved healthcare infrastructure and services in African communities
• In 2021, Apple Inc. launched the Apple Watch Series 6 with an autonomous fall detection feature, indicative of advancements in the elderly monitors market. The device's sophisticated health monitoring and real-time tracking have boosted its appeal. This aligns with the growing demand for innovative solutions, reflecting a broader trend in the elderly monitoring sector

North America Elderly Monitors Market Scope

The North America elderly monitors market is segmented on the basis of product, modality, monitoring type, acuity scale, age, gender, end user, application and distribution channel. 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.

Product

• Safety Monitoring Devices
• Pads
• Communication Aids
• Activity Monitors
• Location Monitors
• Caregiver Call Systems
• Wearable Devices
• Network Video Monitoring System
• Others
• Personal Emergency Response Systems (PERS)
•  Smart Home Systems

 Modality

• Portable
• Fixed

Monitoring Type

• Weight Monitoring
• Telemedicine
• Temperature Monitoring
• Patient Engagement
• Digital Diabetes Management
• Home Tele-Health
• Others

Acuity Scale

• High Acuity Scale
• Medium Acuity Scale
• Low Acuity Scale

Age

• 65 to 74
• 75 to 84
• 85 and older

Gender

• Male
• Female

 End User

• Hospitals
• Nursing Homes
• Home Care Organizations
• Homecare Setting
• Retirement Home
• Family
• Elderly Care Facilities
• Others

 Application

• Fall Prevention And Detection,
• Health Monitoring
• Other

 Distribution Channel

• Direct Tender
• Retail Sales
• Others

North America Elderly Monitors Market Regional Analysis/Insights

The North America elderly monitors market is analysed and market size insights and trends are provided by product, modality, monitoring type, acuity scale, age, gender, end user, application and distribution channel as referenced above.

The countries covered in the North America elderly monitors market report are U.S., Canada and Mexico in North America.

The U.S. is expected to dominate the North America elderly monitors market with the highest expected growth rate, driven by the widespread adoption of telehealth solutions. The surge in remote patient monitoring initiatives is a key factor, enhancing healthcare delivery for seniors within the familiar setting of their homes, emphasizing the market's focus on improving elderly care through technology.

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 such as 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 North America 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 North America elderly monitors market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the North America elderly monitors market. The data is available for historic period 2016-2021.

Competitive Landscape and North America Elderly Monitors Market Share Analysis

The North America 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 North America elderly monitors market.

Some of the major players operating in the North America elderly monitors market are:

• Koninklijke Philips N.V. (Netherlands)
• Wansview (China)
• Smart Care Giver Corporation (U.S.)
• Resideo Technologies, Inc. (U.S.)
• Care Innovations, LLC (U.S.)
• Boston Scientific Corporation (U.S.)
• Biotronik (Germany)
• Abbott (U.S.)
• Medtronic (Ireland)
• Reolink (Hong Kong)
• Arlo (U.S.)
• AlertONE (U.S.)
• Alive Technologies (Australia)
• EarlySense (Israel)
• Kwido (Ideable Solutions) (Spain)
• Emfit (Finland)
• Withings (France)
• Omron Healthcare, Inc. (Japan)
• AMC Health (U.S.)
• General Electric (U.S.)

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