The Elderly Monitors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Elderly Monitors Global Market Report 2024, The elderly monitors market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to advancements in assistive devices and technology, increased life expectancy, integration of AI and machine learning, rise of the internet of things, preference for better lifestyle and healthcare services. Major trends in the forecast period include introduction of smart aging system, focus on personalized care and intervention, product diversification, ethical and regulatory considerations, wearable integration, rising remote patient monitoring.
Rising awareness of health and wellness is expected to propel the growth of the elderly monitoring market going forward. Health and wellness encompass a holistic state of physical, mental, and social well-being, reflecting the harmonious balance of lifestyle choices, preventive measures, and positive behaviors that contribute to an individual’s overall thriving and optimal quality of life. Elderly monitors enhance health and wellness by employing advanced technologies to track and analyze vital health metrics, daily activities, and safety parameters, offering real-time insights and early intervention opportunities for caregivers and healthcare professionals. For instance, in April 2021, according to a survey of 7,500 consumers by McKinsey & Company, a US-based management consulting company, around 79% of consumers think wellness is important, and 42% consider it a top priority. Further, around 37% of consumers were expected to spend more on wellness services in 2022. Therefore, rising awareness of health and wellness is driving the growth of the elderly monitoring market.
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The elderly monitors market covered in this report is segmented –
1) By Product: Personal Emergency Response Systems (PERS), Smart Home Systems, Medical Alert Systems, GPS Tracking Devices, Wearable Devices
2) By Technology: Home Tele-Health, Safety Monitoring
3) By Application: Fall Prevention and Detection, Health Monitoring, Memory Aid, Movement and Mobility Monitoring, Safety and Security Monitoring
4) By End-User: Home-based Care, Assisted Living Facilities, Nursing Homes and Hospitals, Personal Use
Top Major Players:
Robert Bosch GmbH
Abbott Laboratories
Medtronic Plc
Koninklije Philips N.V.
Boston Scientific Corporation
North America was the largest region in the elderly monitors market in 2023.
Major companies operating in the elderly monitor market are developing innovative technological products such as medical radar devices that monitor older adults through walls for better outcomes. A medical radar device is a type of radar technology used for medical imaging and monitoring. It operates by emitting radio waves, receiving their reflection, and using this information to generate data. Radar-based imaging can be used for preventive screening and early detection of diseases such as breast cancer and stroke. For instance, in April 2023, AT&T Inc., a US-based telecommunications company, launched a medical radar device. This device uses radar and AI technology to detect body position, movement, and biometrics without the need for cameras or wearable trackers. It is designed to help older individuals live more independently while maintaining their privacy. The device is intended for enterprise customers such as senior living facilities, nursing homes, and healthcare providers. It is designed to be discreet and easy to set up, resembling a storage box or speaker.
The elderly monitors market report table of contents includes:
1. Executive Summary
2. Elderly Monitors Market Characteristics
3. Elderly Monitors Market Trends And Strategies
4. Elderly Monitors Market – Macro Economic Scenario
5. Global Elderly Monitors Market Size and Growth
….
32. Global Elderly Monitors Market Competitive Benchmarking
33. Global Elderly Monitors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Elderly Monitors Market
35.Elderly Monitors Market Future Outlook and Potential Analysis
36. Appendix
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