The elderly monitors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Elderly Monitors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The elderly monitors market size has grown rapidly in recent years. It will grow from $3.41 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growing geriatric population, rising healthcare costs, increased focus on independent living, rising demand for cost-effective healthcare services, growing awareness regarding elderly care.
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.
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Scope Of Elderly Monitors Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elderly Monitors Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the elderly monitors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly monitors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Robert Bosch GmbH , Abbott Laboratories, Medtronic Plc, Koninklije Philips N.V. , Boston Scientific Corporation , ADT Inc., Resideo Technologies Inc. , Clariane SE, BIOTRONIK SE & Co. KG, Omron Healthcare Co. Ltd., Arlo Technologies Inc., Lifeline Systems Inc., GreatCall Inc., Connect America.com LLC, Life Alert Emergency Response Inc., SHL Telemedicine Ltd., Medical Guardian LLC, Shenzhen Reolink Technology Co. Ltd., Digital Care Systems Limited, MobileHelp LLC, Canary Systems Ltd., Bay Alarm Medical, Care Innovations LLC, Alertone Services LLC, QMedic, Eldercare Services Inc., ProVita International Medical Centre Ltd., Shenzhen Wansview technology Co. Ltd.
Table of Contents
1. Executive Summary
2. Elderly Monitors Market Report Structure
3. Elderly Monitors Market Trends And Strategies
4. Elderly Monitors Market – Macro Economic Scenario
5. Elderly Monitors Market Size And Growth
…..
27. Elderly Monitors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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