Diversified requirements and preferences of elders are among the significant factors influencing the elder care services & assistive devices market.
Vancouver, British Columbia, Jan. 07, 2021 (GLOBE NEWSWIRE) -- The global elder care services & assistive devices market is projected to be valued at USD 1,020.00 Billion by 2027, according to a current analysis by Emergen Research. Elder care services and assistive devices are witnessing high demand, due to diversified requirements and preferences of elders. Not all elders are alike, especially in the use of technology intended for elder care services and assistive devices at an independent level. Baby boomers and younger elders (people aged between 60 and 70 years) are better adept to technology.
In contrast, less tech-savvy elders face substantial health issues and need specialty nursing homes or home care help. An active and independent young elder is capable of comfortably booking and taking an Uber ride and ordering goods on Instacart. In contrast, elders above 80 years of age require attendants to look after them and their needs.
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Increased investments in R&D activities for elder care services and assistive devices is a significant factor driving the market. Several research centers, as well as leading players in the global elder care services & assistive devices market, are emphasizing innovations to provide greater convenience and better care to the elderly. For instance, the Technology Research for Independent Living Center in Ireland focuses on developing technologies in collaboration with eminent players in the technology sector to keep elders engaged in their groups.
Key Highlights of Report
In August 2020, EQT Infrastructure announced the conclusion of an agreement to acquire a majority stake in Colisee, a firm involved in providing elder care.
The mobility scooters sub-segment held a substantial share of the elder care services & assistive devices market in 2019. A significant advantage of mobility scooters is that they can be carried via public transport, enabling users to travel further.
The use of telemedicine in the elder care services and assistive devices market is gaining significant traction as it enables medical professionals to get a comprehensive and in-depth look at elders' health conditions from a remote location. This technology helps monitor and have live face-to-face chats with patients to provide them with better care in fewer visits.
The elder care services & assistive devices market in the Asia Pacific region is estimated to register the most rapid CAGR from 2020 to 2027. A shift in the trend toward nuclear families in developing countries, such as China, is driving the demand for elder care services, thereby boosting the market in the region. Besides, increasing elderly population with chronic medical conditions, a rising level of disposable income, and increasing cognizance about healthcare facilities are factors boosting the market in the region.
Key market participants include Invacare Corporation, Ai Squared, Siemens Healthineers, Sonova Holding AG, Cochlear Limited, Brookdale Senior Living, Extendicare Inc., Genesis HealthCare, Pride Mobility Products Corporation, and GN Resound Group.
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Emergen Research has segmented the global elder care services & assistive devices market in terms of offering, end-user, and region:
Offering Outlook (Revenue, USD Billion; 2017–2027)
Adult Day Services
Mobile Assistance Devices
Vision & Speech Aids
Riser Reclining Chairs
Bathroom Safety Equipment
Bars, Grips & Rails
End-user Outlook (Revenue, USD Billion; 2017–2027)
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Regional Outlook (Revenue, USD Billion; 2017–2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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