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.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the elderly monitors market report are 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.
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
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31. Elderly Monitors Market Other Major And Innovative Companies
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
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Elderly Monitors market report is of immense importance for better understanding of the market which leads to high business growth.
It highlights public demands, competencies and the constant growth of the working industry, vibrant reporting, or high data protection services while analysing market information.
A lot of hard work has been put together and no stone is left unturned while generating this market research report.
This Elderly Monitors market report defines a chapter on the global market and allied companies with their profiles, which provides important data pertaining to their insights in terms of finances, product portfolios, investment plans, and marketing and business strategies.Global elderly monitors market is expected to register a substantial CAGR in the forecast period of 2019-2026.
The report contains data from the base year of 2018 and the historic year of 2017.
This rise in market value can be attributed to the significant rise in the volumes of geriatric population worldwide.Elderly Monitors market report delivers an in depth study with present and upcoming opportunities to clarify the future investment in the market.
According to the credible Global Elderly Monitors marketing report, the major market players are making moves like product launches, joint ventures, developments, mergers and acquisitions which has influence on the market and Industry as a whole and also affecting the sales, import, export, revenue and CAGR values.
This market research report emphasizes on the global key manufacturers to define, illustrate and analyze the market competition landscape using SWOT analysis.
The universal Global Elderly Monitors Market report is a thorough and professional report that focuses on primary and secondary drivers, market share, leading segments and geographical analysis.
These monitors provide consistent and accurate information regarding the status of patients, their healthcare needs and help in reducing the utilization of resources in order to deliver high quality of health care.
An exhaustive analysis of factors influencing the investment is also provided in the report which forecasts impending opportunities for the businesses and develops the strategies to improve return on investment (ROI).
Market Drivers and Restraints: Increasing focus on development of smart medical devices and enhanced technologies; this factor is expected to propel the growth of the market Requirement of cost-effective healthcare services to meet the declining volume of healthcare staffs and increasing patients worldwide; this factor is expected to drive the growth of the market To Know About Discount Click Here >>> Elderly Monitors Market Availability of remote monitoring services for patients suffering from long-term chronic disorders; this factor is expected to boost the growth of the market Growing shortage of healthcare professionals also drives the growth of this market in the forecast period Presence of stringent regulations and significant framework present for the approval and commercialization of these medical devices is the major factor restricting the market growth High cost of such technologies acts as a restricting factor for this market growth Note : Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis.
