Elderly Care Products and Services Market

Market Overview

According to Reed Intelligence the Global Elderly Care Products and Services Market Size will approximately grow at a CAGR of 6.9% during the forecast period.

The global population is aging, and the number of people over the age of 65 is expected to increase by 20% from 2023 to 2031. This means that there will be a growing demand for elderly care products and services. There is a growing awareness of the needs of elderly people and the importance of providing them with quality care.

Home care, Nursing Home, assisted living facilities are some of the services provided to the elderly population for their convenience to avoid any accidents due to their increasing age. Nursing homes provide long-term care to elderly people who cannot live independently. Assisted living facilities provide a more independent living environment for elderly people who need some assistance with their daily activities.

Governments provide elderly care products and services to elderly people who cannot afford to pay for them. These makes the services provided more accessible to the elderly people with all the income groups. This helps elderly people who are not taken care by their children. Organizations such as charities and non-profit organizations provide elderly care products and services to elderly people who need them which is also helpful for the elderly people living in the old age homes to get good facilities to live a good and convenient life.

Johnson & Johnson, Abbott Laboratories, Medtronic, Philips Healthcare, GE Healthcare are some of the major companies who provide products and services for the use of Elderly people.

Market Dynamics

Market Drivers

• The Aging Population

Elderly care products and services can help elderly people with their daily activities. They can also provide helpful products for mobility, such as walkers and wheelchairs for those having knee pain or any other problems relating to mobility. Elderly care products and services can give mental stimulation to elderly people, such as games, puzzles, and books. They can also provide platforms for social interaction, such as through group activities. They can provide medical care to elderly people, such as monitoring their vital signs and providing medication reminders. They can also provide assistance with chronic conditions, such as diabetes and heart disease to continuously monitor the condition to take precautionary actions.

Market Restraints

• High Costs

The private organizations which provide these services charge a lot, which may not be affordable for all the old age people. The old age people from the underdeveloped areas cannot afford the services due low income of their children and high costs of the services. The people of this category generally get help from the charitable trust which has to be paid no money. The products such as wheel chairs have higher prices which would resist them from purchasing such products which would act as a restraint for the growth of the market of the Elderly Healthcare products. The old age people who live in the old age homes get the services in relatively lower costs. But, the high costs of the services are the major concern of the old age people.

Market Scope

Segmental Analysis

Segmentation By Type

• Housing and Assistive Devices

Home health care agencies can provide a variety of housing and assistive devices to elderly people in their homes. This can include things like installing ramps, grab bars, and raised toilet seats. Assisted living facilities can provide housing and assistive devices to elderly people who need some assistance with their daily activities. This can include things like providing wheelchairs, walkers, and help with bathing and dressing. Nursing homes can provide housing and assistive devices to elderly people who need more assistance with their daily activities. This can include things like providing 24/7 care, help with eating and toileting, and physical therapy.

• Personal Care Products

Various products are available for elderly care for their convenience and safety. Shower chairs are available which can provide a safe and comfortable place for elderly people to bathe as they cannot stand or sit down for a longer period of time. Long hand reaches can help elderly people reach items that are out of their reach, such as items on high shelves or in cupboards. Non-slip mats can be placed on the floor in areas where elderly people are likely to walk, such as in the bathroom or kitchen so that their leg does not slip and can walk comfortably without any fear. Large-print books and magazines are available in the market which make it easier for elderly people to read. Hearing aids can help elderly people who are hard of hearing to hear better. This is the product range provided by different companies in the elderly care sector.

Segmentation By Application

• Hospitals

Hospitals use the non-slippery carpet where the elderly people can walk comfortably as falling down or leg slip are the major risks in the elderly people. They provide specialized mattresses and cushions for comfortable sleep and to avoid any body ulcers due to hard cushions and pillows. They conduct medication reviews as the old people can sometime forget to take medicines on time. They provide proper and required nutrition according to the medical history of the patient in order to maintain their health. They also provide convenient mobility by providing wheelchairs to those cannot walk long distances or cannot stand properly on their legs.

• Elderly Nursing Home

Nursing homes can use elderly care products and services to help with a variety of personal care actions, such as bathing, dressing, and grooming. This can include things like providing specialized equipment, as well as training staff on how to use it. The nurses are allotted for each patient to take their care and provide them what they need on time. They can help the old people for mobility, to take medicines on time, their routine check-ups, maintaining healthy diet and provide all the help that the elderly need in the nursing homes.

• Homecare

The Homecare can be provided by mobility aids such as walkers, canes, or wheelchairs to help elderly individuals with limited mobility in moving around their homes safely and independently. Installing safety devices like grab bars in bathrooms, non-slip mats, and handrails along staircases can help prevent falls and provide added support for elderly propel. Telehealth services also can be provided to enable remote monitoring of disease and online communication with the doctors as it not possible every time to visit the hospitals. This allows elderly individuals to receive medical advice, consultations, and monitoring from their homes.

Regional Analysis

The Global Elderly Care Products and Services Market is segmented by region as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

North America

The medical devices segment is expected to grow at the higher rate. This is due to the increasing prevalence of chronic diseases among elderly people, which requires the use of medical devices for diagnosis and treatment. The hospice care segment is the largest segment in the region to is due to the increasing number of elderly people who are dying and who require specialized care in the last stages of their lives. The North American bath & shower products market is projected to register a CAGR of 4.7% which indicates the elderly care products and services is growing in the region.

Europe

Europe bath and shower products market is forecasted to witness a CAGR of 4.2%. In France Diabetes Devices Market is growing rapidly due to increase in elderly population in the region. It provides devices which can be portable and can be used in taking care of the elderly people suffering from diabetes. In Germany, new innovations, such as multifunctional beds with height adjustment feature and electronic connectivity, are further driving interest from the buyers in the market and especially hospitals for the elderly healthcare. All these factors collectively drive the market of Elderly care products and services market in the region.

Asia-Pacific

China's mattress industry is affected by other factors, such as the speed of renovation of existing houses and comfortable mattresses for elderly people in the region. In India the self-monitoring blood glucose devices is growing faster as it requires less time can specially be used as an elderly healthcare product as they can’t travel to the hospitals frequently. These factors are likely to drive the market of the elderly care products and services market in the region of Asia Pacific.

South America

Increasing burden of Chronic Diseases is driving the market for telehealth in the region. As the required medications cannot be provided in the regions. This is more useful for the elderly population who can get health care advices from their own locations. The aging process is commonly associated with the onset of increased risks of chronic diseases and weakness in the bones and muscles.so, in Brazil the portable X ray devices are at demand which can be considered as an elderly care product driving the demand of the market.

Middle East and Africa

Middle East Telehealth Market is expected to register significant growth in the coming timeframe on the back of the virtual healthcare platform. This is an opportunity for the elderly care services as telehealth is one of the major factors in elderly care.

Key Players

1. Philips
2. Uncharm
3. Cardinal Health
4. Medtronic
5. Interim Healthcare
6. Bayada Home Healthcare
7. Right At Home
8. Genesis Healthcare
9. Signature Healthcare
10. Sunrise Senior Living
11. Econ Healthcare

Recent Developments

Dec 3, 2021 Recent research examined the viability of large-scale production of refuse-derived fuels derived from municipal solid waste to reduce reliance on fossil fuels, meet rising energy demands, and address the ongoing overproduction of waste in urban areas.