Global Elderly Care Market: Technological Advancements and Innovations of Manufacturers Inhibiting Healthy Adoption of Elderly Care Services

Elderly care is the accumulation of service offerings that are designed to cater the needs of aging population. This accumulation is given to individuals that are not equipped to handle independent living and therefore, avail assisted living services for the improvement of their health. The services that consist of elderly care are defined as nursing care, assistance in home-care living and various other services. Although the broad term may be defined for the services that are majorly provided to patients living under assisted living, which is not the case as the adoption of this solution also ensures that the patient pool can be put under observation in the comfort of their own homes without bothering about their healthcare.

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Elderly Care Market is growing due to increasing patient pool, rising awareness of home care services the effect of these factors are mentioned below:

  • Increasing patient pool: Patient pools of elderly care services is rising significantly as the number of individuals suffering from chronic illnesses that are above the age of 60 are rising globally. This rising number of population has ensured that the demand for elderly care is on the rise, because of its effectiveness in ensuring a better life for the patient. The combined solutions provided under the broad umbrella term of elderly care helps the patient in living a more comfortable, safe life while also preventing their early demise to a certain extent
  • Rising awareness of home care services: Another factor responsible for the growing nature of the market is the availability of these services in home-care settings which is the preferred alternative of the patients because they can live out their lives in the comfort of their own homes. These services are not just designed for assisting healthcare providers in assisted living facilities, rather the main focus of these services are to improve the lives of elderly population, whether they are at home or in assisted care. The awareness regarding the implementation of these services in a variety of scenarios is also improving the overall outlook of the market

Innovative product launches by the manufacturers:

  • In January 2019, CarePredict announced the launch of a new direct-to-consumer solution offering at the CES 2019. The launch is expected to focus on providing an AI platform connected with various sensors, wearables through which they can collect data of individuals and their behaviors by which they can detect the incidence/symptoms of any disorder
  • In October 2018, Vayyar Imaging announced the launch of their new product, termed as “Walabot HOME”. The product is designed for detecting if a person has fallen in a home-care setting after which it can inform the authorities. This product also does not require the need for any wearables for this detection. The product is a discreet method of fall detection and ensuring that the individuals can be provided with the right help as soon as possible. The ease of integration of the product that is equipped with the latest sensors technology ensures complete privacy of the individual being monitored

The market is segmented on the basis of product type as housing & assistive devices, pharmaceuticals; service is segmented into institutional care, homecare, adult day care; application is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory, others.

“According to Data Bridge Market Research, global elderly care market is growing at a healthy CAGR during the forecast period of 2018 to 2025”

Some of the major players operating in market are Koninklijke Philips N.V.; Right at Home, LLC; BAYADA Home Health Care; LHC Group, Inc.; Amedisys; Brookdale Senior Living Solutions; Compassus; ECON Healthcare Group; Encompass Health Corporation; Exceptional Living Centers; Genesis HealthCare; EXTENDICARE; Hanami Residencial; Interim HealthCare Inc.; Rosewood Care Group; ST LUKE’S ELDERCARE LTD.; Trinity Health and United Medicare Pte Ltd among others.

The market is undergoing this healthy growth rate attributing to the advancements of various technological offerings by the various manufacturers which involve adopting AI-powered solutions to ensure that rapid and effective healthcare solutions can be provided to the patients. The combined offerings help in improving the overall health of the aged population, while also reducing the concerns by their loved ones.

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