Elder care, or senior care, refers to a range of specialized services aimed at meeting the unique needs and preferences of older individuals throughout their different life stages. It encompasses various forms of support, such as assisted living facilities, nursing homes, adult day care centers, in-home care services, and hospice care. These services are tailored to provide seniors with the necessary assistance, medical attention, social interaction, and emotional support they require to maintain their well-being and quality of life.
According to Data Bridge Market Research the Elderly Monitors Market accounted for USD 2.92 billion in 2022, and expected to reach USD 6.04 billion by 2030. The market is expected to grow with a CAGR of 9.5% in the forecast period of 2023 to 2030.
“Technological advancements in elderly monitors”
Technological advancements, including the emergence of robots designed to aid the elderly in daily tasks, are projected to drive market growth. In Australia, for instance, the government provides funding through programs such as the Aged Care Approval Round (ACAR) to assist service providers with grants and facility development. Additionally, in response to the Covid-19 pandemic, the government plans to allocate a $52.9 million package to support residential aged care, National Aboriginal and Torres Strait Islander, and Home Care providers in the next two years.
What restraints the growth of the elderly monitors market?
“Lack of trained and experienced workers”
The global elderly monitors market faces challenges due to a shortage of trained and experienced workers. As the demand for elderly monitoring systems grows, there is a need for skilled professionals who can effectively operate and maintain these devices. However, the availability of such individuals is limited, leading to potential gaps in service delivery and hindered market growth. Addressing this shortage through training and recruitment initiatives becomes crucial for sustaining and expanding the market.
Segmentation: Global Elderly Monitors Market
The elderly monitors market is segmented on the basis of technology and end user.
- On the basis of technology, the elderly monitors market is segmented into home tele-health and safety monitoring.
- On the basis offend end user, the elderly monitors market is segmented into hospitals and nursing homes, home care organizations, patients and families.
Regional Insights: U.S. Dominates the Elderly Monitors Market
North America dominate the market because of the increased incidence and prevalence of patients with lifestyle diseases. Furthermore, well-established reimbursement policies and an increase in customer purchasing power will drive the growth of the elderly monitors market in the region during the forecast period.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the growing sub-segmentation around the world Furthermore, the presence of major key players is expected to drive the growth of the elderly monitors market in the region in the coming years.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-elderly-monitors-market
Recent Developments in Elderly Monitors Market
- In 2019, Best Buy announced that they had acquired Critical Signal Technologies and their subscribers/customers who used their services. This acquisition includes the valuable relationships that have already been established with a variety of healthcare providers, payers, and even housing establishments. This acquisition will enable Best Buy to enter the "Medicare Advantage" market.
The Prominent Key Players Operating in the Elderly Monitors Market Include:
- Koninklije Philips N.V. (Netherlands)
- Wansview (China)
- Fall Prevention and Anti-Wandering (U.S.)
- Resideo Technologies Inc. (U.S.)
- Care Innovations, LLC. (U.S.)
- Boston Scientific Corporation (U.S.)
- BIOTRONIK SE & Co KG (Germany)
- Robert Bosch GmbH (Germany)
- Canary Systems (U.S.)
- Reolink (U.S.)
- Arlo (U.S.)
- Abbott (U.S.)
- ALERTONE SERVICES LLC (U.S.)
- Alive Technologies (Australia)
- Digital Care Systems (U.K.)
- SHL Telemedicine (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of elderly monitors market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Elderly Monitors Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
