Demand for Elder Care Product and Other Home Modification Solutions, Including Grab Bars, Ramps, and Smart Home Adaptations to Witness Spike through 2034

Rockville, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global elder care product market is expected to be worth US$ 29,600.2 million in 2024. The industry is likely to surpass a valuation of US$ 56,719.4 million by 2034. The sales of elder care products are projected to rise at a CAGR of 6.7% through 2034. The increasing preference for aging-in-place further drives the market, spurring innovations in technology integration, wearable health devices, and personalized safety solutions. The rising awareness of the importance of elder well-being amplifies the demand for products that enhance comfort, safety, and overall quality of life for the elderly.

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One notable challenge is the cost associated with advanced technologies and specialized products. Affordability remains a concern for a significant portion of the aging population, limiting the accessibility of certain high-tech solutions. Regulatory hurdles and varying healthcare standards globally also pose challenges for manufacturers aiming to provide standardized products. Additionally, resistance to adopting new technologies among some elderly individuals and their caregivers presents a barrier to the widespread adoption of certain innovative products.

With the increasing focus on aging-in-place solutions, there is a burgeoning demand for home modification products, ranging from smart home adaptations to assistive furniture. The integration of artificial intelligence and IoT in elder care devices opens avenues for more sophisticated and personalized solutions. The expansion of telehealth services also provides a platform for new and existing players to offer remote healthcare solutions for seniors. There is a surge in the development of social robots designed to provide companionship and emotional support to the elderly.

Wearable health technology is evolving with features like fall detection and vital sign monitoring, enhancing safety and enabling proactive healthcare. Innovative home automation solutions, including voice-activated devices and smart home sensors, contribute to creating elder-friendly living spaces. The emphasis on holistic wellness is reflected in the integration of mental health apps and personalized wellness programs tailored to address the unique health challenges faced by the aging population. As the industry progresses, the convergence of technology, healthcare, and design will likely define the future of elder care products.

Report Attribute	Details
Value Projection (2034)	US$ 56,719.4 million
Growth Rate (2024-2034)	6.7% CAGR
No. of pages	170 Pages
No. of Tables	64 Tables
No. of Figures	192 Figures

Key Takeaways from the Market Study

• In 2024, North America's elder care product industry is projected to reach US$ 10,167 million, claiming a significant 34.3% share of the global market.
• The United States is set to dominate with an 84.1% market share, driven by a large aging population, robust healthcare infrastructure, and substantial consumer willingness to invest in innovative elder care solutions.
• East Asia's elder care product market is expected to be worth US$ 3,859 million in 2024, with China leading with a share of 35.8%, while the Korea elder care product industry accounts for an 11.4% share in 2024. Japan, in particular, takes the lead with a 52.8% market share, showcasing its commitment to technological advancements in elder care.
• The nutritional supplement segment is poised to hold a significant 35.7% share in 2024, reflecting the growing emphasis on proactive health management for seniors.
• The chronic illness care segment is projected to command a dominant 73.3% share in 2024, underscoring the increasing prevalence of chronic diseases among the aging population.
  

“The growing market for personalized health and wellness products tailored to the specific needs of seniors, including nutrition supplements and fitness aids, creates opportunities for both established companies and innovative startups." says a Fact.MR analyst.

Key Companies Profiled in This Report

• Johnson & Johnson
• Abbott Laboratories
• Roche
• Novartis
• Siemens Healthineers
• Philips Healthcare
• Cardinal Health
• McKesson Corporation
• Medtronic
• Stryker

Competitive Landscape of the Elder Care Product Market

The competition in the elder care product market is dynamic, where players strive to cater to the evolving needs of the aging population. Key healthcare companies bring extensive expertise and resources, offering a comprehensive range of elder care products. Their established presence in the healthcare sector allows for broad market reach and the development of integrated solutions.

Companies specializing in medical devices contribute significantly to the competitive fabric. These entities focus on advanced technologies, producing specialized devices ranging from mobility aids to telehealth solutions, catering to the multifaceted requirements of the elderly.

Some pharmaceutical giants diversify their portfolios to include elder care products, particularly nutritional supplements and medications tailored to the aging demographic. This diversification capitalizes on existing distribution networks and brand recognition.

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Key Developments

• AiCure, a digital medication adherence platform, collaborated with a large drugstore chain to test a program that uses tailored text messages and video chats to remind elders to take their pills.
• Amazon Alexa now has a "Care Hub" capability, which allows family caregivers to monitor their loved ones who live independently remotely.
• AdhereTech, a California business, created a smart pill container that automatically administers medicine appropriately and warns caretakers if a dosage is missed.
  

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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