Elderly Safety Monitoring Equipment Market

Elderly Safety Monitoring Equipment Market Size Survey Report – In a Glance

As per the survey report on global Elderly Safety Monitoring Equipment market, the market is projected to foresee a CAGR of CAGR value 4.8% between 2024-2033, and further generate a market size of USD 4.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 1.5 billion revenue.

• The global Elderly Safety Monitoring Equipment market is projected to grow on account of the increasing awareness regarding elderly care.
• In Japan, the Elderly Safety Monitoring Equipment market growth can be attributed to the large segment of the population entering old age groups.
• KDMI analyst’s growth analysis foresees economic barriers to challenge the market growth.
• North America, having the highest market share in the Elderly Safety Monitoring Equipment market, is projected to dominate the global market.

Elderly Safety Monitoring Equipment Market Analysis

To ensure the well-being, support, and safety of elderly people, particularly those living alone or with some serious health issues, elderly safety monitoring equipment is essential. The increasing awareness regarding elderly care is a major contributor to the growth and development of the elderly safety monitoring equipment market. It has been reported that the total number of persons aged 60 years or more is expected to grow by 38%, from 1 billion to 1.4 billion globally exceeding the number of youth between 2019 and 2030, which will be the greatest and fastest in the developing world.

Philips Lifeline, Life Alert and Medtronic are some of the significant parties in the global market for Elderly Safety Monitoring Equipment.

Analyst’s Observation on Japan Elderly Safety Monitoring Equipment Market Survey

In Japan, the market growth for Elderly Safety Monitoring Equipment can be attributed to the large segment of the population entering old age groups. According to the World Bank Group Report 2022, Japan holds the highest number of people from the older age group in the entire Asia-Pacific region, representing 30% of Japan’s total population which naturally demands more elderly assistive equipment. Based on World Health Organization (WHO) reports, the number and segment of people aged 60 years and older in the overall population is rapidly rising. Around 1 billion individuals were in the age group 60 years and above in 2019 and this number is likely to increase by 1.4 billion by 2030 and 2.1 billion by 2050, which is fueling at an exceptional rate and will expedite in the forthcoming decades, in developing countries significantly. Toyota Corporation, Matsunaga, and Sonova are some of the significant parties in the market for Elderly Safety Monitoring Equipment in Japan.

Elderly Safety Monitoring Equipment Market Growth Driver and Challenges

Growth Driver

Rising chronic health issues among the elderly:

The elderly safety monitoring equipment market is largely steered by the surging incidence of chronic diseases among the elderly population such as diabetes, heart ailments, and orthopedic diseases which mandate continuous health monitoring Statistics reveal that beyond 60% of the elderly population is living with two or more chronic conditions, which amplifies the adoption of monitoring and safety equipment. Furthermore, a study published between January 1, 2000, and December 31, 2021, shows that multimorbidity is more common in females than males and over 50% of the adult population worldwide above 60 years of age is dealing with multimorbid conditions.

Restraint

Economic barriers:

The monetary load connected to advanced monitoring devices acts as a major limitation in the growth of the elderly safety monitoring equipment market as the cutting-edge devices offering innovative and advanced features such as artificial intelligence, real-time data analytics, and integration with mobile health apps, usually come equipped with a hefty price. This cost factor is responsible for constraining accessibility, particularly in lower-income households or regions with limited healthcare funding. World Employment and Social Outlook Trends 2024 (WESO Trends) found that an extra two million workers are likely to be in search of jobs, escalating the global unemployment rate from 5.1 percent in 2023 to 5.2 percent, in 2024.

Elderly Safety Monitoring Equipment Market Segmentation

Our experts at KD Market Insights have segmented the global Elderly Safety Monitoring Equipment market research report as:

Elderly Safety Monitoring Equipment Market Regional Synopsis

The North America Elderly Safety Monitoring Equipment market is majorly driven by the rising incidence and prevalence of patients living with lifestyle diseases. Moreover, well-founded reimbursement policies and an escalating customer purchasing power will spur the growth of the elderly safety monitoring equipment market in the region during the forecast period. Reports show that approximately 129 million people in the US have at least 1 major chronic disease (eg, heart disease, cancer, diabetes, obesity, hypertension) as specified by the US Department of Health and Human Services.

Asia Pacific is undergoing the quickest expansion in the market, propelled by increasing healthcare expenditure and increasing awareness of elderly care technologies. Countries like Japan and China are the region's flourishing portion of the elderly population which highlights the urgent need for monitoring solutions thereby, placing Asia Pacific as a critical market for future expansion.

As per our analysts at KD Market Insights, the following five players lead the North America Elderly Safety Monitoring Equipment market growth:

• Care Innovations, LLC (U.S.)
• Boston Scientific Corporation (U.S.)
• Biotronik (Germany)
• Abbott (U.S.)
• Medtronic (Ireland)

Elderly Safety Monitoring Equipment Market Competitive Landscape

Some of the key players who top the global Elderly Safety Monitoring Equipment market share:

• Koninklijke Philips N.V. (Netherlands)
• Wansview (China)
• Smart Care Giver Corporation (U.S.)
• Resideo Technologies, Inc. (U.S.)
• Care Innovations, LLC (U.S.)
• Boston Scientific Corporation (U.S.)
• Biotronik (Germany)
• Abbott (U.S.)
• Medtronic (Ireland)
• Reolink (Hong Kong)
• Arlo (U.S.)
• AlertONE (U.S.)

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Elderly Safety Monitoring Equipment Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Product
      2. By Application
      3. By End-user
      4. By Region
5. Market Segmentation by Product
   1. 1. Personal Emergency Response Systems (PERS)
      2. Smart Home Systems
      3. Medical Alert Systems
      4. GPS Tracking Devices
      5. Wearable Devices
6. Market Segmentation by Application
   1. 1. Fall Prevention and Detection
      2. Health Monitoring
      3. Memory Aid
      4. Movement and Mobility Monitoring
      5. Safety and Security Monitoring
7. Market Segmentation by End-user
   1. 1. Home-based Care
      2. Assisted Living Facilities
      3. Nursing Homes and Hospitals
      4. Personal Use
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
         4. South Korea
         5. Market Size and Forecast
         6. Key Trends and Developments
         7. Market Analysis by Product, Application, and End-user
      5. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product, Application, and End-user
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References