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Evolving Market Trends In The Elderly Monitors Industry: Major Companies Introduce Medical Radar Devices for Advanced Monitoring in the Elderly Care Market
Elderly Monitors Market
What Is the Expected Elderly Monitors Market Size During the Forecast Period?
In the past few years, the market size for elderly monitors has experienced substantial growth. The market, which is projected to expand from $3.78 billion in 2024 to $4.2 billion in 2025, boasts a compound annual growth rate (CAGR) of 11.1%. Primary reasons for its historic growth include an increasing elderly population, escalating healthcare costs, an emphasis on independent living, the rising demand for budget-friendly healthcare services, and enhanced consciousness about the importance of elderly care.
The market size for elderly monitors is predicted to experience a rapid surge in the coming years, eventually reaching $6.45 billion in 2029 with a compound annual growth rate (CAGR) of 11.3%. The projected development during this forecast period is due to the advances in assistive devices and technology, increasing life expectancy, the integration of Artificial Intelligence and machine learning, the rise of the Internet of Things, as well as the preference for improved lifestyle and healthcare. Key trends anticipated within this period comprise the introduction of intelligent aging systems, emphasis on personal care and intervention, product variety, ethical and regulatory matters, inclusion of wearables, and an upward trend in remote patient monitoring.
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What Are the High-Growth Segments in the Elderly Monitors Market?
The elderly monitors market covered in this report is segmented -
1) By Product: Personal Emergency Response Systems (PERS), Smart Home Systems, Medical Alert Systems, GPS Tracking Devices, Wearable Devices
2) By Technology: Home Tele-Health, Safety Monitoring
3) By Application: Fall Prevention and Detection, Health Monitoring, Memory Aid, Movement and Mobility Monitoring, Safety and Security Monitoring
4) By End-User: Home-based Care, Assisted Living Facilities, Nursing Homes and Hospitals, Personal Use
Subsegments:
1) By Personal Emergency Response Systems (PERS): Landline-Based PERS, Mobile PERS, Wearable PERS, Smartphone App-Based PERS
2) By Smart Home Systems: Smart lighting, Smart Thermostats, Smart Security Systems, Voice-Activated Assistants
3) By Medical Alert Systems: Emergency Button Systems, Fall Detection Systems, Medication Reminder Systems
4) By GPS Tracking Devices: Wearable GPS Trackers, Mobile Phone-Based GPS Trackers, In-Home GPS Tracking Systems
5) By Wearable Devices: Fitness Trackers, Smartwatches, Health Monitoring Patches, Biosensors
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What Key Drivers Are Expected to Influence Future Elderly Monitors Market Growth?
The increasing consciousness about health and wellness is projected to boost the elderly monitoring market's expansion in the future. Health and wellness are comprehensive concepts that include physical, mental, and social wellbeing, suggesting a balanced harmony of lifestyle decisions, preventative actions, and beneficial behaviors that contribute to an individual's overall thriving and optimal life quality. Elderly monitors, using cutting-edge technology, augment health and wellness by assessing and measuring crucial health factors, daily routines, and safety requirements, providing caregivers and healthcare experts with real-time data and opportunities for early intervention. For example, in May 2023, the UK healthcare expenses touched approximately $354.88 billion (£283 billion) in 2022, a modest increase of 0.7% from 2021, as reported by the Office for National Statistics, a UK-based national statistical institution. Consequently, this enhanced consciousness about health and wellness propels the growth of the elderly monitoring market.
Which Companies Hold the Largest Share Across Different Elderly Monitors Market Segments?
Major companies operating in the elderly monitors market report are Robert Bosch GmbH, Abbott Laboratories, Medtronic Plc, Koninklije Philips N.V., Boston Scientific Corporation, ADT Inc., Resideo Technologies Inc., Clariane SE, BIOTRONIK SE & Co. KG, Omron Healthcare Co. Ltd., Arlo Technologies Inc., Lifeline Systems Inc., GreatCall Inc., Connect America.com LLC, Life Alert Emergency Response Inc., SHL Telemedicine Ltd., Medical Guardian LLC, Shenzhen Reolink Technology Co. Ltd., Digital Care Systems Limited, MobileHelp LLC, Canary Systems Ltd., Bay Alarm Medical, Care Innovations LLC, Alertone Services LLC, QMedic, Eldercare Services Inc., ProVita International Medical Centre Ltd., Shenzhen Wansview technology Co. Ltd.
What Trends Are Driving Growth in The Elderly Monitors Market?
Leading businesses in the elderly monitor market are focusing on the creation of advanced technological products, such as medical radar equipment, that can observe older individuals through walls, thus leading to improved results. This type of device uses radar technology for medical imaging and monitoring by transmitting radio waves, collecting their reflection, and generating valuable data. This radar-based imaging method can be leveraged for preventive screenings and early discovery of diseases like breast cancer and strokes. For example, in April 2023, a telecommunications company based in the US, AT&T Inc., unveiled a groundbreaking medical radar device. This novel device utilizes radar and AI technology to identify body posture, movements, and biometrics without requiring camera systems or wearable tracking devices. It's engineered to enable elderly individuals to lead more autonomous lives while preserving their privacy. The device targets enterprise customers such as senior living communities, nursing homes, and healthcare providers. Designed to be unobtrusive and simple to install, it bears resemblance to a storage container or a speaker.
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What Are the Emerging Geographies for The Elderly Monitors Market Growth?
North America was the largest region in the elderly monitors market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly monitors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Elderly Monitors Market?
2. What is the CAGR expected in the Elderly Monitors Market?
3. What Are the Key Innovations Transforming the Elderly Monitors Industry?
4. Which Region Is Leading the Elderly Monitors Market?
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