Global Senior Care Technologies Market: An Overview
The global senior care technologies market is set to witness a notable increase in its market worth over the forecast period of 2020 to 2030. Transparency Market Research notes here that a robust growth rate, compounded annually, is set to push the market higher and forward as far as the growth curve is concerned. New opportunities of growth are set to emerge and players occupying the vendor landscape will hustle to ensure there is no stone left unturned to tap into these. Multiple growth factors such as innovation and ageing population is set to drive the market forward.
Global Senior Care Technologies Market: Competitive Landscape
The global senior care technologies market is witnessing players take proactive growth measures. As is obvious, technology and innovation plays a key role in determining market share for companies marking the slightly fragmented vendor landscape. Some of the top players in the global senior care technologies market are:
- AMC Health
- Bosch Healthcare Solutions
- Care Innovations LLC
- Omron Healthcare Inc
- GrandCare Systems
Global Senior Care Technologies Market: Trends and Drivers
- The Senior Care Technology Market heavily relies on certain technological bases, all to achieve certain objectives. The first and the foremost, GPS services have played an essential role in this market. Even though GPS services have been available for the last 2 decades, however the quality, accessibility and accuracy have increased several-fold in the recent past. For senior patients dealing with Parkinson's, Alzheimers or dementia, constant tracking is extremely essential. In addition to the same, Emergency Response Services are extremely essential and can turn out to be life saving for most of the elder patients.
- The number of people falling in the age group of 60 and above and 65 and above is increasing rapidly, with the phenomenon observed to be more pronounced in the regions of Europe and North America. In the former age bracket, by 2050, 2 billion people will be members and in the latter by the same year, one in every six people will mark the space. In the two regions mentioned, one in every four will occupy the age group of 65 and over. In the year 2018, people from this age group registered a higher number in terms of members than those in that of 5 and below.
- The main and most essential upgrade in the said market is the concept of Internet of (Medical) Things, or widely known as IoMT. It allows every stakeholder in the medical world, from the patient, the family, the doctors and the caretakers to stay connected. It allows remote access for the doctors and caretakers, allowing them to ensure smooth connectivity of equipment, along with constant monitoring of the vitals.
Global Senior Care Technologies Market: Regional Trends
The global senior care technology market is anticipated to witness North American region hold a notable share of the overall revenue owing to multiple reasons such as pronounced ageing if the demography, significant technological improvement and massive contributions from the United States of America. Growing awareness levels, increase in number of nuclear and dual income families, growth in disposable income, and a large number of old people are set to create a host of new and ready to be tapped into opportunities for players in the regional senior care technologies market. This actor is also attracting international players to the region.