Global Geriatric Care Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028

“Global Geriatric Care Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global geriatric care devices market report has been segmented on the basis of product, application, and region

Global Geriatric Care Devices Market

Individuals have a frequent concern regarding the health and safety of their senior parents. Along with the growing age, there is a decrease in strength and steadiness that may result in falls or unexpected accidents which may result in devastating injuries. Adoption of assistive devices is increasing among old age people for regular tasks that are now difficult to accomplish such as getting out of bed, dressing or performing personal hygiene, etc.

Global Geriatric Care Devices Market: Dynamics

Rising prevalence’s of chronic diseases among the geriatric population is a major factor expected to drive growth of the global market. According to United Nations, there were approximately 962 Mn people 60 years old and above globally in 2017, comprising 13% of the global population. This number is projected to increase to 1.4 Bn by 2030, and 2.1 Bn by 2050.

Rising disposable income, increasing spending on health and wellness is resulting in rising adoption of advanced medical devices in order to keep track of health is another factor expected to support growth of the global market. In addition, rising inclination towards homecare series adoption of bathroom safety & assistive products such as commode chairs, shower chairs, etc. is another factor expected to further support growth of the global market.

However, high cost of devices is a major factor expected to limit the adoption which is expected to hamper growth of the global market. In addition, lack of infrastructure in order to facilitate the use of advanced monitoring devices is expected to further challenge the growth of the global market.

Technological advancements and R&D activities by major players for the development of cost-effective devices and increasing government expenditure on development of healthcare infrastructure are expected to create new opportunities in terms of revenue for players operating in the global market over the forecast period. In addition, increasing expansion activities through strategic partnerships and agreements in order to increase the customer base is expected to further support growth of the target market to a certain extent.

Global Geriatric Care Devices Market: Segment

Among the product segments, bathroom safety & assistive products segment is expected to dominate in the target market over the forecast period

Among the application segments, the homecare segment is expected to witness moderate growth in the target market over the forecast period

Global Geriatric Care Devices Market: Region

The markets in North America and Europe are expected to contribute significant revenue shares in the global market. This can be attributed to well-developed healthcare infrastructure, favorable reimbursement policies, and the presence of major players operating in the countries in this region. In addition, growing merger and acquisition activities between regional and international players are expected to further support the growth of the target market in this region.

The market in Asia Pacific is expected to witness faster growth owing to increasing government expenditure on the healthcare sector, rising disposable income, and the presence of prominent players operating in emerging economies in this region. In addition, innovative product offerings by regional players is expected to support target market growth to a certain extent.

Global Geriatric Care Devices Market: Segmentation

Segmentation by product

• Mobility Assistance Aids
• Assistive Furniture
• Bathroom Safety & Assistive Products
• Communication Aids
  • Speech & Writing Therapy Devices
  • Hearing Aids
  • Vision & Reading Aids

Segmentation by end user

• Hospitals
• Elderly Nursing Homes
• Homecare

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa