Elder Care Products Market to Flourish with an Impressive CAGR by 2026

Elder care is a type of services or help that aged people often need due to age-related physical or mental problems. Elder care includes help with health matters, transportation, housing, economic help, and activities of daily living (ADL) such as bathing and dressing. The growth of elderly population has significantly improved by better healthcare, nutrition and a reduction in infectious disease exposure, this lead to rise in potential market for products and services primarily designed to enhance the lives and prolong the ability of elderly people to remain independent. For performing many Activities of Daily Living (ADL), assistive technology products assist elderly people in their healthcare requirements to provide them a quality life. The technology provides a wide range of devices, from simple technology products such as hearing aids and walkers that help with ADLs to advanced technology devicesa such as wheelchairs and mobility aids. The development of powered wheelchairs has made the life of patients easy by reducing the efforts and time involved in operating it manually. Additionally, there is no need to wear external hearing aids, as cochlear implants are readily available. Demand for these advanced technological products is increasing, as these are gaining acceptance among the elderly population.

The global elder care products market witnessed strong growth due to rise in geriatric population, requirement of better quality of life among the elderly, chronic diseases among elderly, supporting government regulation in health care to provide cost efficient and easily accessible medical facilities. However, lack of qualified registered nurses and home health aides, high demand-supply gap, and cost affordability are likely to restrain the market.

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The global elder care products market can be segmented based on product type, type of care, type of accessory, end-user, and region. On the basis of product, Elder care products market include assisted living equipment like wheelchairs, ambulatory aids, pharmaceuticals and others. Among the elder care products, assisted living equipment dominate the elder care products market during the forecasted period owing to the advancement in technology. Based on the type of care, the global elder care products market can be bifurcated into home care and chronic illness care. Among these segments, home care segment is expected to dominate the elder care products market during the forecasted period. In terms of type of accessory, the market can be divided into safety bed railings and bathroom safety. Based on end-user, the global elder care products market can be categorized in to home and hospitals.

Geographically, the global elder care products market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America (U.S. and Canada) dominated the global market in 2017, followed by Europe. Among all regions, the North America region dominates the market currently and also during the forecasted period owing to the reason that the Americans prefer to stay at home and this contributes the growth of the home care segment. The technological advancements leading to the growth of assistive medical products and the prevalence of home caregivers, medical and non-medical services, have helped the elderly population to live a quality life. India dominated the market in Asia Pacific due to increase in demand for elderly care products. Additionally, rise in the geriatric population is projected to boost the growth of the elder care products market in the region during the forecast period.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia