Gerontechnology Market Size, Share & Demand | Global Insights 2024-2031
The Gerontechnology Market study by DataM Intelligence provides a comprehensive analysis of the market, delivering valuable insights, detailed statistics, historical trends, and industry-backed market data. The report explores the competitive landscape, focusing on key players in the industry. It evaluates aspects such as product offerings, pricing models, financial performance, product portfolios, growth strategies, and regional expansion to offer a thorough understanding of market dynamics and future trends.
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What is the projected growth of the Global Gerontechnology market?
The Global Gerontechnology Market reached US$ 140.5 billion in 2023 and is expected to reach US$ 435.3 billion by 2031, growing at a CAGR of 15.7% during the forecast period 2024-2031.
What is Gerontechnology Market?
The Gerontechnology Market focuses on technology-driven solutions designed to enhance the quality of life for the aging population. It includes smart healthcare devices, assistive robotics, home automation, and wearable health monitors. Driven by rising elderly care needs, advancements in AI and IoT, and increasing healthcare costs, the market is expanding rapidly to support independent and assisted living solutions.
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Who are the major players in the Gerontechnology market?
The prominent players in Gerontechnology market research report are:
Invacare Corporation, Karman Healthcare Inc., Ottobock, Pride Mobility Products Corp., Medtronic, Sunrise Medical, Meyra GmbH, Koninklijke Philips N.V., Sensi.AI, and Labrador Systems Inc. among others.
The companies are primarily focusing on strategies such as new product launches to penetrate the fastest-growing emerging markets across the world.
Key Development
In March 2024, the Singapore University of Social Sciences teamed up with social enterprise SG Assist to launch Singapore's first community-based 'gerontechnology' lab. This initiative aims to drive innovation and collaboration in developing technology-driven solutions that enhance the quality of life for the aging population.
In November 2023, DuPont announced a collaboration between DuPontTM LiveoTM Healthcare Solutions and STMicroelectronics, a global semiconductor leader. Together, they are working on a new smart wearable device concept designed for remote biosignal monitoring, aiming to advance healthcare technology and improve patient outcomes.
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Market Segments
By Product Type: Health Monitoring Devices, Assistive Devices, Smart In-Home Technology Based Products, Others.
By Age Group: 60 - 70 Yrs, 71 - 80 Yrs, Above 80 Yrs.
By End-User: Hospitals, Old Age Homes, Homecare, Others.
The Gerontechnology industry is experiencing rapid growth, driven by advancements in medical technologies, increased demand for innovative therapies, and a rising focus on patient-centered care. As these sectors evolve, the need for comprehensive market analysis becomes crucial to understand trends, regulatory changes, and emerging opportunities.
Regions Covered:
The global Gerontechnology Market report focuses on six major regions: North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
☞ North America - US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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