Expansion Attributed to Shortage of Medical Professionals and Increasing Number of Seniors
WELLESLEY, Mass, Oct. 11, 2018 (GLOBE NEWSWIRE) — Due to the emergence of combination healthcare devices and the growing needs of the elder population, the global market for long-term and home healthcare is growing rapidly, according to a new report from BCC Research.
In 2017, the global market for elder care technology was worth $5.6 billion. BCC Research estimates that it will reach a value of $13.6 billion by 2022, indicating a compound annual growth rate of 19.2%, according to the report Technologies for Long Term Health Care and Home Health Care.
In this study, safety monitoring technologies include assist-call devices, medication management products, wander management systems, fall management devices, smart home systems and robotically enhanced mobility assistance devices. These technologies increase, maintain and improve the functional capabilities, independence and safety of seniors.
- Major companies that are influencing this market include AMC Health, BioTelemetry, Inc., Boston Scientific, Biotronik SE & Co. KG, Bosch Healthcare, Care Innovations, LLC, Honeywell Life Care Solutions, LifeWatch AG, Medtronic Plc., Omron Healthcare, Inc., Philips Healthcare, St. Jude Medical, Inc., VRI, Inc.
- Additional drivers of this market include the growing number of seniors, increasing life-expectancy, skyrocketing healthcare costs, growing shortage of healthcare professionals and caregivers and seniors’ preference to age in place (lead an independent and active life as long as possible.
- Safety monitoring is projected to grow at a higher CAGR (previously forecasted CAGR was a rise of 9.9% vs. 13.2% CAGR rise projected in this report).
“It’s a well-known fact that the global population is aging,” said report author, Shalini Shahani Dewan. “More precisely, there are an increasing number of seniors in the total population. According to the 2017 World Population Data Sheet from the Population Reference Bureau, July 2017, 9% of the world population is aged 65 and above. In more developed parts of the world, the percentage was as high as 18% including 28% in Japan and 15% in the United States.”
About BCC Research
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